Payment methods are a crucial part of any online store. If you want to gain more sales, then you must make it easy and convenient for both your business and your buyers. Providing easy and accessible secure payment methods can make or break your relationship with a client. If customers feel that the process is too difficult, then they will simply stop buying from your store.
That is why you have to be careful which payment methods to choose and offer when you own an e-commerce business. In this article, we will suggest some payment methods to help you choose the best ones for you and your customers.
What is an e-commerce payment and what are the benefits?
An e-commerce payment is a model of non-cash transaction that has been used in the buying processes of e-commerce. This payment method is a way to process transactions and carry out all payment activities such as making the payment itself, transferring, depositing, and withdrawing money on the internet. This method usually happens through an e-commerce gateway (an intermediary that carries out online cash flow transactions with links to banks).
Easy checkout
If you do not offer an easy payment method, it is very typical for customers to abandon their carts due to the process being complex and time-consuming. The payment process cannot take too much time, or your business will suffer.
Security
Payment methods must follow the rules and standards of data security, as PCI-DSS compliance. E-commerce payment solutions should be safe and secure for customers to use. Merchandisers should choose trustworthy and common payment service providers to offer to their customers.
Manage your income
This is especially true if you own a multi-channel store. Payment solutions will assist sellers in managing both online and offline stores as custom solutions can be offered easily.
The best payment methods of an online business
Before choosing the best e-commerce payment method for your online business, you need to define your customers and how they are most likely to pay for your items. A variety of audiences will have different preferences for technologies so you will need to focus on the most popular and trustworthy payment methods.
Card payment
The most popular payment method is card payment. Merchants can reach the international market with a debit or credit card by integrating a payment gateway into their store and requiring their customers to transfer money using mobile banking.
Credit cards are mostly used for online purchases. The most international credit cards are American Express, MasterCard, and Visa. The other most popular payment method, following a credit card, is the debit card. Debit cards are actually purchased by buyers at the end of the billing period, not after finishing checkout. This is why shoppers tend to spend more than they pay when using this payment method.
E-wallet
An E-wallet is an electronic card that is used to conduct transactions online through computers and mobile devices. Similar to card payment, your customers’ bank accounts will be linked with the e-wallet to help them carry out their purchasing transactions. One of the most popular e-wallet payment methods is PayPal. According to recent research, PayPal accounts for 22% of online transactions in the US. It is used in a variety of industries including retail, travel, and even at PayPal online casinos.
With an e-wallet, customers can receive, transfer money, pay their bills, and use services that can integrate with their e-wallet such as pay for mobile cards.
Payment gateway
An e-commerce payment gateway is a service that allows customers to transact at e-commerce sites. It acts as a middleman between your customers and your merchants, ensuring that a transaction is carried out safely and efficiently. The payment gateway works in a way that it takes the payment information from the customer and sends it to the acquirer, who will then send the payment acceptance or rejection back to the customer. It acts as a security for the cardholder’s information, and it guarantees that the money is accessible and allows businesses to be paid.
Mobile banking
Mobile banking is one the best e-commerce payment methods out there for any online store. People use their phones more than any other device to make purchases online. It is easier for customers to pay with their mobile apps when shopping rather than using their physical cards.
Customers can also track spending, their bills, send money domestically, and use this service abroad – all without using ATMs or banks.
There are plenty of payment methods that you can integrate with your e-commerce business. You will have to choose the best payment methods that are in line with your business and that will please your set of customers.
