Safety + control at checkout can significantly impact customer satisfaction.
Marketing and Research Executive
For businesses to succeed in today's eCommerce battlefield, it’s imperative that they give consumers a greater sense of control and flexibility by allowing them to choose their most convenient payment method.
Banked conducted qualitative research in the US and interviewed over 1,000 US consumers across a variety of demographics. This survey was open only to those who had shopped online in the past month and had some level of experience banking digitally.
The findings of the study suggest how important and impactful it is to guarantee and enhance customer payment choice, making a significant difference in shoppers' overall experience with the brand. Respondents indicated they would commonly switch from one payment method to another depending on the transaction amount (63%), the type of goods / services they’re paying for (52%), and the merchant they’re purchasing from (47%). The research also suggested that more than 60% of US consumers use two to five debit/credit cards to make payments on a regular basis.
As a matter of fact; it has become increasingly popular for people to concurrently use more than one bank account for budgeting purposes, allowing them to keep track of their spending, better control their finances, and avoid high overdraft fees. When asked to select the reasons why they would switch from one payment method to another, consumers indicated "available income" (49%) and "data security concerns" (37%) as the top reasons. The data also demonstrated that consumers would not use certain payment methods for higher value transactions due to security concerns.
Why would you use more than one payment method?
Lastly, participants indicated that the attributes that related most to their preferred ways of payment were; “helps me stay in control of my finances”' and “it gives me flexibility”, which scored 66% overall.
Pay by Bank : allows payers to check the available income in their selected bank account before confirming their purchase, putting them directly in control of their finances. Switching to a different bank account can be easily done with a single click, granting additional choice and flexibility to consumers.