A payment method is undoubtedly one of the most important aspects that all successful e-commerce sites must have. Your online store can’t provide customers with value and you can’t make money without a simple and efficient means to get paid. Websites’ payment information is possible with online payment gateways, which are eCommerce services.
By providing customers with a selection of payment options that they wish to use, eCommerce businesses may prevent cart abandonments. The majority of internet payments made in the past were through money orders, checks, or bank deposits. But we now have a variety of payment methods that consumers can use.
As mentioned, the majority of contemporary e-commerce payment methods are depending on credit and debit cards. Customers often use credit cards to load money into digital wallets and other payment methods. They might also use the money they already have to have their bank allow debit card payments.
The widespread preference of B2B clients for tried-and-true payment methods justifies this method’s consideration in another way. American Express, Visa, and MasterCard are just a few of the long-established card issuers and payment processors. Because of this, small businesses and other B2B purchasers trust them, which supports e-commerce merchants’ inclusion of them.
One of the most well-known and popular methods of internet payment is PayPal. Over 254 million people use the website. If you allowed PayPal checkout, then it will ease the customers to make a buy on your website. The company claims that over 17 million businesses presently use its services. Clients who choose PayPal as their payment method at the checkout convert at an 82% greater rate than those who use alternative methods.
That’s a fairly good justification for using PayPal. Fortunately, it’s rather easy to integrate a PayPal button into your checkout process. For each PayPal-facilitated purchase, be ready to pay 30 cents plus 2.9%.
Electronic wallets, often known as E-wallets or digital wallets, make it easier and quicker for customers to make purchases online. The entire shopping process simply takes one or two clicks to complete, so it completes in a matter of seconds. Both the customer’s information and the money is present in e-wallets. If consumers choose to pay online with their e-wallets after connecting their bank accounts to them, they are directed to the e-wallet website. After this providing their password will be sufficient for purchasing goods. E-wallets are increasingly popular with people since they eliminate the need to enter your login details and credit/debit card information each time you purchase online. E-wallets that are most widely used are Amazon Pay, Apple Pay, Google Pay, etc. Other popular payment systems include Samsung Pay and Ali Pay.
Despite only being founded in 2010, Stripe has grown to be a prominent online payment processor. The platform offers feature-rich payment services that permit payments from a variety of sources, including digital wallets, credit cards, internet transfers, etc. As a result, Stripe is useful for companies who like having a variety of payment options in one solution.
Electronic cheques, or e-cheques, are essentially the same as regular paper checks. They can be used online, and at any potential time and location-related issues are not present, speeding up the payment process. Customers that use them can approve the payment straight from their online bank accounts. E-cheques were the first form of online payment in North America and remain a popular choice. They are also frequently used in Europe. E-cheques are a better and more inexpensive payment option for higher sale quantities and are simple to use.
For almost a century, wire transfers have been a mainstay of the corporate sector, and they still have a significant place in B2-B transactions. When a firm needs to send an urgent transfer or make a sizable payment, a wire transfer is the best option.
However, keep in mind that these transactions can be pricey. International transfers involving multiple currencies may incur fees of up to $40, whereas single currency transfers are less expensive. Transfers made through this medium reflect in one to two business days. But international transfers can occasionally take up to seven days.
When making online purchases, Cash Cards are better. Cash is becoming a less acceptable payment option as more cutting-edge competitors emerge since it is a tangible object in a virtual environment. But it is still used, particularly in developing nations like Brazil, Mexico, and India. For cash-on-delivery purchases, online customers employ this technique. Cash payments might be dangerous since certain cash-on-delivery companies might send you invoices after you pay them. You can never be sure if the invoicing was done correctly. However, for individuals who don’t use any cards, purchasing with cash is a convenience.
Make sure your eCommerce store is accessible to everyone if you desire a large customer base. People don’t have the same tastes when making purchases online. It is your responsibility to understand what your target audience needs and wants in terms of payment alternatives. To provide them with those options you should include the payment methods mentioned above on your website.
If you face any problems then our Knowband team will assist you with your concerns. We can also help you with custom changes to your business. Also, you can reach out to us to learn more about the modules and for any concerns or issues related to them.
We provide the One Page Checkout module that is compatible with all payment and shipping methods and has a track record of higher conversion than standard multi-step checkout. This module is available for all major CMS platforms like Prestashop, Opencart, Magento and Magento 2. Know more about it here: