Finance & Economics

Lack of payment methods in the UK results in loss of money

More than 2.200 UK adults over 18 years old shared their opinions

payment methods

Lack of payment methods in the UK results in loss of money. Source: pexels.com

According to Ecommerce News, online retailers in the UK are losing over €2.13 billion a year due to a lack of payment options available to their customers. This was found in a new study among regular online shoppers.

The survey has found that 20% of respondents revealed that every time they cannot pay with their preferred payment method, they refuse to purchase. When asked to estimate the value of the items they threw each month, the average response was €17.5.

So in a way, Merchant Advice Service researchers estimate that with around 50.9 million adults in the UK and a fifth of respondents who admit to abandoning around €210 a year, online stores are losing €2.13 billion annually due to the lack of affordable payment methods.

The study found that 67% of respondents are disappointed by the lack of available payment methods. Also, 54% of them do not recommend making an online purchase if only debit or credit card details are used as a payment method.

The study also asked respondents what payment methods they would like to see in an online store. 71% said they preferred PayPal, followed by 67% who tend to use digital wallets such as Apple Pay and Google Pay. But 24% of respondents also wanted to see “buy now, pay later” payments like Klarna and Clear Pay.

By limiting payment options, you equally limit your chances of selling if customers can't pay using their preferences. To keep customers from falling apart at the last stage of checkout, consider adding payment methods that make online shopping as easy and hassle-free as possible, offering one-click payments and more
Libby James, co-founder of Merchant Advice Service

We’ve reported that the majority of European checkouts have 5 or more errors.

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