The payment option offered to your customers is important to increase sales. If your customer experiences difficulty at the checkout, chances are they’ll abandon their carts. But, how do you decide which payment method is right for your SME? Read on to know more about some of the most popular payment options among UK customers.
Debit and credit cards are the most popular payment option in the UK, with contactless alone accounting for more than one-quarter of all payments (https://www.ukfinance.org.uk/press/press-releases/contactless-now-accounts-more-quarter-all-uk-payments). For this reason, businesses need to accept card payments simply appeal to more consumers. Contactless payments are loved by the majority of consumers due to the convenience and speed at checkout. However, you’ll need to find the best service provider for your business to ensure you’re not overpaying on monthly service charges.
Cash has traditionally and historically been the main form of payment here in the UK. Many small businesses prefer cash payment as the money is received straight away and you don’t need to wait for the transaction to clear. However, while there are no service charges associated with cash, you’ll still be disadvantaged with many customers wanting quicker payment methods.
Mobile payment technology like Apple Pay means a customer doesn’t need to carry a purse or wallet nor do they need to enter a pin. While this took longer to take off initially, consumers are now loving this secure and easy payment method. If you respond to this demand, you’d be motivating more people to choose your business over competitors who have not yet taken this step.
What should I do next?
As a small business owner, you may need to consider more than one payment option to cater to both the young and old demographics. Not only will this help keep your business flexible to trends in customer spending, but it will also ensure that you never need to turn away customers based on their choice of payment method.
Choosing the best payment option – where to find out more
Don’t hesitate to get in touch with us here at Tower Leasing to find out how we can help you choose the perfect payment option for your SME. You can find out more about our business finance options on our website.