Sage Pay, the leading payments provider in the UK, has just released their annual Payments Landscape report. Now in its fifth year, the report provides an insight on payments, from trends both on and offline, emerging innovations, new technology and the latest in consumer preferences.
The report is the result of a survey conducted with 1,000 business decision makers and 1,000 UK shoppers. The results provide businesses of every size with a clear view of where they are. They will also get the chance to plan where they need to be in the upcoming year and compare the two. BookingLive have premier integrations with Sage Pay and are pleased to provide you with highlights from this report.
Almost £1 in every £4 is now spent online. A large proportion of the other £3 is also increasingly influenced by some form of digital interaction. Consequently, it is obvious that merchants need to adapt and embrace e-commerce. Key highlights from the include:
– Cash is on its way out – make sure you’re ready
– Innovation is important but security is paramount
– Integrate your channels to stay ahead of the game
– Invest in the right emerging players
More than one in four say that they would be more likely to shop somewhere that offers a greater range of, or more innovative, payment methods. But unfortunately, a third of businesses do not believe that offering a greater range of payment methods would encourage customer loyalty and nearly half of businesses said payment innovation was not a priority.
Sage Pay believes that to meet consumers’ needs, businesses need to make payments simple and easy to use. This means methods that rely on a siloed approach will not cut it with consumers. Using features such as tonkenisation (Single Click Purchase) and keeping security on top of your business priority will help. Successful businesses are those that offer a choice to customers when it comes to payment methods. We recommend knowing your customer’s needs and serving them in the digital and mobile channels where they increasingly live and shop.
For more indepth analysis, case studies and expert opinion, please download the Sage Pay Payments Landscape Report here.
BookingLive integrates with the payment gateway Sage Pay to make online payment handling a breeze. To find out more about this integration, head to our booking system extras page, or get in touch today!