Increasing significance of payment options: Why choice and flexibility in private healthcare matter now more than ever

In private healthcare and wellbeing, we recognise that each visit is more than just a transaction. It can be a cherished moment of self-care, a well-deserved treat, or simply an appointment that needs to be attended swiftly and seamlessly so individuals can get back to work or leisure. However, one aspect that often gets overlooked in the pursuit of these treatments or appointments is the payment journey. No consumer wants the harmony of their chosen treatment or appointment disrupted by payment issues.    

Let's look into the significance of smooth payment processes. 

Flexible payment options are key to unlocking customer loyalty 

Recent survey findings indicate that consumer loyalty is undergoing a transformation.  

Loyalty is no longer as strong as it used to be, with a significant percentage of different age groups expressing a willingness to switch providers if they are offered more flexible payment options elsewhere. In fact, our recent research shows that 56% of Gen Z individuals are willing to switch healthcare or wellbeing providers if they can find more flexible payment options elsewhere.  

This demographic represents a growing segment of young adults who prioritize flexibility and choice in their healthcare and wellbeing experiences. This shift in consumer loyalty highlights the importance for businesses to adapt and offer more flexible payment options to retain customers. By understanding the changing preferences of different age groups, businesses can better cater to their needs and build stronger customer relationships.  

A nuanced landscape of payment preferences among young adults 

Our statistics also reveal a nuanced landscape of payment preferences among young adults. While 24% of Gen Z prefer online card payments and 14% opt for in-person transactions, there's a notable shift towards digital channels such as mobile apps (19%) and mobile wallets (17%). Additionally, the ability to spread payments via Direct Debit remains a popular choice at 15%, indicating a preference for automated, hassle-free transactions. These findings underscore the importance of offering a diverse array of payment channels to accommodate varying preferences of all ages of consumers.  

Adapting to the changing landscape of consumer loyalty 

Consumer loyalty is undergoing a transformation, as our recent survey findings reveal. Loyalty is no longer the stronghold it once was, with a considerable percentage of different age groups expressing a willingness to switch providers if offered more flexible payment options elsewhere. While consumers across all age groups are open to exploring alternative healthcare providers that offer more flexible payment options, the younger age brackets prioritize convenience and options to pay through their preferred channels. The availability of diverse payment options now plays a pivotal role in shaping consumer decisions. Understanding and adapting to this change is crucial. In a sector where customer experience is critical, embracing flexibility in payment plans, offering a range of payment methods, and ensuring seamless payment journeys can become key differentiators in attracting and retaining clients.