As an e-commerce store owner, one way to reach new customers, increase conversions, and expand your products and services across local borders is by offering clients various payment methods.
Several studies prove that clients leave a shopping cart before checking out because the store or company doesn’t offer their preferred payment option.
Which are the payment options you should consider when developing your eCommerce store? Our article today is an in-depth guide to know them. Let’s jump right into it.
Digital wallets
Also known as e-wallets, digital wallets allow users to pay via their smartphone, computer, or smart devices such as watches. Once the client buys your product, they can send the money directly to you without needing a physical wallet.
Most popular brands are easy to use and ensure that the checkout process is secure.
Debit/credit card payment
Using debit and credit cards to pay for goods and services online is one of the most common methods most clients worldwide prefer. When the client wants to pay using their card, they’ll enter the card number and the security code behind it.
Experts say using any of the two cards is one of the safest online payment methods. Hence, the reason you should consider adding them to your checkout process.
Gift Cards
A gift card is like a gift voucher – similar to a debit card. When a customer buys the card, they’ll load it with a case and use it to make purchases in your store. Why should you create a gift card for your eCommerce?
They have become a branding and marketing tool for most businesses. Gift cards also prevent fraud compared to when using a debit card.
Direct bank transfers
Recent studies show that people now prefer to pay for goods and services directly from their bank accounts rather than debit and credit cards. For these customers, doing so is easy, and it doesn’t take long to complete the checkout process.
On the merchant’s side, they don’t have to worry about waiting for the money to be deposited into their account and don’t have to pay any fees for transfers.
Cryptocurrency
Cryptocurrency has not been used for a long time; however, people who love investing in this digital currency prefer paying using this payment method. Its advantage is that it’s safe and secure.
Besides, you don’t need third-party approval, which makes the transactions secret. Transaction speed and cost are effective when you use a well-known cryptocurrency.
Cash on delivery
Some clients don’t like making payments online, especially if they have security issues. These people fear being swindled; hence, they’ll prefer paying once they have the products in their hands.
E-commerce will employ this payment method to cater to these customers and build trust with them.
Final words
There you have it. If you plan to establish your e-commerce store, don’t miss adding these payment methods to your checkout process. That way, you’ll cater to the needs of the different types of clients who’ll want to buy your goods.