Did you know that 50 percent of shoppers cancel their purchases if they cannot use their preferred payment method? Payment options are increasing every day. And as a result, the number of customers looking for different choices when checking out is rapidly expanding.
The checkout process can make or break the shopping experience you offer your customers. Therefore, you must integrate as many popular payment options as possible. Here are four good reasons to invest in multiple payment methods.
1. Offer more convenience
Customers like to have different options for payment because it gives them the freedom to decide how to spend their money. Offering alternatives like mobile carrier billing and cryptocurrencies in addition to standard card options means that a customer does not have to move money around to complete a purchase.
2. Enjoy returning customers
Many online shoppers are conversant with the frustration of combing a store to pick out the items they want, only to be derailed at checkout because their payment option of choice is unavailable. Not offering the alternative that favours the customer may lead them to abandon their shopping cart and look elsewhere.
Statistics show that having multiple payment options translates to increased conversion rates. With more choices, you can improve the probability that your clients will complete their purchases and return in the future.
3. Grow your reach
Some payment gateways are only available in specific countries, while others deal with a limited number of currencies. Having alternatives will make your business appeal to a larger and more diverse audience. You can broaden your market and reach customers worldwide.
Popular payment options vary from one country or region to the next. Therefore, integrate your payment gateways based on the locations of your primary audience.
4. Appeal to a fraud-conscious audience
In the wake of increasing cases of identity theft and other types of customer-targeted fraud, shoppers are becoming wary of trusting ecommerce platforms with their banking and credit card information. Consequently, the popularity of seemingly safer methods like deposit-as-you-shop digital wallets and cryptocurrencies is growing.
So, while some customers will be confident in the measures you have taken to prevent fraud, others may not. Therefore, accepting payments from methods that are deemed more secure will ensure you close the sale either way.
How can you start?
The world of payment processing has options to cater to businesses of all forms. If you go through Worldpay UK reviews online, for example, you will realize that the company bolsters an extensive range of countries.
Smaller companies working in fewer countries also exist to give individual merchants a more personalized feel. Generally, the merchant services provider you choose must offer all the payment options you need. Otherwise, it could hinder you from growing your sales and income.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.