Opening an E-commerce Store? Consider Multiple Payment Options to Keep
Opening an e-commerce store? That’s great! However, to keep your customers returning, you should consider offering multiple payment options on your website or e-store.
To some extent, the convenience of these additional payment options will improve the customer experience and make your e-commerce business more lucrative than ever before.
Even though sometimes it’s challenging to provide almost all the payment options for your customer, taking this challenge can boost your business in every possible way and keep you ahead of your competitors.
This concise discussion will let you know the payment options you can keep available for your customers to boost your business growth!
Which Payment Methods Should You Add First?
If you’re planning on opening an e-commerce store, you’ll need to decide which payment methods to accept. You may be tempted to add the most popular options, but that might not be the best idea.
Instead, consider which methods will be most convenient for your customers. After all, the simpler the payment process, the more likely customers will complete a purchase.
Fintech companies can make your task simpler in this case. In most cases, most fintech companies maintain security standards and offer various types of payment solutions. For instance, www.finxp.com is one of the world’s most renowned fintech service providers that process hundreds of millions of euros each year for different clients.
If you are not that knowledgeable about payment methods, consulting such providers will be a good practice.
Why is it Necessary to Have Multiple Payment Methods?
Convenience is the first priority for your customer when it comes to online shopping. If customers can’t easily and quickly pay for your products, they’re likely to abandon their carts and take their business elsewhere.
By offering multiple payment options, you can make the checkout process as simple and streamlined as possible which can secure your startup. That will encourage more customers to complete their purchases.
There are some more advantages to offering multiple options to pay-
- Reliability Enhancement: As you offer multiple options to pay to your customers, they feel comfortable choosing their favorite payment gateway. It relaxes your customers while shopping.
- Security: When you offer renowned payment options with a good reputation for maintaining security standards, people feel comfortable while shopping.
- Customer Loyalty: Offering multiple payment options not only enhances the shopping convenience but also helps to increase the number of returning customers.
Some Popular Payment Options That You Can Choose
Customers should be able to find a payment option that works best for them. You have to do your research to see which one makes the most sense for your business.
Offering multiple payment options can keep you from making financial mistakes and make your e-commerce store more convenient and user-friendly, leading to more customers and sales.
Here is a list of some payment options that you can choose for your upcoming e-commerce business.
1. Credit Cards
You should accept credit cards as a form of payment on your e-commerce site for the convenience of your customers. Credit cards are the most popular form of payment online, so you could be losing out on potential sales by not accepting them.
Plus, accepting credit cards can increase your average order value and boost your bottom line. There are a few things to remember when accepting credit cards as a form of payment, such as fees and chargebacks.
But overall, the benefits of accepting credit cards outweigh the drawbacks.
2. Debit Cards
Debit cards are another popular choice for online shoppers, as they provide a simple way to make purchases without entering sensitive credit card information.
Additionally, most retailers widely accept debit cards, so your customers can use their cards at many different businesses.
If you are considering adding debit cards as a payment option for your e-commerce store, you should keep a few things in mind.
- You must partner with a payment processor that supports debit card transactions.
- You will need to obtain the necessary equipment (for example, point-of-sale terminal) to accept debit card payments.
3. Prepaid Cards
Many people these days are using prepaid cards for their everyday purchases. You may have seen them around – they look like credit or debit cards, but they’re actually quite different.
Pre-paid cards work by buying a card from a retailer with the desired amount of money on it and then spending it as you want. They’re a convenient way to shop because there’s no waiting for your paycheck before buying something.
So, keeping this payment option on your e-commerce store can be another tool to increase your customer and sales.
4. Mobile Wallets
In addition to the major credit cards, you should also consider mobile wallets as a payment option for your e-commerce store. Mobile wallets are payment gateways that allow customers to pay with their mobile numbers.
Nowadays, many banks offer mobile wallet services where you can transfer money from one end to another using your mobile number. You just need to open your mobile wallet against your phone number by consulting your preferred bank.
As the number of mobile wallet service users is growing exponentially, it will be another great move to offer them the option to pay using mobile wallets. It will help attract customers significantly as they will experience the highest convenience.
5. Cash on Delivery
Some people still prefer to take the Cash on Delivery (COD) service, especially for small purchases.
On the other hand, COD is convenient for customers who may not have access to credit or debit cards. It seems challenging for you to offer this payment option at first as there are chances of having bad experiences. But for customer acquisition, it helps a lot!
We know there are plenty of options we can mention as convenient payment options for your customers. But we tried to mention the most suitable options.
On the other hand, depending on the region where you will open your e-commerce business, you might have to consider picking different payment options. So keep your eye on that instead of sticking with the mentioned options.
Hopefully, this concise discussion might help make your journey easier. Good luck!