Xero “I want to pay that way” research

15 Aug

Offering more ways to pay leads to benefits for small businesses - Xero report

Research reveals over one in four (28%) Australians would seek out another business that accepts more payment options if a business didn’t offer at least one of their preferred ways to pay, highlighting the importance of meeting consumer expectations around payment preferences.

The study found that while 86% of Australians prefer using credit or debit cards for in-person and online payments, only 55% of small businesses offer credit/debit card payment methods. Instead, small businesses favor bank transfers (68%) and cash (59%) as primary payment options.

Generational differences in payment preferences are also becoming more apparent. Gen Z consumers are four times more likely to use mobile payment options like Apple Pay or Google Pay compared to Baby Boomers. However, only 18% of small businesses currently accept these mobile payment methods.

Is your business meeting shopper preferences?