One of the reasons for shopping cart abandonment is the unavailability of multiple payment options on the checkout page.
Until a few years ago, a majority of eCommerce businesses were limited to having Credit Cards and Debit Cards as their payment options. But ever since the introduction of digital wallets, things have changed quite a lot. PayPal is one of the popular e-wallets that brands have adopted and now it is being followed by Google Pay as well.
Now, brands are trying to integrate as many popular payment options as they can on their website so that such a situation does not arise where online shoppers feel that they are left with no option except to abandon the purchase at the last minute.
Today, if you are not providing multiple payment options to your customers, you may lose out on huge conversions and you simply would not want to see the visitors leave when they are on the final step of their checkout.
Recommended Read: 12 Ways to Reduce Shopping Cart Abandonment
Why should you offer Multiple Payment Options?
How would you feel if you are on the verge of making the product payment but do not find your desired payment option? A bit disappointed, right? The disappointment can be extreme if you are committed to buying that product.
Conversely, you would be happy if you find the payment method that you were looking for or find the only source of payment that you can use to pay among the listed payment modes. This is normal consumer behaviour.
To be very specific, offering multiple payment options has the following pros-
1. Increase in the Conversion Rate
2. Lesser Abandoned Carts
3. Customer Satisfaction
4. Brand Credibility
5. Hassle-free Checkout
If you do not offer them enough payment options, not only it would lead to cart abandonment but you will lose those potential customers to your competitors. So one of the effective ways to reduce cart abandonment and increase your conversions is by adding more payment options.
What you as a business need to understand is that people have their preferences set for the payment method they want to use, and those they are most comfortable with. And different people have different preferences. So the onus is on you to meet your customers’ choice. Moreover, people find it tiring to enter their card details every time they shop and are also a bit concerned too when sharing their card details online. If you are hell-bent on using limited payment options, you are indirectly making those prospects change their purchase mind.
Recommended Read: One Page Checkout vs Multi-Page Checkout
Types of Payment Options that you should provide to your Customers
1. Credit Cards / Debit Cards (Basic)
The most common form of online payment that you would witness on every eCommerce website is Credit and Debit Cards. It requires users to share their details like Card number, Card validity, and CVV. And then a One-Time Verification Password (OTP) is sent to the user on his/her mobile number, upon confirmation of which the payment is made.
To avoid customers from filling in their details again when they come to shop in your store next time, you should provide them with the option to save their card details so that they do not waste their time putting the same set of details again.
2. PayPal
PayPal is amongst the most widely used payment methods. Today, it has over 305 million users worldwide. It will be okay not to have PayPal if your business region does not have a lot of PayPal users. But if it is set up globally, there should not be even a question as to why you should not include PayPal in your payment modes.
Let customers check out with PayPal and see a significant change in your conversion rate.
3. Google Pay
Launched in August 2018, Google Pay has already gained millions of users within a short span of time. And today, it competes for head to head with the other online payment modes. The Brand name itself is enough to gain the trust of the users and besides, it offers a seamless way to check out.
Adding to that, Google Pay rewards merchants as well as customers with some exciting cashback on transactions, making it one of the major reasons for its high use. Hence, you should definitely consider integrating Google Pay on your website.
4. Amazon Pay
Amazon is amongst the leading eCommerce brands globally and they have its own payment portal called Amazon Pay. Having Amazon Pay as a payment option on your payment page makes it easy for Amazon users to check out. Most of your customers would already be Amazon customers. This is another payment method that you should give a thought to unless you are trying to compete with Amazon.
5. Stripe
Stripe also makes it to our list of online payment options that you should offer to your customers. This online payment processing platform provides a convenient way to accept online payments. Over 100 thousand businesses are registered with Stripe.
Some of the other payment platforms that you can include are-
- American Express
- 2Checkout
- Braintree
- QuickPay
- First Data
Choose the payment options depending upon your business and the business region. What people prefer more in your targeted region should be your priority.
Knowband offers amazing One Page Checkout plugins for online store owners. One Page SuperCheckout addon is available for PrestaShop, OpenCart and Magento 2 platforms.
One Page Checkout module focuses on streamlining your customer’s checkout process with checkout page optimization. A retailer can eliminate pointless fields from his checkout page and show all of the content of the checkout process on a single page. On the checkout registration form, the admin can add Custom Profiles such as Business, Individual, Client, etc. One Page Checkout extension reduces Customers’ additional work. It enables them to finish the checkout process on one page, which lowers the rate of abandoned carts.
Recommended Read: 11 Checkout Page Optimization Practices to Increase Conversions
Final thoughts
Offering multiple payment options can scale up your conversion by a significant margin and improve customer satisfaction. The more options you provide, the more comfortable users will feel during checkout.
For a quick and user-friendly checkout that supports multiple payment options, try out our One Page Checkout module. It supports multiple payment methods such as PayPal, Stripe, Sage Pay, First Data, Mobilpay, 2Checkout, PayU, Braintree, Ogone, Pago Facil, QuickPay, Paysera, etc.
