While many expected the Chancellor’s Spring Statement to address growing living costs, a PayPoint study shows customers’ financial concerns remain high*. 85% of those polled shortly after Rushi Sunak’s declaration were worried about their finances for the coming year. Energy prices (66%) are the most concerning, followed by vehicle fuel (12%) and grocery costs (4%). (11 percent ).
PayPoint urges businesses to adjust their payment and collection procedures to empower customers to appropriately manage their living costs without jeopardising their financial stability.
We found that one in every two respondents surveyed felt that the Chancellor’s Spring Statement did not adequately address their financial problems. The last two years have been difficult economically, and many people are still struggling. It’s not unexpected that people feel the government should have done more to cut the cost of living.
“However, businesses can help lessen uncertainty by providing payment terms and technologies that help customers spread financial obligations and avoid default. As a result, firms should enjoy increased long-term client loyalty.
PayPoint found that 36% of consumers want more flexibility with single or recurring payments like rent, utilities, and credit cards, including the opportunity to change payment dates and amounts monthly. Also, one in five stated a user-friendly digital payment platform – site or app – would help manage daily outgoings.
PayPoint’s PayByLink technology allows bill collectors to send personalised, personalised reminders by email or SMS, allowing clients to pay quickly and conveniently from their phones. This involves setting up one-time or regular payments. The customer will also receive a barcode for making payments in-store, as well as the ability to request a callback to pay over the phone. Customers have more alternatives with PayByLink, which is part of PayPoint’s multi-channel digital payment system MultiPay.
