New insights from American Express’ Merchant Barometer reveal that nearly two-thirds (65%) of small and medium-sized businesses (SMEs) say customer expectations around payment choice are higher than ever, with over half (52%) planning to improve their online checkout experience in order to reduce levels of cart abandonment.
Just under half (46%) believe they would attract more customers by offering a greater choice of payment options. Yet despite this recognition, only a fifth (19%) intend to prioritise improvements in the period ahead.
However, a proportion of respondents are making changes, according to the research, with an objective of attracting younger consumers.
Respondents believe offering greater payment options will predominantly appeal to Gen Z customers, who increasingly expect flexibility when spending. Among the SMEs planning to make changes, over a quarter (28%) plan to introduce QR code payments.
Dan Edelman, UK general manager for merchant services at American Express, said: “Against a challenging backdrop, payments are one of the most powerful levers that SMEs can pull to help drive business growth. Offering customers their preferred way to pay, along with reducing friction in the payments journey, boosts sales and loyalty.”
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