When establishing a payment plan that works for your business and your customers, there are a number of components to consider. For example, is there a favoured payment frequency or day? Would people rather pay from a bank account or credit card? And are smaller instalments preferable over larger payments?
As a leading direct debit payments solution provider, Debitsuccess has a raft of data at its fingertips – and our latest figures offer valuable insights:
We have found that bank accounts edge slightly ahead of credit cards as preferred payment method (57.5% to 42.5%).
Our data also indicates 14% of respondents prefer monthly payments, 37% – weekly payments and nearly half (49%) – fortnightly payments.
Drilling down further to the day of the week, results favour either end of the week as shown below:
Preference of days
Having a recurring payment solutions provider like Debitsuccess on board means greater flexibility for customers so they can pay using their preferred method and frequency. It also offers consistent cashflow for businesses and a full credit control system, saving time and money so organisations can focus on what’s really important – customers and exceptional service.