Multiple Online Payment Method: Effective Way to Drive Ecommerce Sales

Multiple Online Payment Method: Effective Way to Drive Ecommerce Sales

Through a global network, you can pay for almost anything or service, as well as Click and Collect and home delivery orders. Cashless payment has become increasingly popular, so the responsibility of every online business is to provide their customers with a convenient way to pay for their purchases. In this regard, customer convenience comes first.

When a customer goes shopping at a regular brick and mortar store, everything is simple: to selects, a product brings it to the cashier, pay with cash or a card, and receives a receipt. With online shopping, the principle is the is entirely different; however, there are more payment options. If you do not want to lose consumer’s at the payment stage, is wise to offer several payment methods so that each client chooses the right one according to their requirements.

What is the Payment Method?
The are numerous ways through which customers pay for their purchases in an e-commerce store for a service or products: For example, digital wallets, credit cards, direct debit etc.,
In a brick and mortar shop, customers use cash, credit cards, or cellular payment choices like Apple Pay to make a purchase.
For online, customers continue with payment service providers such as PayPal for international transactions, or you might choose a bank transfer for local operations.

There are several options under each payment method: For example, credit cards, you have options like Mastercard, Visa, and American Express, to name a few. There are over 200 payment methods.

A payment method for online stores is a software application that provides a secure exchange of confidential, encrypted data (card number, secret code, etc.). The program is applied in the field of e-commerce and traditional business. Many hosting companies offer payment gateways as part of standard client packages. To use the program, you must set up an account with the PSPs.

Why enable multiple online payment methods on your eCommerce platform?
Having multiple payment choices is excellent for both clients and customers. Research from the PPRO Group discovered that 68% of UK consumers left the website as a result of the payment procedure. 57% of these left since they weren’t given the payment method of their choice, although 46% didn’t finish the transaction because the process was too complicated.

So fewer payment methods contribute to higher bounce prices. Essential to integrating multiple payment methods in your online store are as follows:

Uninterrupted Experience:
Having multiple payment gateways on your website can help attract new customers. Also, it’s an excellent way to provide your customers with a seamless and uninterrupted experience, as you can accept payments through another gateway when an essential solution is down. Moreover, it helps to mitigate the risk of losing your profits to your competitors, especially during peaks, for instance, due to seasonality or when your company starts to grow fast.

Security and Compliance:
With more solutions come a more significant number of banks so, when choosing multiple payment gateways, you can diversify the risk by splitting your online payment transactions.

Various payment methods
You’re gaining more flexibility to adjust solutions to your company’s specific needs. You can then provide various payment methods to your customers to give a convenient customer experience. But, before you decide to implement a few payment gateways, do some market research to find out what kind of payments your target audience prefers.

Global Coverage:
For instance, this could be helpful when you want to expand your business internationally. There are payment gateways that enable you to accept many currencies, but there are also solutions that vary by region. So, if your payment gateway doesn’t support specific payment methods or currencies, you need to seek another alternative.

Better Conversion:
Sometimes it’s also good to implement additional payment methods when the current methods don’t work the way you expected. It’s mostly about the conversion. You can enable alternative to compare the results and then leave one that works best for your business. Find a payment gateway with user-friendly checkout experience and with features that can help you increase conversion and improve general results.

Popular Online Payment Methods For Better Conversion in Multiple Markets:
Among popular payment systems and gateways, the following aspects are trending in the market today. Payment methods include the following factors:
· Apple Pay
· American Express
· Cryptocurrency
· PayPal
· Google Pay
· AliPay
· Klarna
· Stripe

You can also go for payment gateways and choose one from the following options.
· CyberSource
· TrustCommerce
· PaymentExpress
· Authorize.net
· Braintree

Getting started with Payment System?

Almost all services are connected according to one algorithm. First, the client submits an application in which he indicates his registration data as a legal entity or sole trader. For individuals, the application contains information from the passport, TIN.

Depending on the specifics of the payment system, managers may request additional information, for example, about products sold through the online store, planned transaction volumes. Most often, this information is necessary to select the optimal tariff.

If the application is duly executed, and the online store meets the requirements of the PSP, a formal cooperation agreement is concluded. The site owner receives detailed installation instructions, as well as the module responsible for online payments.

Among the module settings, the most important are:
· Name of the online store;
· Payment description;
· Step-by-step instructions for the buyer to pay for the goods;
· Time to pay the bill;
· Method of notifying the customer account status;
· The name of the “working” currency.
If an aggregator is used as a PSP, it is necessary to determine possible payment acceptance options, for example, from a mobile device account, through terminals, bank cards or transfers, electronic wallets, etc.,

Summary:
Today there are several ways to pay for goods on the Internet. Among them are ordinary bank cards, invoicing, Crypto Currencies, as well as all kinds of payment systems and electronic wallets. Refusing to accept multiple payments methods in all possible ways, you thereby lose the sales that the buyer was ready to complete. Is advisable for organisations to implement as many payment options as you can in your online store. This will help you attract new customers who are looking for a specific payment method.

If you’d like to learn more about anything we’ve discussed today, please visit our website www.cxportal.com, where you’ll find lots of useful information. Alternatively, if you’d like to speak to a member of our team, call us now on +442034416513 and we’ll do everything we can to help.