When building an ecommerce website, your goal is to engage visitors, gain their trust, and convert them into paying customers.
One of the most effective ways to encourage customers to finalize purchases is to diversify your payment methods.
Your customers have different payment preferences.
Digital and mobile wallets are online customers’ preferred payment methods, accounting for 41.8% of global transactions. They are followed by credit cards (24.2%), debit cards (10.6%), and bank transfers (9%).
Your customers expect you to recognize their demands. According to research, 54% of consumers say that having a variety of payment options is important when checking out online.
Here are six proven options that will help you diversify your payment methods and boost sales.
PayPal is synonymous with ease of use, trustworthiness, and security. Given that, it is not surprising that it is the most commonly used digital wallet in the world.
According to Statista, in the third quarter of 2020, the number of PayPal users reached 361 million.
Adding the PayPal button to your ecommerce website can build trust with your target audience and inspire them to purchase faster. Statistics say that online stores with PayPal checkout options convert at an 82% higher rate than their competitors that do not offer this payment method.
The best thing about PayPal is that it lets you accept diverse payment solutions, such as credit cards, debit cards, PayPal, PayPal Credit, Venmo, etc.
Plus, some customers do not want to use their credit or debit cards for online purchases. Instead, they set a PayPal balance they will use for online shopping.
2. Apple Pay
Apple controls over 61% of the mobile vendor market share in the United States. In other words, over half of the customers in the U.S. own iPhones.
Research studies found that, with 227 million users in 2020, Apple Pay is the leading digital wallet.
While Apple Pay improves customer experiences, it also benefits your ecommerce website on multiple levels.
For example, you will not need to worry about lengthy checkout forms that often turn off your leads. Not having to type sensitive data into your form fields, consumers will purchase faster. Apple Pay safely stores customers’ most sensitive information.
Customers wanting to finalize the purchase via your online store or app can do that using facial or fingertip recognition.
If you own a brick-and-mortar store, Apple Pay delivers greater shopping consistency and convenience. It supports in-person purchases, too.
Finally, Apple does not charge additional fees to retailers for accepting its digital wallet.
3. Google Pay
Google is probably the most recognizable and trusted brand in the world. Offering their digital wallet on your website will make you seem more credible.
Similar to Apple Pay, Google’s payment solution is made for ecommerce websites, mobile apps, and brick-and-mortar checkouts.
Customers are gradually starting to get more familiar with Google Pay.
One of its main benefits for your website is its integrations with the top ecommerce platforms, such as Shopify, WooCommerce, BigCommerce, OpenCart, and Magento. All you have to do is gain access to the API and add it to your online store.
Google Pay also integrates with other payment methods you may be using, such as Stripe, Paysafe, or Square.
Cryptocurrency investing and mining has gained momentum over the past few years. More and more users purchase the best bitcoin mining hardware and invest lots of effort into cryptocurrency mining. According to statistics, bitcoin mining has generated $42 million in 2021.
However, cryptocurrencies are not limited to tech-savvy miners anymore. They are our reality and the future of financial services. Cryptocurrencies eliminate the middleman and make transactions faster and safer.
But, why should ecommerce website owners care about bitcoin?
First, there are no chargebacks. Unlike credit card transactions are irreversible. Once a user transfers the money, they cannot retrieve it without your consent. That reduces your chargeback costs and prevents ecommerce fraud.
Second, cryptocurrencies are not regulated by governments or financial institutions. Transactions happen between sellers and buyers solely. Therefore, fees for processing bitcoin payments are lower compared to those for credit cards.
Third, a growing number of consumers is starting to use cryptocurrencies to make purchases. Therefore, accepting Bitcoin is a great way to expand your customer base.
All you have to do is choose the right Bitcoin gateway, such as:
Visa is one of the most popular payment solutions in the world. As of 2020, there were 340 million Visa credit cards in the United States. Moreover, there are 800 million Visa users outside the U.S.
Therefore, if you want to target such a wide customer base, adding a Visa checkout to your website can be a great strategy.
Most importantly, the Visa checkout makes the buying process more pleasant. Apart from Visa cards, it also supports MasterCard, American Express, and Discover.
Its “Stay Signed In” and “Remember Me” features make online purchasing faster. For merchants, that is an opportunity to capture conversions that may otherwise be lost.
The Visa checkout also offers advanced fraud management features. It evaluates risk at every stage of the checkout process and helps you deliver safer shopping experiences. Visa also offers advanced checkout tools, such as step-up authentication and fingerprint recognition. They help online stores reduce fraudulent transactions.
While Square is commonly used for in-person payments, it can also be an effective checkout solution for online retailers. It is a smart choice for brick-and-mortar store owners that plan to sell online and vice versa.
The best thing about Square is affordable to online merchants. They do not charge the monthly fee for adding their payment gateway to your ecommerce site.
Most importantly, Square’s integrations with ecommerce platforms are seamless. This payment option supports sites running on Wix, WooCommerce, WordPress, 3dCart, Magento, OpenCart, Mercato, Drupal Commerce, etc.
Diversifying Ecommerce Payment Methods Is Crucial for Boosting Sales
As an online store owner, your ultimate goal is to facilitate the checkout process and get paid. That is where diversifying your payment methods helps.
By providing multiple payment options, you allow your customers to make choices. That way, you will boost their satisfaction, eliminate frustration during the checkout process, and convert them faster.
How do you diversify ecommerce payment options? Please, share your experiences with us!