Lee Torres
With the use of cash in sharp decline, it’s time for businesses to face the music. This is a digital payments world and we are all just living in it. But to many small-business owners there’s still one big question: What comes next? So we’re sharing our latest customer insights to show you the opportunities you’re missing by not offering multiple payment methods.
The Xero payments report found that almost half of all Australian consumers prefer using a mobile wallet, such as ApplePay, Google Pay or Samsung Pay to more traditional methods. That means businesses need to offer multiple payment options if they want to make more sales, increase customer satisfaction and secure a competitive edge.
Why Choose Many Payment Options?
Say you walk into your go-to coffee shop but they’re cash only. Absolutely annoying! For customers who can’t pay the way they want, that’s exactly how they feel! The Xero payments report found more than 60% of Australian consumers are likely to spend more with a small business that offers a way for them to pay the way they want.
That is, great for building customer loyalty. But it’s not something that just happens for hospitality and retail businesses. Companies of all shapes and sizes that give customers the virtual VIP treatment are likely to reap the rewards in sales and satisfaction.
Whether it’s customers who want to pay via an invoice, through a digital wallet or with a credit card, the rule of thumb here is the more choice, the more you’re able to serve more customers with different needs. If you are a business and you are using the Xero platform, that’s good news! You can get connected to the payment solutions you like — or prefer, like Stripe and PayPal. They sure do accept payments faster and more securely.
Xero: The Modern Payments Platform
Xero’s ultimate vision is to create an ecosystem where cashflow sits at the heart of small businesses. With the building blocks in place, businesses can now offer the kind of service and experience we as consumers understand – and expect. Small businesses using Xero + SuiteFiles see an 8% reduction in manual tasks, and invoices are paid an average of 21% faster. That’s a lot less chasing payments to do manually!
Adapting to a Cashless Economy: Best Practices
Provide Payment Options: By adding payment gateways, you allow the general public to go cashless by adding payment gateways based on their uses. Xero IT Interface helps through the implementation of customer-centric payment methodologies like credit card, debit card, online transfer etc.
Keep it Simple: The more complicated your payment process is, the more it’ll lead you away. The payment must be prompt and should be fast and simple. All this is possible through the Xero IT Interface.
Follow The Band: Since there will be a lot more online transaction processes, one cannot just follow the escalating trends. Xero IT interface provides that payment landscape which shows that the businesses that adapt to payment industry change and disruption first are less likely to be challenged.
Ensure Safety: Information and stealing of data have been some of the biggest crimes in recent times. For this, Xero helps you by taking appropriate action to select safe choices or provide secure services for business data and buyer’s data.
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Alvina Martino
