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.