One of the main reasons people abandon their shopping cart on a website is the lack of multiple payment options at checkout.
A few years ago eCommerce businesses were limited in terms of payment options, however, with the introduction of digital wallets and other secure methods of payment online, things have changed a lot.
Currently PayPal is the most popular e-wallet that brands adopt on their websites, followed by Google Pay and Apple Wallet.
Integrating multiple payment gateways on your eCommerce website, prevents situations where customers have to abandon their cart last minute because their preferred payment method is unavailable.
If you want to set your business up for success in the current competitive market, then providing your customers with multiple payment options is an absolute must. Continue reading to find out more about the benefits of having multiple payment methods available on your website.
Why Should Your Business Have Multiple Payment Options?
Imagine you find a product you really like, go through the process of filling in your details and delivery address, only to find out that the website doesn’t accept PayPal or Google Pay and you don’t have your debit card with you. Quite disappointing, right?
As a business owner, you want to avoid such situations so you can keep existing customers and attract new ones. In the current digital age, multiple payment gateway integration is essential for all eCommerce websites. Here are the top reasons why your website should feature multiple payment methods for customers to use:
Boost Conversion Rate
Offering more payment options takes hesitation out of the buying process which means customers go through the checkout process faster, leading to improvements in the conversion rate on your website.
By offering various methods of payment, you are also attracting a wider audience, due to the fact that different demographics have different buying habits. Catering to all age groups will help grow your consumer base and see more users converting.
Build Brand Credibility
In the modern world of online retail that is oversaturated with brands, customers value trust above many other factors. Building a brand that is seen as credible and transparent can help reach more customers and keep your existing ones.
Providing shoppers with different secure ways to checkout through your website will make your customers feel valued, which in return will help you increase your revenue and grow your business.
Reduce Abandoned Carts
There is nothing more discouraging for a customer than going through the whole checkout process just to find out they can’t use their preferred method of payment.
On average, the global rate of shopping cart abandonment is 75.6%. A massive factor behind this number is a badly designed checkout process that causes shoppers to hesitate and choose competitor websites.
Offering your customers a variety of options of payment can reduce the number of customers that quit at the last step of checkout and abandon their carts.
Improve Customer Satisfaction
Today’s consumers have a high expectation of brands to meet their needs. By having different payment options available on your website, you can improve the satisfaction of your customers.
Keeping your customers satisfied will help build a good reputation for your business and build a base of return shoppers.
Types of Payment Options You Should Provide
Credit/Debit Cards
In this day and age, accepting most credit and debit card providers is a basic requirement if you want to set your business up for success. This is also the most common online payment method you can find on every eCommerce website.
It requires users to simply input their card number, expiration date and CVV code, then receive a verification code to their mobile number, which is needed to confirm the payment.
If you want to make the checkout experience simpler for returning customers, you should provide the option to save their card details so they are automatically filled out next time.
PayPal
With over 305 million users around the globe, PayPal is one of the most popular payment options. If you’re operating a business in a region that doesn’t have a lot of PayPal users, it’s not necessary to implement it on your website. But if you’re operating on a global scale, then there is no reason for you not to have PayPal as a payment option.
Allowing customers to checkout through PayPal can help you see a significant improvement in conversions.
Google Pay/Apple Wallet
Although mobile wallets like Google Pay and Apple Wallet were only introduced recently, they have been gaining popularity with millions of users due to their ease of use. The brand name as well is another factor that gives customers reassurance that their purchases are protected.
Additionally, Google Pay offers rewards for merchants and customers in the form of exciting cashback options. If you want to get ahead of the competition, you should definitely consider implementing Google Pay and Apple Wallet as payment options on your website.
Other Payment Options to Consider:
- Clearpay
- American Express
- Klarna
- Quick Pay
- Payoneer
- Stripe
- Cryptocurrencies
Need Help Implementing Multiple Payment Options?
Are you ready to grow your eCommerce business by integrating multiple payment gateways? The brilliant team here at POD Digital can help! Our CRO specialists can help you with the implementation of multiple payment options on your website to improve user experience and conversion rate. Whether your business is national or global, we can suggest the best eCommerce practises to attract new customers and grow your company. Get in touch today to enquire about our digital marketing services!
