70% of Consumers Pick Retailers Based on Payment Options

The checkout process is no longer just the end of a transaction; it is now a primary driver for where people choose to shop. A new report reveals that 70% of consumers select retailers specifically based on the payment options offered at checkout. If you aren't offering flexible terms or preferred digital wallets, you are likely losing customers before they even add items to their cart. This shift means that financing is now a top-of-funnel marketing tool rather than just a back-end utility. The data also highlights a looming gap in merchant readiness for 'Next-Gen Commerce.' While shoppers want seamless, AI-driven experiences, only about 20% of businesses are actually prepared for this transition. Consumers are increasingly looking for 'compounding loops' where easy payments lead to loyalty rewards and personalized offers. For retailers and operators, the message is clear: your payment stack is your competitive advantage. To capture modern shoppers, you must integrate Buy Now, Pay Later (BNPL) and other flexible financing solutions directly into the early stages of the browsing experience. Waiting until the final checkout screen to show your financing options is a missed opportunity to influence the initial store selection.

Source: PYMNTS

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