Do you know your customer’s preferred payment process? Are you delivering the seamless payment experience like most of your competitor does?
GoCardless conducted a research where they found out that 25% of Australians are “very likely” to use bank debit for household bills, compared to just 20% who opted for a credit card. Also, Australian businesses would do well to invest in payment experiences, with 77% of organisations saying the payment experience is “important” to overall customer satisfaction.
Ian Boyd, head of financial services at online accounting software provider, Xero, said, “It’s all about friction. I think of the gym I signed up with recently — it’s all a fully paper process, and you need someone there to make sure it gets done. If they aren’t, you throw it in the “too hard” basket, so you’re missing out on the sale entirely or delaying the sale.”
Carolyn Breeze, GoCardless Australian and New Zealand general manager, said, “Utility water on the Sunshine Coast…they’ve moved to electronic invoicing, and more than 50% of their customers chose this in the first 12 months which is unheard of,” she says. The company has also added a bill smoothing feature ‘Smoothpay’, allowing customers to break their payments up into small bite-size pieces more frequently like fortnightly or monthly. “
Businesses need to meet the customer’s expectations, especially when it comes to preferred mode of payments. If you want to guarantee a long term relationship with your customers, be sure to keep up with the ever evolving technology.
Source: Smart Company
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