payments market research

Payments market research

Enabling you to innovate and change the way customers pay

Payments is one of the fastest changing global markets. Whether its Bitcoin, Apple Pay, Contactless, transfers, in App, social media purchases, MPOS or VANS. Davies Hickman has been boosting the success of well-known brands by researching and tracking payment trends for over 10 years.

We use a combination of industry data, market research and behavioural science analysis to understand how customers decide to pay. Then we work closely with our clients to shape the product and pricing offers they make to their B2B clients.

Our recent payments market research projects have included the following:

  • Exploring the appeal of different pricing models for card payments
  • Understanding how to drive contactless payments uptake with late majority consumers
  • Measuring the performance of payments sales teams
  • Quantifying the cost of outdated B2B payments processes
  • Analysing the favoured global payments choices of SMEs

The work we undertake in payments is for internal strategy and planning as well as external communication to build B2B marketing impact.

“Davies Hickman proposed a market research methodology for us in the UK which we have subsequently expanded to international reach in support of our business growth strategy.  Their knowledge and experience has provided us with consultancy support beyond what was expected from the original market research brief, in terms of market insights, content and their professional supportiveness to our growing business.”

Simon Beeching

Business Development Director, Syntec

See some payments market research stories below:

Assisting with the introduction of a new payment proposition to SMEs in the UK

Client: Global payments provider

Project process: Taking the clients existing proposition for a new payments system, tested qualitatively with 30 SMEs working around the UK

Outcomes: Customer insight, Proposition development – resulting in refinement to the proposition and pricing to drive future take-up

Assessing sales team performance for a payment processing provider

Client: Global payments provider

Project process: Using end-customer face-to-face interviews with high street retailers to understand the global payments sales effectiveness

Outcomes: B2B brand research and tracking – making recommendations for the improvement of sales team systems and training

Building a strategy to introduce new digital account to account payments

Client: UK digital payment company

Project process: Global research with senior executives to identify innovations, followed by quantitative research with UK consumers and SME

Outcomes: Proposition development – enabling the client to develop their strategy for the roll-out of account-to-account payments

Advancing an understanding of market pricing for card payments by SMEs in the UK

Client: Global payments provider

Project process: Qualitative research with small businesses all over the UK in a wide range of sectors

Outcomes: Customer insight and Proposition development – resulting in better decision making on a future pricing strategy

Developing and improving a switching process for financial services products

Client: Large UK payments provider

Project process: Including extensive desk research to develop drivers of change, 40 expert interviews, quantitative research with 2,000 UK consumers and 500 SMEs, testing attitudes and new proposition development

Outcomes: Customer insight and Proposition development – growing an existing switching offer and making recommendations for switching other financial products

Using MPoS systems in retail

Client: UK payment terminal provider

Project process: Using end-customer face-to-face interviews consumers and high street retailers to understand issues in retail; filmed interviews

Outcomes: Customer insight, Thought leadership and content marketing – including recommendations for the use of MPoS technology, a white paper, infographics and PR coverage

Using behavioural science to explore the development of consumer payments

Client: Global payments company

Project process: Accompanying customers on shopping journeys, together with product trials, to understand cognitive biases related to new payment technologies

Outcomes: B2B thought leadership and content marketing – generating extensive press coverage, creating presentations for industry events and internal strategic change

Testing the appeal of a new business to business payment mechanism

Client: Global payments company

Project process: Expert interviews and quantitative research with senior executives in finance, accounts and other management roles

Outcomes: B2B thought leadership and content marketing – resulting in a white paper, press coverage, presentations at industry events and with prospects