Organisations, according to finance professionals, prefer to get paid via iDEAL (33%). Among their customers, iDEAL is also the favourite payment method (36%). This is according to the FinTech Barometer, the annual survey by credit management software specialist Onguard, for which 304 CFOs, finance managers and finance professionals were surveyed.
Interestingly, the entire top three payment methods are the same among customers and organisations. Indeed, in second place is direct debit for both a quarter of customers (26%) and a quarter of organisations (26%). The straggler is manual transfer of the amount due. This is favoured by 20% of customers and 14% of organisations.
New is not always better
The payments market is constantly evolving, with new payment methods emerging. Tikkie and crypto-currency are the latest to be added to the payment menu. However, these two methods are still gaining little ground business-wise. Only five percent of organisations list Apple Pay or Tikkie as their preferred method of getting paid. The same percentage say this about cryptocurrencies. Post-payment is not yet very popular either. Here, only six per cent of organisations prefer it.
Crypto hype remains off
The fact that crypto has not (yet) broken through as a payment method may be explained by the fact that there are still many concerns about it. For instance, the unstable currency value is a major concern for a quarter of finance professionals (26%). Another quarter (26%) say there are too many cowboys operating in the crypto market. For 21 percent, insufficient supervision by authorities such as the Financial Markets Authority and the ECB is a thorny issue.
Adriaan Kom, Managing Director at Onguard: “Every so often, a new payment method pops up. Although it is desirable for customers to be able to choose from several payment methods, it is important to assess whether a new payment method is really an improvement. For example, do a pilot to see how often customers actually choose that option. After all, it would be a shame to add a new method that is subsequently not used by customers. Be critical not only with new methods, but also with methods customers are already using. Check whether they are still used frequently or whether a certain payment method has been depreciated. This way, you make sure you only keep the most relevant methods. After all, we ourselves prefer not to stand at the till with a chequebook anymore.”
About the research
Every year, Onguard surveys how financial professionals view current trends and developments, such as financial technologies, digital transformation, AI and new payment methods. This survey, entitled the FinTech Barometer, was conducted for the seventh time this year. 304 finance professionals participated in the survey. Of these, 212 work in finance management and 92 work as finance professionals.
Fintech baropapers in 2024
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