How E-Commerce Businesses Can Secure Their Sales Through Convenient Payment Options
E-commerce websites need several features for them to work. One of the most important is the payment method that allows customers to pay for their purchases. There are different types of payment methods available for businesses operating online. These methods can differ in many ways, such as in the countries or areas they serve, the type of business they cater to, how they allow payments for goods or services, and many more.
Since each type of payment option can have its own pros and cons, it is important for business owners to select the right type of payment method that will fit best for the type of e-commerce business being run.
Most e-commerce websites offer customers different payment methods to make sure that it will be convenient for them to pay for their purchases. Enabling different types of payment options allows e-commerce stores to improve their conversion.
Looking for the best payment method for your e-commerce business? Here are some worth considering.
Debit/Credit Card Payments
This is one of the most popular methods used by many e-commerce website owners and is something that should be considered right away with a service like https://merchantalternatives.com/merchant-services/merchant-accounts/credit-card-processing/. Payment by debit or credit card allows e-commerce businesses to cater to customers worldwide. Since many people find it easier to pay by credit or debit, businesses that use this type of payment method often enjoy increased conversions. Customers also find e-commerce websites more credible if they allow card transactions online. Additionally, the use of debit and credit cards as payment methods encourages customers to make impulse purchases, which is good for e-commerce businesses.
Money Transfers
For those who do not have a debit or credit card, other payment options may be made available. This includes money transfers, which can be done either online or offline. Online money transfers allow money to be sent directly to receivers without any paperwork. Often, both the sender and the receiver are required only to have a phone number and an email address to be able to complete the transaction. Online money transfers are real-time and effective. They are also popular because they have low service fees.
There are several online money remittance services that allow people to perform money transfers online. Most of these services have their own apps, which can be easily downloaded on an iPhone or Android phone.
Facebook Messenger
This is probably not as popular as some other forms of e-commerce payments. But indeed, the Facebook Messenger payment option does exist. As of date, this payment option is available only in the U.S., so this may not be a good choice for those who are catering to an international customer base. Sending payments through Facebook messenger is also not real-time and depends on the location of both the receiver and the sender. This is a promising payment method, though, especially if it becomes available to all users worldwide.
Paypal
A popular payment method used by many e-commerce websites, Paypal allows the convenience of shopping to all customers worldwide. This payment method is also a blessing to many e-commerce businesses, as it allows easy integration into websites. Customers may also pay with their credit cards or debit cards through Paypal if they do not have funds in their Paypal accounts. They only have to link their credit and debit cards to Paypal to be able to make a legitimate payment online. Paypal offers the most secure mode of payment online.
Prepaid Cards
This payment option is for people that have no bank account. This mode of payment is often used by online gaming companies, especially those whose customers are comprised of minors. Prepaid cards are stored with virtual currencies, which can be used by people to make online purchases.
E-Wallet
This mode of payment provides a number of benefits to online stores. They are not only easy to set up; but they also make it easier for customers to pay for their purchases in real-time online. E-wallets allow customers to enjoy faster and safer transactions, giving them an overall improved experience.
Cash
This option is perfect for customers who do not want to pay for their purchases upfront. This is also good for businesses that offer physical goods. With the Cash-on-Delivery (COD) option as a method of payment, e-commerce businesses can cater to more customers without pressuring them to pay before the item is being delivered. Unlike other modes of payment, though, this payment method is quite risky as it is vulnerable to theft. There is also no guarantee that there will be an actual sale during a delivery.
There are many types of payment methods available for e-commerce businesses, but owners should carefully choose the type that will best suit the business. Some payment methods may look perfect, but still, the business owner should carefully examine the pros and cons to avoid problems in future sales.