Ecommerce sales have been increasing tremendously with time, and offering both a variety and the right payment methods is demonstrated to boost sales.
If the user finds barriers in the moment of payment, because he can’t find his preferred payment method as an option, he might simply abandon the website, which is exactly what we are looking to avoid.
Therefore, we will explain the payment methods that can not be missing in your ecommerce store.
Preferred Payment Methods in 2020
We suggest studying the payment methods used by your target market uses since the preferred ones vary mostly based on the country. However, most payment methods are used internationally.
Paypal
Paypal is popular internationally and one of the first go to payment methods used in many countries.
This digital wallet allows users to make their purchases through an account associated with their bank account, so it will not be necessary to enter your bank details each time you make an online purchase.
Stripe
This platform is very similar to Paypal, although it is not as well known at the moment. It is versatile, customizable and compatible with most bank cards and e-wallets on the market.
If we had to make a comparison of Stripe vs Paypal, we could say that stripe payment commissions are lower than Paypal’s.
Debit or Credit Card
Statistics have shown that the debit or credit card was the most widely useed medium in e-commerce between 2015 and 2018.
For that reason, the option to pay with debit cards should never be missing from your online store either.
You can request a virtual POS from your bank and follow the instructions to integrate it into your online store.
Digital Wallets
Digital wallets are electronic wallets that allow you to include cards or bank accounts to make payments through devices such as, smartphones or computers.
The best known are: Apple Pay, Google Pay, Samsung Pay or Aliplay.
Payments in App
Nowadays, most online businesses have social media accounts, which can be appropriate mediums for making purchases. The comfort of being able to pay right from the app definitely improves the user experience and the user’s probabilities to buy what they find in social media.
Installment Payments
This payment method is very convenient as it adjusts to the needs of each user. There are platforms that allow customers to make their payments in installments
These platforms do not involve any risk since once the purchase is made, the seller receives the full amount and the platforms themselves are responsible for managing the loan.
American Express
This company is not widely used in every country, but is very popular in other countries resulting in high satisfaction rates.
They offer services to more than 170 countries in the world, their commissions are high for an ecommerce store, but can help you if you want to expand your market.
Transfer
This method of payment has been widely used for some time. The user makes the order and the same online store is responsible for sending the instructions of the bank account and data of the order number and amount to make the transfer.
The customer transfers the amount from their bank and sends the receipt to the online store, so they can process the order. This method of payment has been left behind in eCommerce due to the advances in simpler and more comfortable payment methods.
In short, the more payment methods you offer, the more users will buy from your online store. Analyze your type of audience and what payment methods they prefer so that you don’t leave any out of your eCommerce store.
Man sitting at a computer and makes online shopping -DepositPhotos
