Payer Preference
Your customers met their payment method of choice ....and they lived happily ever after
A customers’ preferred payment method impacts their buying decision.
Offering a preferred payment method can improve conversions, customer loyalty and retention.
How do consumers want to pay their household energy bills?
ACH Debit, credit card or PayPal? How do your consumers choose to pay their energy bills?
Every energy customer is unique and has a favorite way to pay. Find out how consumer preferences impact both customer acquisition and retention from our research with YouGov of over 15,000 consumers.
Benefits of meeting customer payment choices
Boost conversions
Payment preferences change from country to country. While cards are popular in the US, bank debit is the preferred method in the UK and Australia. By offering only one single payment method excludes a portion of potential customers.Â
Businesses that offer more payment methods get results. Businesses offering 5+ payment methods grew 4% faster than those offering 1-3 payment methods.
Retain customers
30% of churn is involuntary. When payments fail, customers often lose access to your product or service. By addressing consumer payment preferences, you can maximize payment success and retain your customers for longer.
Improve brand credibility
The payment methods available and the methods people prefer to use differ by country and region. Providing a payment method that is specifically available and preferred in a country, promotes trust in your brand and in your legitimacy as a business with potential customers. See how payment preferences vary in different countries.
Making one-off payments simple in the UK with Instant Bank Pay
Customer payment preference plays a huge role in customer experience. According to Forrester, over 50% of consumers identified ‘payment simplicity’ as the most important factor when considering how to pay.
As 85% of recurring revenue businesses need to collect one-off payments, creating a simple and preferred experience is important.
Instant Bank Pay, powered by open banking, allows US businesses to collect one-off payments from customers in the UK - without them having to enter lengthy card details - and they pay directly from their banking app.