Payment Preferences: It's About Choice

There are many ways to pay. The options seem limitless and payment types vary depending on your country or region. Offering your customers a choice is always important, especially when it comes to payment.

Preferred payments by customers

Retailers increasingly need to consider how they handle cash. To improve customer experience, shop owners accept any means of digital payment. If you’re not efficiently handling cash though, other retailers might fill the void. Enhancing your cash handling process is an opportunity for retailers.

Depending on your location or industry, offering customers payment choice makes a difference. The adoption of pay stations is one way retailers can give their customers another option. Pay stations are POS upgrades that automate cash payments. The Paypod Pay Station line offers a secure and hygienic option for retailers as well as a way to give their customers an alternative. Our analysis reinforces the necessity of giving your customers the choice to pay with cash.

Our analysis

Through our research (using resources like the Access to Cash Report, The ACS Local Shop Report 2018, The ACS Crime Report 2018, ECB Occasional Papers 2016, and UK Payment Markets Summary 2018 among others) CPI determined that there’s a lot of opportunity to capitalize on the use of cash. Across Europe, 79% of all payments were made with cash in 2016. We organized our analysis into an infographic for easy reading and sharing by compiling statistics throughout the EU and the UK.

Are you interested in a deeper look into the problems surrounding cash handling? Download our whitepaper.