Small and medium-sized businesses (SMBs) in Australia need to adopt payment methods that make things easier for customers if they want to keep things running smoothly.
Businesses that want to stand out from the crowd must develop or adopt a secure and easy-to-navigate payment process, which is now a key differentiator in the marketplace.
According to new research, Australian shoppers are becoming more conscious and selective about their spending, which is no surprise considering the nation’s economic uncertainties.
As shoppers continue to feel the pinch, around 60 percent are planning to cut back on spending during the online sales this year, with many others set to boycott the event altogether.
For businesses hoping to make a splash during this event, this means every potential sale counts, so the last thing they need is a payment process that makes things complicated for customers.
According to the PayPal 2024 eCommerce Index, 59% of Australians are more likely to complete an online purchase if their preferred payment method is available.
Around 36% have abandoned their carts entirely when their preferred option wasn’t offered. This proves businesses are losing out by not having the right payment methods available.
Digital transactions are the cornerstone of the retail sector, and Australian businesses must understand that payment technology is about removing friction and building trust with customers.
Embracing Payment Flexibility for Success
Businesses need to be able to provide multiple payment methods or risk losing customers to competitors who understand how the market works.
PayPal Australia’s Managing Director, Simon Banks, has stressed the need for modern businesses to be flexible with their payment offerings.
“Businesses that don’t offer choice and flexibility around payment options are increasingly finding themselves at a competitive disadvantage,” Banks said.
To address this, many Australian SMBs are turning to PayPal Complete Payments. This platform allows businesses to accept multiple payment options such as credit and debit cards as well as Australia’s most popular digital wallets, including Apple Pay, Google Pay and PayPal – all through a single system.
Additionally, SMBs using PayPal Complete Payments can offer their customers PayPal’s buy-now-pay-later solution – PayPal Pay in 4 – at no additional cost aside from the usual PayPal rates.
This level of flexibility makes it easy for customers to choose their preferred way of making payments.
One of the more eye-catching advantages of PayPal Complete Payments is that users can access it through major eCommerce platforms, including BigCommerce, WooCommerce and Adobe Commerce.
That makes it easier for SMBs to implement a sophisticated payment system and take advantage of features within the solution without needing extensive technical knowledge.
The need for secure and flexible payment solutions stretches far beyond retail and eCommerce – it also affects other sectors, such as the online betting industry.
As Australia’s sports betting industry continues to grow, sportsbooks are continuously on the lookout for payment methods that resonate with customers, which is where PayPal comes in.
Many of the betting apps with PayPal are operated by SMBs who have spotted its ability to provide Aussie punters with a safe and secure way to fund their wagering activities.
Security is a top priority for Aussie punters, especially when dealing with real money transactions. PayPal facilitates instant deposits and fast withdrawals, making it a no-brainer for online betting transactions.
The Growing Demand for Secure Transactions
Research has shown that three in five Australians are deeply concerned about the safety of their personal or banking information when shopping online.
About 60% of Australian businesses are also worried about their ability to keep their customers’ sensitive information safe and secure, while 89% are actively working on improving their security measures.
Shoppers are more likely to return to businesses that take data protection seriously, while those that experience security breaches will struggle with long-term reputational damage.
Banks has suggested that SMBs lean on third-party partners such as PayPal Complete Payments to help them improve their security features, mitigate fraud, and address customer needs.
One of its standout features is the PayPal Vault, which allows customers to securely store their payment details for future transactions.
It allows shoppers to make quick and easy payments and helps SMBs reduce card declines, drive conversion, improve checkout experiences and encourage customers to return.
PayPal’s Real-Time Account Updater and Network Tokens is another useful security feature that automatically updates lost, stolen or expired cards.
