5 Ways Missing Payment Options Send Shoppers Elsewhere

If you don't offer the specific payment method your customer wants, they will likely walk away. This report highlights that nearly 56 million shoppers abandoned carts last year simply because of payment friction. For retailers, this means the 'final mile' of the sale is no longer just about the product; it is about providing financial flexibility. The data shows that consumers are increasingly looking for split-payment options like Buy Now, Pay Later (BNPL) and digital wallets. Shoppers are more likely to ditch their carts if they encounter a lack of credit options or a cumbersome checkout process that doesn't feel secure. The study suggests that consumers now view varied payment options as a standard convenience rather than a luxury. Merchants who fail to integrate flexible financing at the point of sale are essentially handing sales to competitors who do. Beyond just having the options, the transparency of terms and the speed of approval are critical factors. If the financing process feels like a barrier rather than a tool, the shopper will look elsewhere to complete their purchase.

Source: PYMNTS

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