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No matter your business or service, you rely on customer payments or sustainability and growth. Offering multiple payment methods such as bank-to-bank transfers, credit cards, and digital currencies help customers feel they have more options. In short, the more solutions you offer a prospective customer, the more chance there is of a successful sale.

Recurring Business

It's a simple fact that the more payment solutions you offer to a customer, the more likely they are to complete a successful transaction. You can submit multiple options to your clients, such as ACH payments, credit and debit cards, and digital transactions. In addition, recurring payments like subscriptions types are a major driving force for repeat business. These are handled by direct payment systems between banks, while intermediaries facilitate other solutions.

Customer Expectations

Owing to the fact that there are so many ways to complete a transaction these days, customers all but expect to see multiple options. Cash and cards are the most common method of payment, yet technological advancement offers convenience. Many smartphone users install digital solutions like PayPal and Stripe and therefore expect to see options for transactions using these platforms. Additionally, users cite security as a significant reason for wanting to use these apps over card payments.

Avoid Shopping Cart Abandonment

A common issue with eCommerce is that of shopping cart abandonment. Abandonment occurs for many reasons, one of the most prolific being additional costs that are only conveyed at the final process. Other causes include, but are not limited to:

• No guest transactions/forced account creation

• Long checkout process

• Worried about security

• Limited shipping options

• Slow site speed

Additionally, a lack of payment options during the final transaction phase contributes to shopping cart neglect. If you address some of these issues, especially payment options, you can decrease the problem. The shopping cart abandonment rate currently sits at almost 70%.

Simplified Transactions

Convenience and security are critical when it comes to offering multiple transactional solutions. Yet users also love a smooth, quick, and easy payment process. Furthermore, each user has a preferred payment type they use for most or all transactions. If their preferred transaction method is not available, they will likely abandon a payment, never to return to your site. So why should a customer fumble around for card numbers because you don't bother to offer a quick PayPal system?

Client Satisfaction

At the end of the day, the entire process of an eCommerce transaction should focus on providing the highest level of customer satisfaction. From an inbound lead to clicking the confirm delivery button, a customer should be made to associate positivity with the whole experience. This means providing an uncluttered and speedy site with easy navigation, categories, detailed product descriptions, and multiple convenient ways to pay.

Deeper Levels of Security

A survey by PayPal found that 80% use the platform because they are concerned about security. While PayPal is not the most secure platform, it offers some advantages, such as multi-factor authentication. Yet, no one solution is 100% secure, and it is therefore in the perception of security, the truth lies. Providing multiple payment options to customers will help them feel your security is better than other services, increasing sales potential.