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Offering multiple payment options at your online checkout is a win for your business and your customers. It can help you drive cart conversion and build lifetime loyalty while offering your customers the shopping experience they are looking for. PayPal’s payments platform can help you satisfy customer needs and increase revenue with a flexible range of payments like credit and debit card, popular digital wallets and buy now, pay later options.
Flexibility is everything to modern customers who are always on-the-go. Many prefer to make fast payments with their mobile wallet and cut through long checkouts without having to manually enter their data. Shoppers and merchants alike are shifting towards mobile payments, Buy Now Pay Later (BNPL), and digital wallets – the fastest growing payment method globally.2
Payment preferences can vary by age group and income bracket, so if you’re trying to grow your business and reach affluent, mobile-first audiences, diversifying payments is a must. BNPL is especially popular among Millennial and Gen Z shoppers, who research suggests are more likely to use it because of their limited credit options.3 Certain payment preferences are more strongly tied to some demographics; for example, Gen Z prioritises easy, seamless payments1 and is twice as likely to abandon cart than pay another way. On the other hand, Millennials tend to prefer regular discounts and rewards, which can help to prolong brand loyalty.2 Cart abandonment also varies by demographic, with shoppers aged 25-34 most likely to abandon their purchase (21%), followed closely by the 35-44 group (20%)3. Understanding your customers, their purchasing drivers, and their preferred ways to pay can help cut this revenue lost to abandoned carts.
22% of shoppers don’t complete checkout due to friction.5 We can help you simplify and secure the entire process, so they make it to the finish line. With a single integration, merchants can offer, accept, and process diverse payment methods from around the world, giving customers more of their favourite ways to pay. When it comes to the business impact of payment choice, the numbers speak for themselves:
Providing diverse payment methods improves conversions and keeps customers coming back. According to 2022 data, 90% of Pay in 3* customers in the UK are repeat users.6
Payment flexibility helps reduce cart abandonment, especially when messaging is displayed early in the shopping experience.
Adding more options also gives customers more purchasing power. PayPal can help increase checkout conversion by an average of 35% with large enterprise merchants.7
Appeal to a broad audience across demographics and around the world. PayPal’s payments platform supports over 200 markets and 100 currencies and is trusted by millions of customers worldwide.
Convenience is not just about credit and debit cards – it’s about safety. Recognised payment providers act as trust badges, reassuring shoppers on unfamiliar sites. 61% of UK consumers surveyed cited that trust (security) is the reason of making a purchase on large enterprises websites using PayPal.8
As a complete payments solution, PayPal can help you simplify payments and operations, so you can focus more on the things that matter to your business. Give customers the freedom to pay how they want with a payment provider they trust.
Your customers are ready for flexible payments. Are you? Take the first step towards simple, seamless payments with PayPal.
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