Why is it important to keep up to date with payment technology?
The use of cash is falling even further in the UK – accounting for just 22% of all purchases with digital payments reaching 80%. People are becoming more confident in using payment technology and are embracing more efficient ways of spending.*
The progress and development of payment technology has grown dramatically and will continue to do so. Consumers are adapting quickly and embracing the quicker and more efficient ways of purchasing. The adjustment period didn’t last too long and concerns about payment security and accuracy have been laid to rest, with consumers favouring contactless and digital payments over cash methods.
When running a business it can be daunting trying to choose the right payment methods to best suit your needs. Our tip is to start off with knowing your customer or audience and analyse how they interact with your products and services. Do they require a platform to pay online? Do they come into a shop or premises to purchase items? Once you understand the buying habits and purchasing needs of your customers you will be in a position to tailor your payment solutions.
Here at Yorkshire Payments we will find the right solutions for you, we take away the confusion and pressure by making the right decisions for you.
Keeping hold of loyal customers and capturing new ones is drastically affected by the payment methods you provide. In retail, hospitality and entertainment, customers will expect to be able to pay for their items without worrying about having enough cash. If you can’t provide efficient payment methods, your customers will typically find an alternative.
According to Sage Payment Solutions research, customers take note of the various payment methods on offer from different businesses and base their shopping habits on this. A customer who has been turned away due to having no payment system in place will remember the experience and will be unlikely to return, and highly likely to tell others.
Don’t get left behind.
Making a payment is part of a customer’s experience, don’t lose your customers to other businesses, be on the pulse of payment technology.
Get started with Yorkshire Payments today, our team of specialists can create tailored packages for a wide variety of payment needs. Get in touch today!