More payment options mean more sales.
New technology payment solutions like Roqqett have given e-commerce firms a far more comprehensive range of payment choices to offer their consumers than only credit cards and debit cards.
In this blog we will cover:
In today's global economy, there are no borders when it comes to business. Customers and money can come from anywhere, which opens up new opportunities for both big businesses and small businesses that are just getting started. Even though there is a lot of new technology going on, some online merchants are still setting limits for some customers, often without even realising it. This is even though AI and real-time payments are changing the way people pay for things.
Businesses that rely solely on online sales must now integrate these various payment methods since restricted payment alternatives are a common reason for online buyers to abandon their carts before purchasing. Most of the time, online payment problems can be solved by giving online merchants and B2Bs a wide range of credit card payment options and other payment methods (any form of payment that isn't a credit card) to choose from. This speeds up the purchase process, especially on mobile, and reduces shopping cart abandonment rates. Those who want to grow their e-commerce business and get more customers should keep this in mind.
As a result, businesses that don't provide as many payment options as possible risk losing out on customers. And while this may be the most compelling argument in favour of offering a variety of payment methods, there is a slew of other exciting ideas for doing so.
Customers should have the option to choose the best payment gateway for their eCommerce transactions for five key reasons. A variety of payment options is offered at the point of sale for the following reasons:
The primary rationale for providing different payment alternatives is to increase your conversion rate. If you have a customer who wants to conduct business with you after visiting your site and adding a product to their cart, the last thing you want to do is turn them away by just offering a restricted number of payment methods.
This point is, of course, inextricably tied to the following item on this list.
If your company is seeing a high number of abandoned carts, a limited number of online payment methods may be to fault.
Other reasons carts are abandoned include shipping fees that raise the cost to the customer above what they are prepared to pay or window shoppers who add products to a cart to remember them or see what the shipping and payment choices are without any real intention of following through. However, a lack of various payment methods contributes, particularly for the following point on this list.
Distinct customers have different preferences when it comes to their preferred or most exemplary payment gateway. Some may continue to pay with their debit card, while others will only buy products online with a digital wallet such as PayPal.
You can't always divide populations based on preferred payment methods, while younger buyers are more likely to utilise digital wallets. It's primarily a matter of habit, with many younger people still preferring credit or debit cards and many older individuals fully embracing the digital revolution. It is far preferable for every organisation to maximise their chances of conversion by catering to all of their customers' diverse tastes.
Providing a variety of payment options also simplifies the checkout process for your consumers, as the appropriate payment gateway for their specific needs will be ready for them. They can choose to purchase using a digital wallet or enter their credit or debit card information as they see fit.
A simple purchase improves the consumer experience, encouraging them to return and buy again.
The last key advantage of providing a variety of online payment methods is the legitimacy it adds to your company's brand. When a customer sees various payment alternatives on the checkout screen, your website appears professional, trustworthy, and secure.
Another thing that makes customers happy and loyal is meeting or exceeding their needs. Allowing them to pay in their preferred manner shows you know what those needs are.
You can offer your consumers more payment options in addition to credit cards, debit cards, and the ubiquitous digital wallet PayPal. Google Pay aspires to be PayPal's main rival and is well on its way, whereas Amazon Pay has the advantage of being immediately available to everyone who already has an Amazon account.
If you want to learn more about the best payment gateway for your business or about any other element of your business's finances, contact us.
Learn how the Roqqett plugin is simple to install, an Ecommerce store can easily add Roqqett to supplement their more traditional and pricey payment options (yep, credit cards).
Boost revenue and get instant settlements before shipping any orders with Roqqett Pay.
Boost loyalty and sales with a complete express checkout journey for your customers.
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