Benefits of having Multiple Payment Options on the Checkout Page

Benefits of Having Multiple Payment Options on the Checkout Page

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 the 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 abandoning 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.

Why should you offer Multiple Payment Options?

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

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 the normal consumer behavior.

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 preference set for the payment method they want to use, 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.

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 their details again when they come to shop on your store next time, you should provide them with the option to save their card details so that they do not waste their time in 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 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 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 their 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.

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.

One Page Checkout is available for PrestaShop, OpenCart, Magento and Magento 2.

You May Also Like:

One Page Checkout vs Multi-Page Checkout

11 Checkout Page Optimization Practices to Increase Conversions

12 Ways to Reduce Shopping Cart Abandonment

Manish Barthwal

Manish Barthwal

Following his passion for writing, Manish has been providing value to his readers through his write-ups. He predominantly writes for the e-commerce industry. Apart from writing, Manish's love for cricket is unmatchable. He is an ardent cricket fan.

Leave a Reply

Your email address will not be published. Required fields are marked *