Why Your Ecommerce Store Should Have Multiple Payment Options?

For eCommerce revenues, constant business and technical growth and innovations are essential. It is the innovations that catch the attention of the public and turns them into your loyal audience. And businesses do keep experimenting to ensure that they have more visitors than their competitors. One such best innovation that has touched almost every eCommerce business today is the availability of multiple payment options.

Many businesses do prefer to keep the payment process simpler and hence, they prefer using a single payment platform. However, it can be easy to manage, but it is not good for your business. Multiple payment options enhance your chance to expand your horizons to new markets, venture and capture the audiences of different geographies, and boost your business revenues. It sounds like your business goals. Isn’t it?

One of the many reasons behind a customer leaving their shopping cart and your online store forever is the lack of multiple payment options on the checkout page.

Until very recently, many eCommerce businesses restricted their online payment options to Credit Cards and Debit Cards. The scenario gradually started to change with the advent of mobile or digital wallets.

Now, businesses have understood the mantra of success- multiple payment options integration. You must flood your customers with a variety of options for making a payment. They have the choice, the control in their hand. With multiple payment options integration, you are preventing your customers from abandoning their cart and your business. It also helps you to safeguard your business against experiencing a drop in the conversion rate.

What Is Multiple Payment Gateway?

The technology that is used to collect and transfer payments securely from the customers to the business is known as a payment gateway. Multiple payment gateways ensure that you offer various online payment gateways to your customers. By integrating this technology, you assure to reduce your loss of customers and collect instant settlements from them.

What Are The Types Of Payment Options That You Should Provide To Your Customers?

Standing in 2022, every eCommerce business needs to offer multiple forms of payment to make a sale. With the help of your experienced eCommerce development team, you must integrate various multiple gateway options and give the options to your customers to pay through the platform they wish.

Some common types of payment options that you should provide to your customers include:

Credit Cards

Credit card payments require the shoppers to enter their card number, expiration dates and CVV codes as per their credit card. Basic credit card processing has been in the market for a decade. Even today, credit card payment is a must for every eCommerce business. However, you must also allow your customers to get rid of the hassle of filling every detail every time they shop with you. Hence, autofill is a great way to keep your customers with you.

Debit Cards

The most common type of online payment is through debit cards. Every eCommerce would witness most of the shopping is done through debit cards. Like credit cards, the users also need to share their details including card number, CVV number, and card validity. Along with this the customers also receive a One-Time Password or OTP for verification of the payment.

PayPal

PayPal is used by more than 305 million users worldwide, which makes it a widely used payment method. Integrating the PayPal method in your online store makes sure that your business will reach globally. PayPal will take your business beyond any geographic region and ensure to enhance your conversion rate.

Mobile Payment Wallets

Google Pay, Apple Pay and other mobile payment wallet options should also be integrated into an online store. It requires the customers to make a payment with a passcode, thumbprint or even through a face scan. It is due to such ease of payment that it is extremely preferred in the modern days.

UPI

Give the users the comfort to add their UPI address, verify the address and then pay through the respective platforms. A large number of people makes their payment through UPI addresses. It is a favourite method for mobile-savvy users.

Pay Later Methods

Many businesses have found yet another way to earn the trust of their customers. It is through the Pay Later method. The customers are encouraged to buy a product and pay for them later in instalments or after receiving the product. Consumers of all age groups tend to love this option.

Why Your Ecommerce Store Should Have Multiple Payment Options?

Today’s customers are very demanding. And it is even not wrong to say that they know their mind. Every business must give the customers a wonderful experience to complete their journey. Multiple payment options play an important role here as it helps in increasing your sales and brings many benefits to your business:

It makes shopping easier for customers

When it comes to online shopping, customers need the most convenient payment options available to them. Multiple payment options are of great help here. It gives the customers, the option of their preferred payment method.

Payment control is in the hands of customers

Shoppers often look for preferred specific payment methods. What is suitable for one shopper might not be suitable for others. It is an individual choice. When you acknowledge it and give them their preferred methods, the shoppers tend to be loyal to your business.

Appealing to a wider demographic

Every generation has its way of shopping. When they come to online stores, they need to have their preferred payment methods. From Gen X to Gen Z, you have to make online shopping with your business a remarkable experience. So, when you add multiple payment options, you are building a trustworthy relationship with your customers.

Decreasing cart abandonment

In the current age of technology, customers can buy a product just a click away. The main hurdle arises when they move to the cart page. If they don’t find the payment option that they like, they will abandon your cart and leave your business. It is one of the biggest reasons why customers quit halfway through their journey.

Improves conversion rates

The lack of eligible payment methods, discourages customers to leave your site without completing their journey. This increases your bounce rate. However, presenting your customers with a lot of options for payment makes it attractive for them. It also improves your conversion rate and turns your potential customers into repeated ones.

Establish brand trust

In the modern world of retail, trust plays a vital role even over brand name. Let us consider a hypothetical situation. Your brand is an established one in the market, but if it is significantly losing the trust of its customers, its survival will be questionable. So, the best thing to do is to build trust among your customers. It is a sustainable growth tool and provides a secure way for shoppers to make payments.

Your competitors are using it

If you are not satisfied with any of the above reasons, you might be interested in this one. The competitors are using multiple payment gateway integration services, so you have to use them too. But it is only if you are interested in growing and expanding your business. If you want to remain in the competition and have a good flow of customers, the integration of multiple payment gateways is a must for your eCommerce store.

Reduces dependency on a single payment provider

Consider your business with a single payment option. Now consider, a server issue with the payment provider or a technical issue on their part. Do you know what happens with your customers then? They try to make the payment, failing to do so, they leave your site. It indicates an inability to process sales. With various payment providers, you can be assured that the users can make the payment through a different platform. It causes no hindrance in your business operations or your customer’s journey.

We can help!

Multiple payment gateway integrations are a part of our eCommerce development service. If you are a new business, and planning to launch your online store soon, hiring our team of expert developers ensure that your business is equipped with all the latest features and tools.

Our team makes it certain that you get to receive a comprehensive online store that would give a boost to your business and revenue.

In case you already have your online store, but it has just a single provider, we can still help you. Team Webskitters is efficient in providing exclusive digital solutions to our clients. Based on your requirements, we can integrate multiple payment gateways, creating an ideal situation for your business to boom!