Online buying, as we all know is the biggest fad of the season. The ease of delivery and payments is what is making the industry grow by heaps and bounds. The increasing numbers of buyers relying on this mode of purchase are because they get varied payment options when it comes to shopping online. It is a widely known fact that the checkout can make or break a customer’s user experience, it is critical for online merchants to integrate the best and most popular payment options. However, many online merchants lack yet do not have alternative payment methods.
Let’s understand how having multiple payment options is not just desirable for customers online, but can actually be a vital factor in growing the online business.
- Customer Convenience- With increasing number of payment alternatives being introduced there is an increasing demand to cater to these options like the credit card alternatives available. Many users want to have the choice of different methods of payment, which becomes an essential reason why it leads to higher conversions and sales for online sellers.
Multiple payment gateways prevent shopping cart abandonment by the user and also makes their shopping process more convenient. Online sellers are offering different online payment processing options to help make their customer’s life easier. It also enables them the opportunity to shop using their smartphones, further adding to their flexibility.
- Professionalism- Online sellers offering multiple payment options come out looking more professional and reliable than other stores. The reason behind it is that the user believes that notable companies usually have more than one method of payment.
Consumers want to be served by safe and secure merchants when it comes to online buying as the established businesses are perceived as dependable. Customers are happier buying at a store that seems trustable.
- Global Reach- Many payment gateways are offered to specific countries and currencies only. Online merchants by having these options can also appeal to a global audience. It will also help them deal with multiple currencies. It increases their audience reach and also helps them expand their business across continents. A few countries even have payment preferences based on particular regions; hence online merchants can integrate payment gateways based on where their focus audience is located.
- Customer Retention- Many online merchants understand that failed transactions are a significant issue that leads to loss of sales. It also wastes time on offering customer support to users. Hence, not providing a payment option favored by the customer may lead to shopping cart abandonment. It can also lead to buyers settling to buy from the competitors.
Statistics also prove that providing multiple payment options lead to an increased conversion rate. By offering more payment options, online merchants can ensure buyers to complete the purchase and also come back in the future.
Offering multiple payment gateways may result in increasing customer retention rates thereby increasing profits by a more significant margin.
Therefore, it is wise for online merchants to cater to the wants of the buyer and provide multiple payment gateways that enable customers to pay through specialized payment solutions, thereby increasing their company’s conversion rate.