In this fast-moving digital environment, staying ahead of the curve in regards to consumer payment preferences is a must for small businesses in Australia. There is increased demand for varied consumer payment types, and as such, business owners must hit the ground running. The Australian Payment Study from Xero offers insights into Australian payment consumers, providing a good understanding for those at the forefront of the scene.

Growing demand for multiple payment options

Consumers are spoiled for choice when it comes to Australian payment trends. The approach to methods like contactless and digital wallets means that Australians are dialling up their consumption of online-first, convenient payment types. Small businesses that provide the solution are reaping the reward, with improvements in customer satisfaction and more sales as the direct upshot. But, it’s not just a one size fits all matter of convenience. It’s a competitive step that shows businesses are tuned into what the customer wants.

Xero’s versatility aligns with consumer preferences

The payment frontier in Australia is a varied one. Given that each business, and its customers, have different preferences, Xero recognises the need to offer a host of payment options that suit everyone. Xero can accommodate customers in terms of payment types that come second nature, whether that is traditional credit card type payment or newer digital options. By tapping into Xero, business owners can provide their customers with the ability to perform transactions in time-honoured fashion or in tune with the modern era, and this ultimately can lead to a simpler payment process.

For small business owners, it pays to know that more than half of Australians elect to use digital means over cash. It suggests that operators in this environment need to morph with evolving habits, particularly if the end leading goal is to improve customer satisfaction and cultivate loyalty.

Streamlined payment management and reporting

It can be easy to be thrown off course when it comes to payment methods, given the transaction recalibration and accounting quandary that may arise. Fortunately, Xero can prevent any teething problems along these lines by taking care of the process and also consolidating payment course correction.

It makes available an automatic match payment transfer facility and also real request on account settlements, ensuring the job of recalibrating is covered; removing potential mistakes, and allowing you to spend more time on the actual business.

For business owners working with Xero, the reporting function also gives a real treasure trove of information, when it comes to sales and customer payment-related information. With this insight available, it’s simple to track how different methods of payment are contributing to revenue streams and to ascertain which payment types are garnering popularity amongst customers.

Adapting to payment trends with Xero

With Xero, Australian small businesses can stay nimble and responsive with payments your customers expect, no matter how they prefer to pay — even the new wave of payments. With the competition today, meeting growing expectations about flexible and secure payment methods isn’t just nice to have, it’s essential to your growth.