Several services are integrated into an ecommerce site. These provide the customers with many benefits, which they desire to avail from online shopping. Every service describes how a brand caters to customers, from a 360-degree product view to the best payment methods.
Let’s talk about the best payment methods. We know how ecommerce sales are increasing day by day. The variety of payment options is one of the reasons that drive sales, making it convenient for the buyers to go ahead with the payment.
At the same time, some brands do not provide such a facility to buyers. It leaves them with regret for wasting time on exploring an ecommerce site. Perhaps, it is one of the reasons that impact customer experience greatly.
You should not let your customers face barriers in shopping from your site. It is time to think of the best payment methods that can get more engagement and boost sales.
If you aren’t aware of these options, this post is for you. Let’s check which payment methods can be integrated into your ecommerce site.
Which Payment Method is Best for your Ecommerce Site?
Following is the list of preferred choices your industry pays attention to. Many businesses provide their customers with personalized facilities so that they don’t have to face hassles in buying online.
You can also go for any of these methods. Read it here and know which one you should choose for your ecommerce site.
1. Debit or Credit Card
Debit or credit card is a globally used payment method on the ecommerce site, which may not be obsolete for more years. Even the trends show that users mainly prefer to pay via debit or credit card because no payment option is as hassle-free as this is.
Whether a small business or an international luxury brand, a debit or credit card remains a vital medium to pay online, you should never compromise on enabling this option on your site because this brings more customers to the brand than any other payment method.
You only have to request a virtual POS from the desired bank. Just follow the instructions and get started to integrate the payment facility in your virtual store.
2. PayPal
Here comes another globally used payment medium that is again convenient and secure. PayPal provides payment facilities to most countries around the world. However, few countries are still not blessed to have this option enabled in their region.
Besides, PayPal is an amazing option to make your customers’ experience great. It is considered a digital wallet associated with a customer’s account. Whenever a customer pays through PayPal, it must pay through the account associated with the bank account. Moreover, the customer has to enter details whenever they make a purchase.
3. Digital Wallets
When you read the term “digital,” what first comes to mind? An innovative technology, virtual mechanism, or a machine? Well, you are slightly closer to the right response. However, digital contains a whole technical mechanism, which comes up with a service depending on the situation.
A digital wallet is similar to what you get from the above statement. Just like you own a wallet with cash and other important cards, a digital wallet works the same. The only difference is that you cannot feel it but can consume all the facilities virtually.
Several ecommerce sites enable digital wallets so prospective customers can pay through different channels. This is an electronic wallet, so you don’t have to wait for a machine to ask for the payment.
Instead, you can pay any business through smartphones or desktops. It also includes cards and your bank details to feel the same. Some of the best digital wallets we can vouch for are Samsung Pay, Alipay, Google Pay, and Apple Pay.
4. Stripe
Again, you can look at more options that may work well in getting interest from your prospects. Stripe is also a payment facility you should consider integrating into your ecommerce site. It is similar to PayPal but is not popular worldwide.
You get many benefits from using Stripe as one of the payment methods on your ecommerce site. It is the most versatile method, which can be customized and compatible with other e-wallets and bank cards in the market.
However, PayPal remains the first priority of every business. We cannot simply compare the two methods because there is a huge difference in the services, making PayPal an effective method compared with Stripe.
5. Cash on Delivery
Who doesn’t love to pay the amount when a parcel arrives at the doorstep? One of the most convenient and secure payment options is cash on delivery. We can see how a few businesses consider this technique vital in winning customers’ hearts.
Cash on delivery is not a new option in the industry. However, some businesses don’t prefer to facilitate their customers with this service because mostly, the customers back out on receiving the item, and the company has to bear shipping and packaging charges.
While there are many advantages of integrating cash on delivery, there are many disadvantages too. Perhaps, there is nothing a better way to collect money from the customer than this when banks don’t support businesses and charge a lot to meet their needs.
6. American Express
Again, American Express doesn’t provide the facility to every country around the globe. However, it is always recommended to integrate the method where the company mainly operates. This is because nothing can give as high satisfaction rates as American Express.
Currently, American Express provides its services in more than 170 countries worldwide. Although they charge a higher commission for ecommerce businesses, they can even personalize the service if you are willing to expand the market.
So, if you are considering a high-value option for your ecommerce site, consider American Express.
7. Installments
Often, customers wish to buy a high-value product but have to give up due to a lack of money. The situation becomes awkward for the customer, but such businesses lose customers with high hopes for that product.
There is one more option to fix this situation. Your business sales won’t go anywhere if you simply cater to customer needs. Installment is one of the best solutions to adjust to every customer’s demand. You can simply give them the offer, and they will buy a product from you in the installment.
You can also look for industry leaders who support this option and let the customers avail of the best services. Look at these businesses to get an idea of how it works.
There is no risk of getting the amount paid by the customer. Once the product is sold and the first installment is paid, the customer can manage the dues at the said time.
8. Bank Transfer
Still, some payment options are not secure and viable. Customers are often hesitant to make online purchases by getting through such gateways. Hence, the better option is always where the customer sends the amount and has the original receipt.
Bank transfer is among the methods that achieve more customer satisfaction than anything else. It holds a simple process. When a customer orders a product from an ecommerce store, the seller provides him with the bank transfer details. Once the payment is made and the seller confirms receiving the payment, the product is processed.
In this process, the customer provides a bank receipt to confirm the payment has been released. This gets quite challenging when a customer transfers the amount and notifies about the debit, but the seller doesn’t receive it. Such problems affect customer experience, which often comes from poor bank services.
Final Thoughts
E-commerce industry is expanding, and we can see how digital transformations make it more effective than traditional businesses. Payment has always been a headache for entrepreneurs. Even customers mainly switch their interests because they don’t find a reliable and secure method to pay for the products. A reliable payment method makes a huge difference. If you want to gain your audience’s trust, you have to integrate a secure payment method. But you have to ensure that the method you choose boosts your business.
Don’t panic if you are new to this world. This post sheds light on some of the most commonly used payment methods that make the ecommerce experience interesting and compelling. You can search more about each of these methods so that your business can witness increased sales. Indeed, you can add more than one method to satisfy customers’ needs.
