When making a purchase, consumers today have access to more payment options than ever. And they like being able to choose whether to complete transactions with plastic, cash or a digital method. Whether online or brick and mortar, retailers invest in systems and processes to comply with their customers’ predilection for choice in payment methods.
Consumer behavior has evolved to a point where choice is king. People like to choose whether to make purchases online, in store or using a combination of both through the omnichannel approach. So it stands to reason that they want the same level of flexibility for payment options. Shoppers prefer doing business with retailers that accept multiple forms of payment. According to a PayPal survey, consumers want payment method flexibility, “with 22% not finalizing their online orders because they weren't allowed to use the payment of their choice.” This is a compelling reason for giving customers payment choices at the point of sale.
Another reason is that accepting multiple payment methods boosts flexibility and resilience in a retail operation. For instance, a retailer set up to accept cash for purchases doesn’t need to interrupt operations during a power outage or a network failure. The business can continue accepting payments through the outage, which ultimately helps the bottom line.