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What Payment Methods Should Your Online Business Accept?
Setting up your online business has probably taken you a good deal of blood, sweat, and tears. You had to come up with your barnstorming idea, find the financing to get your business off the ground, source your products or services, and set up your website. So, you are all good to go. You have even sorted out your digital marketing strategy and social media plan. If you have developed your online business using a development tool like WordPress, the payment options come as plug-ins that your developer adds. If you are a smaller micro start-up, Shopify can get you up and running with a cloud-based eCommerce platform for you to customize.
Avoid Cart Abandonment
What you need your online business to do, no matter how big or small it is, is to generate income. If you were in a bricks-and-mortar business, you would want to hear the cash registers ringing. It is no different online. You want people to choose you, put your goods in their cart, and checkout. It is tempting when you set up to offer only one payment option; however, many consumers have their preferred payment method. If this is not available, it can lead to high levels of checkout abandonment. In order to avoid this, you need to provide your customers with options.
Debit and Credit Card Options
As a merchant, one of the things that can be off-putting is the charges that the card providers impose. For example, debit card transactions having a different cost to credit card payments, and the various providers offer you alternative plug-ins and options for your site. If you are providing an ongoing service, you might also need to consider taking Direct Debits. There is no doubt that it can be pretty overwhelming. However, the basics are relatively simple.
Do You Need to Take American Express
American Express was once the dominant name for card processing in the USA. However, this is no longer the case. Visa transactions account for nearly fifty-three percent of all card payments. Mastercard is the second most popular at thirty-one percent. The remainder of the market is divided between American Express and Discover. American Express usually is a more costly option for the merchant but famously offers its customers superior rewards. You may need to consider this option if yours is a high-end business. Also, if you provide a business-to-business service like a company such as Adobe or do, you may need to take Amex. Many businesses issue their executives with American Express business charge cards. However, for business-to-consumer firms, most people with an Amex card also have an alternative.
Cover The Bases
There are still a considerable number of people worldwide who are unbanked. These people may still want and need to shop online in an increasingly digital world. However, there are now many alternatives to a straightforward bank card, including pre-payment cards and virtual payment options. If you look at the online casino payment methods offered, you will get a good idea of how broad the choices are. They take credit and debit cards, bank transfers, Skrill, Trustly, ApplePay, GooglePay, and PayPal, to name a few. Offering as many choices as possible reduces the chance that your customer will abandon their shopping cart with you and go elsewhere.
Make Sure To Include PayPal
You need to make sure you have enough options. Customers need to be able to pay by card or PayPal. Ideally, at a minimum, you should be able to take credit cards, debit cards, and PayPal on your site. If you can do these, you have the bases covered. It is easy to think that PayPal is just a peer-to-peer platform, but for many shoppers, it is their preferred payment option. PayPal links up multiple accounts and cards and gives users the option to pay in four installments or without interest.
This market is constantly evolving, with new fintech products for consumers and merchants, so keep your website up to date and do not miss out.