40 per cent of shoppers are ditching online retailers with poor payments processes, according to research from account-to-account payments platform Vyne.

The study, which explores the online payment preferences of over 2,000 British consumers, found that only 40 per cent of respondents feel that retailers always meet their payment expectations.

Regular online shoppers are abandoning their baskets at least once a month, citing hidden charges and frustration at inputting lengthy card details as the chief reasons for doing so.

The research also exposed dissatisfaction with the refunds experience. Over two in five – 43 per cent - respondents who have requested a refund for an online purchase have had to chase for a refund, leaving them feeling frustrated and angry at the retailer.

Karl MacGregor, chief executive and co-founder of Vyne, said: “Online shopping has reached unprecedented levels of popularity, but the payment options at checkout have remained stagnant and stacked against the consumer. Our research has indicated that a poor payments experience could limit growth for many online retailers, with consumers being unafraid to abandon their baskets and shop elsewhere if their expectations for clear, simple payments are not met. Despite the FinTech industry transforming payments processes in recent years, retailers are not keeping pace by adopting these next-generation technologies.”

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