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The way we pay for products and services is changing faster than ever, and as a small business owner it’s important to keep up with these shifts to meet customer expectations.
As payment trends evolve, you need to have all the facts so that you can get paid as fast as possible. So we asked consumers, ‘How do you want to pay?’ and delved into what options small businesses were offering today as well as the administrative challenges of paying suppliers.
We’ve shared the insights we got in our recently launched research report, I want to pay that way at Xerocon Nashville.
We hope these insights on how different consumers prefer to pay will help you get paid faster and grow your revenue.
Here’s what we found and what it means for you.
One of the most prevalent global findings is that there’s a mismatch between how small businesses want to be paid and how their customers prefer to pay. While a majority of consumers (86%) primarily use credit or debit cards, less than two-thirds of small businesses (68%) offer cards as a payment option. This gap is also evident in other popular methods like direct debit and bank transfers.
This mismatch highlights a crucial need for businesses to adapt and align their payment options with customer preferences.
Here are some of the other key insights we uncovered:
Payment preferences and challenges aren’t uniform across the globe. Here’s a snapshot of some regional trends:
Offering your customers more ways to pay can help you get paid faster, and help you to maintain a healthy cash flow. So we’re making it even easier for your customers to make payments by offering more payment methods to our online invoices. You can find out more about Xero’s payment products.
To understand these trends and what payment methods are right for you, download the report, as well as the collecting payments guide which gives you some great insights into getting started with Xero. For our UK small business customers, we also have a quick guide to getting set up with our bill payments solution.
About the report
The research was commissioned by Xero and Sling & Stone and was conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 6,021 people aged 18+ across the United States, United Kingdom, Australia, New Zealand and Singapore as well as 2,547 small business leaders (SBLs) across those countries. Surveys were distributed throughout those countries including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between 15 May and 29 May 2024. After interviewing, data was weighted to the latest population estimates sourced from their respected statistics agencies.
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