Most customers choose a method ofpayment that suits their personal circumstances. Older customers, for example, may prefer to pay by cash or cheque while younger customers are likely to use payment technologies.
Credit cards and debit cards make it easy to pay for larger transactions where cash would not be suitable.
Direct debit allows customers to spread payment over a period of time.
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Safety and Security
Customers want to know their money is safe when making a purchase. Some customers prefer not to carry cash or cards as they may be stolen.
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Cost
Some methods, such as credit cards, may require customers to pay a fee or rate of interest.
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Technology
Some methods require access to technology such as smartphone, tablet or computer.
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Lifestyle
The ability to pay remotely means goods and services can be purchased from almost anywhere in the world at any time of day or night.
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Ability to Pay
Some customers may overspend and get into debt. For example, using a credit card allow the cardholder to delay payment, but they may have difficulty paying the credit card bill when it comes due.
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Intro.
The payment method used by customers is based on a number of factors. The methods chosen will have an impact on the enterprise's revenue.
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