The Types of Payment Your E-commerce Store Should Accept
Customers love having options. With so many ways to make payments online nowadays, customers want to be given choices. People get paid in different ways, store money in different places, and have different methods of keeping track of their money. Offering a range of different, easy to use payment methods could boost your sales and your customer return levels.
Despite the growth of other methods, credit or debit cards are still the most popular ways to pay, both online and in store, which makes this method an absolute must-have. E-commerce stores are often considered high risk for fraud by banks, but High Risk Pay could help you make sure your business is set up to accept card payments.
PayPal is so easy to use, and has a great app for mobile shoppers. You’ll definitely want to accept it in your store. PayPal used to just be a great way to pay for things from eBay, but now people use it for a range of different things. With more people working online, and getting paid by PayPal, it’s becoming easier to just leave money there to pay for things instead of using a traditional bank account.
Google wallet is a lot like PayPal. With Android pay emerging, more people are using Google wallet instead. Some also believe it to be safer than PayPal. An advantage to you as a business owner is that if you offer Google Wallet, a Google logo will be displayed next to your site in search engine results. This will increase trust for your company, thus increasing visitors from search engines.
Like Android Pay, Apple Pay is offering people a fast alternative to traditional payment methods. Apple users with Apple Pay can purchase items with a touch of their finger tip. If your site runs Shopify, Apple Pay will be available to you.
This is a great alternative, and one many shops are now offering. If you allow Amazon Payments, customers will be able to make payments on your store using their existing amazon account information. Again, Amazon is an established and well trusted brand. Customers will have no hesitation buying from you if you offer Amazon Payments.
If you’re selling expensive items, offering payment plans would be a great thing to consider. It’ll attract a lot of customers who wouldn’t normally think of buying your items. It will also get people buying more than one thing, so your average transaction quantity is likely to rise. If you do chose to offer this option, make sure legally binding contracts are drawn up, to protect both merchant and customer.
With more ways to pay than ever, the best thing you can do is offer customers a range of options. A great way to decide which methods you should offer is to look at both your target market, and your current shoppers and site visitors. This may allow you to pinpoint which payment methods they are more likely to be using, so you can give your customers what they want.