The checkout process can make or break a customer’s experience; therefore, it is critical that you offer the best and most popular payment options.
Unfortunately, many online retailers lack alternative payment options. Due to the expanding number of buyers looking for different payment choices when online shopping, it’s important to address this issue.It is critical to offer the best and most popular payment options. Click To Tweet
A large percentage of shoppers will cancel or abandon a purchase if their preferred payment method is not available. How many times have you shopped for hours looking for the perfect item. Then you discover the payment option you need to make the purchase is not available? As a shopper, this is a huge frustration. Due to the current abundance of choices on the retail market, customer benefits are essential for increasing clientele. It will also help set your business apart from the rest. As shoppers discover the many new means of purchase, stores should provide the option to utilize them.
Advantages of Multiple Payment Options:
It’s important to provide multiple options to current, consistent clients to retain their loyalty. Variety is also attractive to new customers. This is especially important if your target market includes the millennial demographic. If you only offer outdated payment methods, young customers are going to assume that your brand is outdated as well. Offering alternative payment methods helps when catering to a millennial clientele that is accustomed to digital wallets, Apple Pay, and P2P payments.
As an e-commerce business owner, having several payment alternatives leads to an increased conversion rate. Statistics show that offering more payment options, increases the probability of the client completing the purchase and becoming a return customer. In effect, offering multiple payment methods also translates into more transactions and an increase to the bottom line.
Diversifying the checkout process will also create a more independent business model. When you have to rely on a single payment method, you are at the mercy of the banks or a single company. Offering more payment options can stop you from relying on just one or two sources. The independence created by the action will be a big step forward for you as a business owner.
In addition, offering several payment options will make your online store more professional and reliable. The goal is for shoppers to feel as if they are working with a safe and secure merchant. Clients will feel more secure when buying at an online store if it appears legitimate.
To help grow your business worldwide, certain payment gateways are only offered to specific countries and currencies. Having these different options will appeal to a global audience and allow you to deal with multiple currencies.
Types of Payment Gateways:
There two types of payment gateways: integrated and hosted gateways.
For integrated gateways, clients will perform the checkout on your website, which is important for some businesses. Although this is the smoothest checkout experience for customers, it is also less secure. This means that you will have to take extra security precautions. The other alternative, hosted gateways, is to redirect customers to a hosted page where security requirements are handled externally. It’s not as smooth of a choice but you won’t have to handle the security requirements. For small businesses, without the resources to make manage security, this may be the best option.
The best news is that Yondo just released the new functionality that will allow store owners to enable both credit card payment and PayPal. Now their customers can decide how they want to pay. See Yondo for additional details.