Many of today’s shoppers, especially those of younger generations, are doing most of their shopping online. Businesses should offer multiple payment options at checkout to accommodate a growing audience and create a seamless customer experience – a move that can boost a company’s bottom line.
Discover how e-commerce payment options can help you make more sales, as well as some common payment options to consider.
Providing more payment options for consumers offers your business the following benefits:
Not all payment methods are created equally, so you should tailor your options to both your business needs and your customer base. Consider the following factors when selecting payment methods:
Consumers view debit and credit card payment options as a necessity in the online shopping space due to their ubiquity and convenience. Cards like Visa and Mastercard are the most popular, but it is also worth considering American Express and Discover.
Third-party digital wallets, such as Google Pay and Apple Pay, continue to gain traction. Digital wallets provide an extra step of security, since users don’t need to directly share their financial information on the internet.
Bank transfers and direct debits allow customers to send their funds directly from their account to your business’s bank account. A common EFT solution is the Intuit Payment Network, which can be set up as an e-commerce button on your website. Since this type of payment is most popular in Europe and Asia, this option can be particularly beneficial for businesses with an international customer base.
This payment option allows you to branch out to different platforms, including social media. Customers can shop and pay by simply scanning the code or clicking the link, without having to directly visit or navigate your website.
If you do business in person, your credit card machine will need to be compatible with your credit card processor, which also needs to be compatible with your e-commerce platform. You can get your credit card machine directly from your credit card processor to simplify the process.
Alexandra Tachalova contributed to this article.