October 6th, 2025 | Andrew Hagger | News

A new survey conducted by Will Aid, the national Will-writing campaign, has revealed an alarming gap in public understanding about inheritance laws affecting cohabiting couples.

The survey found that 68% of cohabitees were unaware of the rules of intestacy and what happens to their estate if they die without a Will.

This lack of awareness could have devastating consequences for many families across the UK, as cohabiting couples—regardless of how long they have lived together or whether they have children—are not automatically entitled to inherit from one another if one partner dies without leaving a Will.

Key findings from the poll, include:

• 25% mistakenly believe their estate would automatically pass to their partner
• 20% admitted they were unsure what would happen
• 17% said they had never even thought about the issue
• 7% thought their estate would go to close friends

The Rules of Intestacy dictate how a person’s estate is distributed when they die without a Will.

These rules prioritise spouses, civil partners, and blood relatives, often leaving cohabiting partners with no legal right to inherit anything. This could leave surviving partners facing significant financial hardship, particularly in cases where they are dependent on the deceased’s income or home.

Trusha Velji, solicitor at Touch Solicitors said: “Many people assume that after living together for a period of time, they automatically become common law husband and wife, but this is not the case. The concept of ‘common law marriage’ ceased to exist a very long time ago.

“If you are cohabiting as a couple, the law does not recognise you as common law spouses, even if you have children together and have lived together for many years.

“Therefore, if you do not have a Will, the Rules of Intestacy will apply, and your partner will be completely disregarded.”

The annual Will Aid campaign sees solicitors across the UK volunteering their time to write Wills throughout November, so it is an ideal time for people who are cohabiting to get their wishes professionally drafted in a legal document, which will help to protect their loved ones in the future.

Peter de Vena Franks, Will Aid Campaign Director, said: “Will Aid is the perfect opportunity for unmarried and cohabiting partners to get a professionally written Will in place.

“Without a Will, surviving partners may not be automatically entitled to inherit, leaving them in a vulnerable position – and it’s particularly worrying that so many people aren’t aware of this, and don’t fully understand the Rules of Intestacy.

“By participating in Will Aid, couples can ensure their wishes are clearly documented, giving both partners peace of mind that their loved one will be provided for in the event of their death.”

Will Aid is a partnership between the legal profession and eight of the UK’s best-loved charities.

The initiative, which has been running for more than 35 years, sees participating solicitors waive their fee for writing basic Wills every November.

Instead, they invite clients to make a voluntary upfront donation to Will Aid – the suggested amounts are £120 for a single basic Will and £200 for a pair of basic ‘mirror’ Wills.

Appointments are available now, and you can sign up by visiting www.willaid.org.uk

Will Aid is encouraging people to use its upcoming campaign month to write or update their Wills with a participating solicitor, while also supporting UK charities including Age UK, British Red Cross, Christian Aid, NSPCC, SCIAF (Scotland), Trócaire (Northern Ireland), and – new for this year – Shelter and Crisis.

For more information on Will Aid and how to get involved visit www.willaid.org.uk

October 6th, 2025 | Andrew Hagger | News

Purchasing a vehicle is one of life’s significant financial commitments, yet few people can afford to pay the full price upfront. Car finance gives you a practical solution, allowing buyers to spread the cost over manageable monthly payments whilst using the vehicle immediately.

1. What is Car Finance, and Why Use It?

Car finance refers to borrowing money to purchase or use a vehicle, with various arrangements available depending on whether you want eventual ownership or simply access to transport. The fundamental distinction is between secured and unsecured loans. Secured finance uses the vehicle itself as collateral, meaning lenders can repossess it if you default on payments. Unsecured personal loans don’t carry this risk but typically need better credit scores and may charge higher interest rates. According to Statista, millions of cars were bought using financing instruments in the UK in the twelve months to May 2024, just to show how essential these arrangements have become for British motorists.

1. Common Types of Car Loans and Finance Arrangements

Hire Purchase (HP) involves paying a deposit followed by fixed monthly instalments covering the vehicle’s full value plus interest. Once you’ve completed all payments and paid a small transfer fee, ownership transfers to you. Personal Contract Purchase (PCP), Britain’s most popular option, works differently. For instance, you pay a deposit and lower monthly payments covering only the vehicle’s depreciation. At the term’s end, you choose whether to return the car, pay a large balloon payment to keep it, or trade it towards another vehicle. Personal loans from banks or building societies give you immediate ownership and more negotiating power with dealers since you’re essentially a cash buyer, though monthly payments tend to be higher than PCP. Personal Contract Hire (leasing) means you never own the vehicle but simply rent it long-term, often with servicing and maintenance included. Each option suits different circumstances and ownership intentions.

1. Risks, Fees and Hidden Costs to Watch Out For

Car finance carries numerous potential pitfalls beyond the headline APR. Variable interest rates can increase your payments unexpectedly, whilst PCP and leasing agreements often include strict mileage limits. For example, exceeding these triggers substantial penalty charges. Condition requirements mean you could face additional fees for excessive wear and tear when returning leased or PCP vehicles. Early repayment charges penalise those wanting to clear their loan ahead of schedule, and missed payments damage your credit score whilst risking repossession. The ongoing motor finance commission scandal has exposed widespread industry malpractice. The FCA confirmed in August 2025 it would consult on an industry-wide compensation scheme following Court of Appeal rulings that dealers receiving undisclosed commissions from lenders was unlawful. This scandal could result in billions in compensation for customers who unknowingly overpaid between 2007 and 2021.

1. Choosing the Right Loan for Your Situation

Choosing appropriate car finance needs an honest assessment of your circumstances. Credit history influences available options and rates, such that those with excellent credit access the lowest APRs and widest choice, whilst those with impaired credit face higher costs or limited options. If you have a weaker credit record, you might search for bad credit car finance deals, though you’ll need to compare the higher interest rates or stricter conditions carefully. Consider your intended ownership period, like, if you change vehicles every few years, PCP’s flexibility suits you, but HP makes more sense for long-term keepers. Driving habits are important as well; high-mileage drivers should avoid PCP’s restrictive limits. Available deposit funds affect affordability, like larger deposits reduce borrowing and improve rates. Always compare total amounts repayable instead of focusing solely on monthly payments and scrutinise all fees and charges before committing.

Understanding car finance options empowers you to make informed decisions that match your financial circumstances and motoring needs, potentially saving thousands over your loan term.

October 1st, 2025 | Andrew Hagger | News

With the new university term starting this month, money stress among young adults is once again in the spotlight. In fact, 72% of students report feeling hopeless about their financial situation, and Aqua’s survey of 500 18-24-year-olds reveals the knowledge gaps and misconceptions that make financial management more challenging.

Key Findings

• More than 1 in 5 (21%) 18-24-year-olds wish they had learned how to invest sooner

• Nearly 1 in 5 (19.2%) 18-24-year-olds want more guidance on building an effective budget

• 18.6% of 18-24-year-olds say they wish they had known more about the significance of a credit score before reaching adulthood

Other key findings from the data:

• 18-24-year-olds are more likely to turn to TikTok (22.2%) than to their university (15.8%) for financial guidance

• Nearly a third of 18-24-year-olds (30.3%) say they would rely on friends and family above any professional or institutional source

• 20% of 18-24-year-olds  explicitly distrust schools and universities for financial advice, highlighting a significant credibility gap

Sharvan Selvam, Commercial Director at Aqua, shares insights into the findings: “These results show that many young people feel underprepared when it comes to managing their money, especially around credit and budgeting. It’s worrying to see such high levels of stress around finances at such a formative stage in life, and it highlights the need for more practical, accessible guidance.

“There are a few simple steps that can help students feel more in control.

1. First, for activities such as entertainment or shopping, it’s recommended that you set a monthly budget and determine which items fall within it. Before buying anything you don’t really need, give yourself time to think about it to ensure it’s something you truly need or want , rather than impulse buying.

2. A budgeting app can be a great way to track recurring charges and identify any hidden fees, allowing you to cancel services you’re not using. These small changes can help you cut back on unnecessary spending.

3. It’s also important to understand how everyday habits impact your credit score, things like paying bills on time, keeping balances low, and not applying for too much credit at once. A strong credit score not only helps with future borrowing but can also make essentials like renting a flat or getting a phone contract much easier.

4. Set automatic payments for your regular bills, but pay for subscriptions manually so you can review their usage.

5. Finally, if money worries are causing stress, don’t keep them to yourself. Talking to a trusted friend, family member, or even a professional adviser can help you see things more clearly and feel less isolated. Often, just sharing concerns is the first step to finding a practical solution.”

October 1st, 2025 | Andrew Hagger | News

American Express has brought back its popular series of limited-time sign-up offers, including one of the largest points offers on the Gold Card. Eligible new Gold Cardmembers can earn 40,000 bonus Membership Rewards^® points, while new Platinum Cardmembers can earn 80,000 points when they meet required spend thresholds.

Golden opportunity

Eligible new Gold Cardmembers can now earn 40,000 Membership Rewards^® points when they successfully apply and are approved by 14 October 2025 and spend £5,000 in their first six months. The offer is double the usual maximum 20,000 points. 40,000 Membership Rewards^® points can be redeemed as £180*to offset purchases made on the Card.

The American Express^® Preferred Reward Gold Card is free for the first year and comes with a range of benefits including four Priority Pass lounge visits each year, two £5 Deliveroo statement credits per month, and enhanced points-earning opportunities, including 3x points for every £1 spent on American Express^® Travel.

A Platinum Reward

Eligible new Platinum Cardmembers can receive 80,000 bonus Membership Rewards^® points, when they successfully apply for the Card and spend £10,000 in their first six months. The offer is higher than the usual maximum of 50,000 points. 80,000 Membership Rewards^® points can be redeemed as £360* to offset purchases made on the Card.

As well as earning Membership Rewards^® points, Platinum Cardmembers can enjoy a £400 Global Dining Credit to spend at selected restaurants, as well exclusive hotel benefits with Fine Hotels & Resorts such as guaranteed 4pm late check-out. Additional benefits include travel insurance for the Cardmember and their family and complementary access to over 1,550 airport lounges around the world. The Platinum Card^® has an annual fee of £650, with the benefits valued at more than £3,000.

Invite A Friend enhanced offer

In addition to these new sign-up offers, American Express is also enhancing the Invite a Friend referral programme, available until 14 October 2025.

Gold Cardmembers who successfully refer a friend are eligible to receive 14,000 Membership Rewards points, up from 9,000. The referred friend will receive 45,000 points, compared with the 22,000 points they would normally receive, when they spend £5,000 in their first six months after being approved for the Gold Card.

Current Platinum Cardmembers who successfully refer a friend are eligible to receive 18,000 Membership Rewards points, up from 12,000, while the referred friend will receive 100,000 points, and is nearly double the usual 55,000 points on offer, if they spend £10,000 in the first six months after being approved for the Platinum Card^®. 100,000 Membership Rewards^® points can be redeemed as £450* to offset purchases made on the Card.

Cardmembers simply need to follow the instructions in the Amex ^® App or their Online Account to find their referral link. The friend must be approved for the relevant Card before the Cardmember receives their points, and existing Cardmembers can earn a maximum of 90,000 bonus points from referrals each year.

Business Card sign-up offers

Cardmembers applying for American Express® Business Platinum and Gold Cards will, from today, also have the ability to earn additional Membership Rewards® points.

Until 14 October 2025, applicants approved for a Business Gold Card can earn up to 60,000 Membership Rewards points when they spend £6,000 in the first three months. Those approved for a Business Platinum Card can earn up to 120,000 Membership Rewards points when they spend £12,000 in the first three months.

Earning and redeeming rewards

Amex is now accepted in more places than ever before including every major supermarket chain, leading high street brands and hundreds of thousands of small businesses, meaning there are even more ways to earn rewards on everyday spending.

Membership Rewards points can be redeemed in a variety of ways. For example, 40,000 points can be redeemed as £180* to offset purchases made on the card. Points can also be redeemed for gift vouchers across a wide selection of shopping, travel and lifestyle partners. You can also use them to shop online, transfer to airline loyalty programmes or redeem against flights and hotels with Amex Travel. To explore the full range of rewards, Cardmembers can visit Membership Rewards ^® online or head to the Amex^® App.

Dave Edwards, Vice President, American Express, stated: “We are excited to announce the launch of our limited-time offers for Gold and Platinum Cards, making our products even more rewarding for our Cardmembers. These offers will give new and existing Cardmembers the chance to earn increased Membership Rewards^® points that can be used in a variety of ways including on travel, dining and shopping.”

October 1st, 2025 | Andrew Hagger | News

Warehouse organization is one of the most overlooked but vital elements of a successful supply chain. Whether you run a large distribution center or you have a much smaller operation, a tidy and well structured warehouse directly impacts productivity, safety and profitability. Poor organization means wasted time, misplaced inventory and increased operational costs. These are problems that no business can afford to ignore.

An effective solution that many businesses use to enhance organization is incorporating Algeco storage containers into their warehouse setup. These secure and durable units provide flexible storage options for excess inventory, seasonal stock, tools and equipment. They are especially useful during warehouse reconfigurations, peak trading periods, or when temporary extra space is necessary. Containers alone won’t fix an inefficiency in your warehouse though, so here are five more options to help you to keep your space running smoothly.

1. Implement a clear layout. An organised warehouse starts with a smart layout used to find zones for receiving, storage, picking, packing and shipping. Keep high demand items close to shipping areas and separate hazardous or sensitive materials to prevent contamination or safety hazards. A clear, logical layout reduces time spent searching for items and streamlines workflow from start to finish.
2. Label everything clearly. Often underutilised labelling as a game changer for warehouse efficiency. Investing in clear, durable labels for shelf bins and pallets is important, and you can use barcodes or QR codes for easy digital tracking and fast scanning. Labelling improves inventory accuracy while also helping new staff and temporary workers to navigate the space with minimal training.
3. Complete regular audits. Warehouses are not static environments. Stock levels fluctuate, product lines change, and operations grow. Schedule regular audits to review inventory levels, shelf usage, and traffic flow.Identify slow moving items and consider whether they can be relocated, discounted or stored in offsite containers like those from Algeco. Continuous improvement ensures that your layout evolves with your business needs.
4. Invest in the right storage solutions. Every product category has its own storage needs. Pilot racking, bin shelving, mezzanine floors, and mobile units also have different purposes. Pick a solution that matches your inventory type and volume. For bulky or irregular items, external storage containers can be an ideal way to free up internal space while keeping assets secure and accessible.
5. Train and empower your staff. Your warehouse is only as efficient as the people running it. Providing ongoing training on best practices and inventory, handling safety protocols and digital systems is important. Encourage feedback from the floor. Your staff will often spot inefficiencies that you may have overlooked.Empowered employees are more likely to maintain a clean and orderly workspace.

Keeping your warehouse organised isn’t just about aesthetics, but about improving operational efficiency, ensuring safety and supporting growth. While storage containers are a great idea, lasting improvement comes from a combination of smart systems and staff engagement.

September 30th, 2025 | Andrew Hagger | News

When you’re driving along and a new, unwelcome noise starts, or a warning light flashes on the dashboard, your heart sinks. You immediately think about the unbudgeted expense heading your way at a time when every pound is accounted for.

By adopting a few proactive measures, you can try to limit the impact of these car shocks and decrease the risk of a potential crisis.

1. Reevaluate your car insurance regularly.

It’s easy to allow your car insurance to auto-renew each year out of convenience, assuming your loyalty will be rewarded. Unfortunately, this is not always true. The “loyalty penalty” can cost you hundreds of pounds. Where you could be negotiating or researching better policies, you settle for whatever is quick and easy.

You can browse comparison websites and get quotes from various insurers, which could effectively lead to substantial savings.

2. Maintain a clean driving record.

Your driving history is a key factor insurers use to calculate your premium. Penalty points for offences like speeding or using a mobile phone at the wheel will lead to a noticeable increase in your insurance costs for several years. Conversely, each year you drive without making a claim builds your No Claims Discount (NCD).

In the long term, a clean slate can significantly reduce your motoring expenses.

3. Regular vehicle maintenance

Small car problems, if left unattended, often escalate into major, expensive failures. For instance, replacing a worn timing belt at the recommended interval might cost a few hundred pounds, but if it snaps, it can cause catastrophic engine damage, costing thousands to repair.

You don’t need to be a mechanic to perform these basic checks. Learning how to check your oil, coolant, and windscreen wash levels, and regularly monitoring your tyre pressures, is a useful skill to have that can save you money in the long run.

4. Be cautious with modifications

Personalising your car can be appealing, but you should proceed with caution.

Car modifications like fitting new alloy wheels or remapping the engine for more power can have a damaging impact. Firstly, you must declare all changes to your insurer. Failure to do so could invalidate your policy, meaning they could refuse to pay out in the event of a claim.

Secondly, modifications often lead to higher insurance premiums, as they can make the car more attractive to thieves or increase its performance and risk profile.

5. Keep an emergency car fund

Even with the best preparation, unexpected costs can still arise. A failed MOT or the need for four new tyres can all result in a bill running to several hundred pounds. Rather than relying on a high-interest credit card or a loan, the best defence is a dedicated emergency fund. You can create this by setting up a standing order to a separate savings account, putting away a small, manageable amount each month. Even £25 a month soon builds up. Having this financial buffer means that when an unexpected bill does land, you can pay for it without stress or debt. It turns a financial emergency into a simple transaction, giving you invaluable peace of mind.

September 30th, 2025 | Andrew Hagger | News

Finding the perfect place to buy your first home is no easy task. You want somewhere affordable, but you also need access to your work, some sort of social life, and a bit of peace of mind for the future.

And, of course, you don’t want to end up in a neighbourhood that’s likely to leave you wishing you’d put off buying for another year.

So, let’s cut to the chase and talk about four locations that are ready to tick all the right boxes.

Manchester – a city choice with perks

This is a city that’s hard to ignore for first-time buyers. The buzz, the culture, the sheer variety of properties on offer – all make it a top contender for first-timers.

Whether you’re looking for a sleek flat in the city centre or a cosy terrace in one of its up-and-coming suburbs, you’ve got options. Plus, the city’s constantly growing, which means more opportunities down the line.

Don’t forget the excellent transport links to the rest of the UK – handy for when you want to head out of town, but even better for keeping your commute to a minimum.

The average first-time buyer property in Manchester is around £35,000 below the British average. So, what are you waiting for?

Knowsley, Merseyside – exceptional value with rising demand

If you’re looking for fantastic value and a location that’s steadily gaining popularity, Knowsley could be your jackpot. Tucked on the outskirts of Liverpool, this area gives you space to breathe, without the price tag that often comes with being closer to the city.

With average house prices climbing year on year, but still at a very affordable £185,000 as of June 2025, Knowsley offers first-time buyers an excellent entry point to the property market.

It’s not just about the price, though. The area is seeing increasing demand, with improved transport links and new developments popping up all over. This makes it a great place to invest now, with the potential for future growth.

Nuneaton, Warwickshire – modern homes in the heart of the Midlands

You might be thinking, where? But not for long. Nuneaton is an absolute gem for first-time buyers who want a first home without breaking the bank.

Located in the heart of the Midlands, this area is perfect for those who want a peaceful pace of life, while staying well-connected to larger cities like Birmingham and Leicester.

The real draw here, though, is the selection of stunning new build homes in Nuneaton. With excellent local amenities, a strong community feel, and the possibility of getting a bit more space for your budget, this market town is an excellent spot to consider.

Leek, Staffordshire – charm, nature and an attractive market town lifestyle

Set near the Peak District, this charming market town offers a slower, more relaxed lifestyle without losing out on modern conveniences.

There’s plenty of outdoor space for those weekend walks in the countryside. Plus, Leek has great local shops, pubs and restaurants, all contributing to its thriving, close-knit community.

If you’re looking to settle somewhere that combines rural charm with a vibrant market town atmosphere, Leek might be just the place for you.

September 30th, 2025 | Andrew Hagger | News

Looking to get the most out of your money? Wealth management is a strategic approach to financial management that helps you to achieve your long-term goals and build wealth for the future, but there is no one-size-fits-all solution. It is vital that you develop a tailored approach based on your circumstances and financial goals. Read on to find out more.

Start with Clear Goals: What Do You Want Your Money to Do?

Before developing a wealth management plan, you first need to establish your goals. Before making any big financial decisions, ask yourself: What do I want my wealth to achieve? Whether it is securing your retirement, growing assets for the next generation, or leaving a charitable legacy, your strategy should be built around your personal priorities. Clear goals help you and your adviser design a plan that works for you.

Expect More from Modern Wealth Management

Wealth management today is not just about numbers on a statement. You should expect personalised advice based on your goals and circumstances, transparent reporting, digital tools for real-time insights, and a strong focus on sustainable (ESG) investing. Many wealth management firms now combine human expertise with smart technology, so you get the best of both worlds – tailored strategies and convenient access.

Understand What’s Happening in the UK Wealth Market

Knowledge is power when it comes to investing, and the financial landscape is changing. New tax rules in the UK are leading some wealthy families and individuals to move assets or even leave the UK altogether. At the same time, big names like Barclays are investing heavily to strengthen their wealth services, which could mean better options for you as a client. Knowing these trends can help you make smarter decisions about where and how to manage your money.

Make Your Money Work Harder: Diversify, Protect, & Plan Ahead

To get the most out of your wealth, think beyond traditional shares and property. Diversifying into alternative assets, using tax-efficient structures, and planning your estate now will give you more flexibility and help protect your family’s future. Younger investors are already demanding inflation-protected assets and more control over their portfolios, so this is something you may want to consider, too. During periods of economic uncertainty such as this, it is vital that you are smart and plan ahead when it comes to wealth management.

The advice in this post should help you get the most out of your money and build towards long-term wealth. It can be hard to know where to begin when it comes to wealth management, especially with a lot of doom and gloom surrounding the UK and global economy in 2025. By establishing your goals, getting expert wealth management advice, understanding the UK wealth market, and planning ahead, you can develop a financial plan that will help you achieve your goals.

September 29th, 2025 | Andrew Hagger | News

Buying your first home is one of life’s most significant milestones, but the excitement of owning your own space can be significantly reduced by paperwork and finances. If you’re eyeing new homes, by taking a step-by-step approach, you can make the experience less stressful.

Here are some practical steps you can take to be well on your way to unlocking the door to your new home with confidence.

1. Setting Your Budget and Financial Foundations

Before you even begin browsing new build homes, you need to assess your finances. Setting a clear budget will save you time and avoid heartache later. Start by calculating your income and outgoings. Be realistic about what you can afford for a deposit, as well as ongoing mortgage payments. A good rule of thumb is that your monthly housing costs should not exceed a third of your monthly income.

Next, look at your credit score. Lenders will assess your credit history when deciding on your mortgage application. If you have any outstanding debts, try to clear them before applying for a mortgage, as this can help secure better terms.

2. Tapping into Government Support

As a first-time buyer, you have access to a range of government schemes designed to ease the burden of the initial costs. For example, Shared Ownership is an option that allows you to buy a portion of the home and rent the rest, making it more affordable.

You should also keep an eye on the Lifetime ISA (LISA), which lets you save up to £4,000 per year, and the government adds a 25% bonus on top. This can go a long way toward helping you cover your deposit. Research these options carefully and consult a financial adviser to figure out which is best for your situation.

3. Finding Your Perfect New-Build Property

Once you’ve established your financial foundation, it’s time to start the exciting search for your ideal home. New build properties often offer a range of benefits, from modern, energy-efficient designs to a more hands-off experience when it comes to maintenance.

You may be able to personalise your new house with custom flooring or kitchen fittings, making it truly feel like home from day one. Take the time to understand what the builder offers in terms of warranties, upgrades, and finishes.

Pay attention to the location as well. Is the area growing? Are transport links good? Even a lovely house can lose its charm if the neighbourhood doesn’t suit your lifestyle.

4. Navigating the Legal and Mortgage Processes

Once you’ve chosen your property, you’ll need to secure a mortgage. You can work with a mortgage broker who will help you find the best deal based on your financial profile. They can also guide you through the necessary paperwork and get pre-approval for your mortgage.

You’ll also need a solicitor or conveyancer to handle the legal aspects of the purchase. They will review contracts, ensure the property is legally sound, and make sure there are no surprises when it comes to ownership.

5. Settling into Your New-Build Community

When you finally get the keys to your new house, get to know your neighbours and join local groups or events to feel more connected.

Don’t forget to take care of your new house, too. Modern homes come with advanced technology and energy-saving features, but it’s still important to keep everything maintained. Regularly check your home’s systems, like heating and plumbing, and take advantage of any warranties the builder offers. By staying proactive, you can avoid any costly surprises in the future.

September 25th, 2025 | Andrew Hagger | News

Flexible checkout options are a modern boon for businesses willing to change with the times and upgrade their payment systems. No longer is cash king, as today, customers of all ages want a range of ways to pay, such as digital and credit cards. From increased conversions to competitive advantage, here’s how offering more than one way to pay will help your business. 

Lower Cart Abandonment

Cart abandonment is one of the biggest contributors to lost revenue. There are some methods of regaining a customer, such as reminder emails, but they aren’t reliable. It is better to reduce the likelihood of a cart being abandoned in the first place. Offering multiple ways to pay is a guarantee of increased sales, which is why most businesses learn how to accept credit card payments in various ways, including via digital wallets through online store purchases.

Flexible Checkout Options Increase Conversions

A study by Stripe found that conversion rates increase by as much as 2x on average when a business offers additional ways to pay, such as Apple Pay. But why would you consider this?:

• You can turn browsers into buyers by providing multiple payment methods.
• Purchase hesitation is reduced when your business caters to different preferences.
• The result is higher conversion rates that equate to increased overall revenue.

You Reach a Wider Audience

Casting a broader net that appeals to a larger demographic increases the potential for more sales. While it’s wise to focus on the core audience for online marketing, it also helps to consider a wider demographic, too. Of course, not all customers in one age range or group will use the exact same payment method either. Today, people of all ages, social groups and ethnicities use a wide variety of payment methods, so why exclude what could be a boost?

Flexible Checkout Options Encourage Spending

According to Deloitte, UK retail losses are up by 33% since COVID, with 2023 seeing a loss of £7.9 billion. Adding flexible checkout options increases the appeal of a store as it widens the demographics that can confidently use it, but that depends on the methods preferred by each.

• Gen-Z and younger people prefer to use digital payment methods such as Apple Pay.
• Millennials are much more likely to use contactless cards when making purchases.
• The over-55s have been shown to prefer chip and pin cards and cash when buying.

Getting customers to part with their money is harder than ever for various reasons, including the cost of living. However, most accept that inflation happens, even when cautious. As a business, it is almost a responsibility to make the payment process as easy as possible for customers.

Establishing Trust and Credibility

Because of issues such as fraud, cybercrime and unethical business practices, customer trust is pretty low these days. It seems like every week, another major business has been hacked and data stolen. So why would consumers trust companies? However, offering more than one way to pay provides a sense of security to customers. Those who don’t trust credit cards believe digital wallets are more secure, and vice versa, so you can gain credibility by appealing to all. 

Flexible Checkout Options Offer an Advantage

Surveys by Forbes have revealed that 96% of customers will switch after a bad experience. That puts you at a competitive advantage if you offer more ways for customers to pay:

• Customers love convenience and flexibility, especially if it reduces payment friction.
• Offering multiple payment options can improve the public perception of a brand.
• A higher level of service results in repeat business and a higher level of loyalty.

Higher Sales Potential

No one likes to feel like they are alienated, but that’s how customers can feel when their preferred payment option isn’t available. This is especially true of the already disenfranchised younger generations. But of course, any customer will feel more obliged and happy to make a purchase when it is just easier for them to do so. Offering flexible options like digital wallets, credit cards, and even crypto will help consumers make a decision when they want to buy.

Summary

Lower cart abandonment is an attractive result of offering flexible checkout options for an online or even offline business. Of course, spending is encouraged when there are multiple ways for a shopper to pay, especially when it covers various demographics. The feeling of inclusion by making sure customers can pay easily in the manner they prefer has many other benefits. This includes a much higher sales potential because customers are less likely to feel alienated.