Though credit cards are great, they should not be your only online payment options an e-commerce store offers.
According to Fred Neff (President, Internet Merchants Association), online payment options can make a huge impact on the number of your online sales. Therefore, it’s vital for e-commerce business owners to break out of the ‘traditional credit card payment’ mold and provide buyers with more options of online payment.
Customers are always looking for more when it comes to making payments… global shoppers, especially. Even today, there are many countries and situations where customers don’t feel comfortable with the use of credit cards online. South Africa is a good example of such an emerging markets. Online shoppers in this region are especially hesitant to reveal their credit card information while buying or purchasing products online. They expect to have more payment options so that they can complete their purchase.
The more payment options you offer on your e-commerce website, the more likely your customers, especially global shoppers, will be to complete the purchasing process.
Regardless of where you are in the world, you’ll find potential buyers who are reluctant to put their credit card information into just any online store. And with good reason… you cannot trust that every eMerchant has built their online store with eCommerce solutions software that provides PCI-compliance.
It’s no wonder a market of alternative payment options has emerged around the world. In the USA, PayPal, Payment by Amazon and a few other powerhouses are the standard. People from different countries, however, prefer using different options of online payment. Many countries would have their own most preferred options. Going back to the growing African market, for example, most of the online buyers prefer making their payments through their mobile devices using a service called M-Pesa. There are many different favorites around the globe, however. You’ll need to put a little research into your possible markets to make sure all your bases are covered.
The number of online buyers is continuously on the rise and experts are projecting eCommerce and mCommerce to become the new norm. By offering a wide variety of online payment options, you are actually helping customers in their buying process. If you check out, you’ll find a number of payment service providers or payment processors, which you can choose according to your website requirements. You can also hire professional services so that your chosen payment systems can be easily integrated with your shopping cart software. If you have an old website, you may need some upgrade before you are ready to embrace modern payment processing tools.
Since e-commerce has a wide presence today, you’ll always find a number of payment processors to use.
Some of the most preferred payment options include –
- PayPal’s Bill Me Later
- Amazon Checkout
- Google Checkout
- Secure Trading
Of course, there are many more. Depending on the technical capabilities of your shopping cart software, you can choose those tools that suit you best. In any case, you should always remember to provide your customers with several payment options so they can easily convert and complete the purchase. All you need to do is focus on providing your e-commerce website visitors (or customers) with a seamless transaction experience.
Online retail sales are projected to increase by leaps and bounds. When the customer base is ready to buy, your business should also be geared up really well towards providing payment systems that customers want to use. In doing so, you can rest assure you are doing the best to increase your online store’s sales.
Which Payment Options are you interested in? We’d love to hear your thoughts in the comments below.