You can enhance your online or offline business by offering multiple payment solutions to your customers for greater inclusion. Otherwise, you risk issues such as shopping cart abandonment, leading to a decline in sales. Here are just a few benefits of offering choice.
Benefits of Having Multiple Payment Solutions
Customers Have Come to Expect It
The last few years have seen a sharp rise in the use of alternative payment methods. These include mobile card payments, digital wallets, and cryptocurrencies. As such, the vast number of smartphone users now expect to be able to unite payment solutions wherever they are, whether online or off. Unlike ACH vs wire transfer, which are the standard methods of clearing payments, modern consumers expect instant and convenient digital and mobile solutions.
Improved Security Features
Digital wallets are not only easy to use and quick, but they are also very safe. They are safer than regular debit and credit cards, which are easy to copy because they have magnetic strips. Digital providers use several security measures, like encrypted data, multi-factor authentication, and registering payment apps on only one device. A user also needs to have a registered app and a mobile device physically with them to complete the transaction.
Multiple Payment Solutions Reduce Cart Abandonment
The whole experience of using your online business should be easy, informative, and safe. You should also accept more than just credit cards as payment. Not having enough payment options makes people forget about their shopping carts. Some studies say that the rate of abandonment is around 70%. But you can reduce the number of people who abandon their shopping carts by giving them more ways to pay than just the standard.
Trusted Solutions for Online Transactions
Digital wallets, also called eWallets, are a safe way for your customers to pay for your goods. Digital wallets are great because they offer convenient ways to buy digital goods. Virtual goods usually involve digital versions of video games, Audible books, and access to online courses. Wallets like PayPal, Apple Pay, and Google Pay simplify the transaction process for online users. Additionally, they are trusted because of stringent security measures.
Keep Your Customers Happy
Every step of an online payment gateway should help make the customer as happy as possible. From the moment a customer comes via an inbound lead to the moment they click the “confirm delivery” button, the whole experience should make them feel good. It means making a site that is easy to use, fast and offers more than one payment method. If a potential customer reaches checkout without their preferred method, they might cancel it altogether.
Recap: Payment Solutions
Your business can benefit by offering multiple payment solutions, such as digital wallets and standard payment methods. The benefits provide an improved experience. These include meeting customer expectations, improved security, and better customer satisfaction.
