Benefits of Offering Multiple Payment Options
Many would agree that it is a good business practice to offer your customers multiple options when making online payments. These options include credit card, debit cards, PayPal, purchase orders, money orders, cashiers checks and more. Methods of making these payments should also be offered online, by phone, or by mail. There are statistics that support the fact that your conversion rate will increase if you offer multiple methods of payment . When you think about all of the different demographics that make up online shoppers, they all have different expectations when doing online transactions. Multiple options are necessary to meet all of their needs.
Online companies need to adapt with the changing times, but also remember the older generations and make sure they are comfortable making online purchases as well. Many users like to have options or they have their own preference as to which payment method they use. This is why offering multiple payment methods can increase your conversion rate. If there is not an option that the customer specifically likes or feels comfortable using, they may well abandon their cart and you will have missed a sale.
A lot of people already have a specific preference for their payment method and do not want to change. They may solely use PayPal for online transactions because they believe it is the safest or because they do not have to enter credit card information every time. However, some people may not be registered to Paypal and if that is your only option, they may decide not to purchase the product. You want to make sure you offer PayPal, but some may prefer credit cards through a secure payment gateway.
People like to have options and control over which payment they use. If you limit them to one option that they are forced to use, it can reduce your chance of selling and increase your cart abandonment rate. The last thing you want is for your customer to get all the way to checkout and decide not to proceed due to the lack of payment options available
Lastly, offering multiple payment options makes your company look professional and trust-worthy. How many times have you used a major retailer and only had one payment option? This never happens. Bigger, well-established companies are perceived as trust-worthy. Consumers want to know that the information they are providing is safe and secure.
This can be hard for individual vendors, as setting up different types of payment methods usually involves a long and complicated process of compliance with banks and/or other applicable rules and regulations. Therefore, using a company like BMT Micro who offers many methods of payments including ten different credit card types, PayPal, Amazon Payments, Money Orders/Cashier Checks (US Funds only), Visa/MC Debit Card (UK Debit Cards), paysafecard, or wire transfer in Euros is beneficial. We can handle all of your payment processing over our secure sites and offer your customers many different payment methods to help increase sales and reduce cart abandonment.
16 Comments
Matthew · April 7, 2018 at 10:09 pm
I would like to get trust symbol to put on my web sight.
learndash developer · July 13, 2022 at 6:04 pm
By accepting multiple payment methods, businesses are more likely to meet each shopper’s preferred payment method head-on, offering a valuable sense of convenience that shoppers appreciate
Matthew · April 7, 2018 at 10:11 pm
I would like to put a trust symbol on my web site.
veronica gilbert · May 11, 2020 at 3:39 am
Very Useful article.
cookie clicker · March 11, 2022 at 9:54 am
On my website, I’d want to have a trust icon.
ecommerce website development · April 7, 2022 at 4:50 am
This is a hundred percent accurate. The more payment options you provide the better the chances are that the customer will easily pay. It is not always easy attracting a customer but once you do through ecommerce website development UK you should provide different payment gateways to make sure that they make a purchase.
Raymond · July 6, 2022 at 1:32 pm
This is a hundred percent accurate. The more payment options you provide the better the chances are that the customer will easily pay. It is not always easy attracting a customer but once you do through ecommerce website development UK you should provide different payment gateways to make sure that they make a purchase.
take my exams · July 13, 2022 at 10:19 am
And since payment options are a big point of friction for consumers, they could make all the difference between whether they make the final purchase or not. More so, sticking to offering more options at the checkout will earn you a much larger customer base.
Eric Christtian · October 31, 2022 at 10:07 am
Some people may not be able to afford to make a purchase from a retailer. For these people, retailers are starting to offer more payment options. With the help of these options, retailers are able to cater to a wider range of customers and make more sales.
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