As a business owner, it’s best to provide your customers with various payment methods. This way, they will find your store to shop and pay with ease. You can provide as many options as possible and as long as they fit your business needs. People nowadays opt for stores that offer various online payment methods. Providing multiple payment modes means your online shop has an improved chance of converting each sale.
From a business perspective, incorporating several payment optimization techniques can also be of great use, as it can help to reduce transactional fees and provide closer scrutiny on issues such as fraud.
Online selling continues to rise because many entrepreneurs find opportunities in this line of business. For this reason, it’s best to increase your edge over your rivals. One option to achieve that is to give your clients an easy payment experience when transacting in your store.
Payment Methods to Increase Conversion Rate
Ease of payment can increase your online shop’s conversion opportunity. You can give your customers a good experience in your store by providing them with various online payment methods to choose from. This strategy should make them want to buy more products from your shop. With that in mind, here are five payment options that work best for your online business:
- Credit Card
Credit cards are one of the leading options customers use for purchasing products. They can reach even make transactions from international shops. As such, it’s best to have these payment options work for your business if you can. You only have to check what you need to secure to accept payment from these cards. For instance, you need an account with a payment service provider like PayPal or Stripe.
- Cash on Delivery (COD)
Cash-on-delivery service is also one option that customers can pay for online products. This method usually factors in the shipping fees for the courier. Suppose you’re also providing this payment method. In that case, your store has to be transparent with the shipping fee, plus the delivery of the goods. As a result, your clients will not be surprised by the amount they have to pay in total.
- Mobile Payments
This method is a quick solution that customers can buy products from online shops. Consider having this option in your online store. In effect, you can engage more customers to buy from your online business. Mobile payments also apply to other areas such as donation portals or browser games. There is no reason for you not to have this option in your business.
- Bank Transfers
People can now perform bank transfers to pay for online purchases. This option ensures that their funds are safe when doing the transactions. However, keep in mind that bank transfers need authentication and approval from the owner before any purchase occurs. It’s one reason a bank transfer is a secure option.
- E-wallets
This option is also at an increasing rate in popularity. Various apps support this payment method, such as PayPal, Google Wallet, Google Pay, and many more. Given this point, clients can put their orders any time they want. They can buy from your online shop through this payment method as long as they have internet access.
As you can see, you have plenty of options to choose from for your online business. You can use as many as you can if you want, but it is best to ensure your business can profit from them. In this case, you have to consider various factors to select the best payment method for your online shop.
Features to Check When Selecting Payment Methods
You can find many payment providers everywhere, but you have to be keen on which of them will match your business needs. Aside from that, you also have to ensure your choices will not burden you or your customer on any level. Below are some factors you can consider during the selection:
- You have to consider the price of every transaction for that particular payment method.
- Check what features they can offer which are unique from the other providers.
- Ensure the payment method is flexible for your customers.
- You also need to consider if the functions of that method’s software integrate with your business.
- You also have to know if this payment provider is stable enough to support your business needs.
- You must ensure that it is secure enough to use that method. Confirm if this provider offers fraud protection and secure payments.
Whichever payment methods you choose must fit in with your business needs. You have to choose the right ones to ensure they will not cause any harm to your store. Aside from that, you also have to know their risks to prepare action plans for unwanted scenarios.