Making Payment Options Flexible on your E-commerce Website

When paying for goods or services online everyone has their preferred method, whether through traditional debit and credit cards, or through new Apple Pay, Google Pay, and buy-now-pay-later methods. It is important to ensure that your e-commerce website offers more than one payment method, as shoppers might reconsider their purchase if they don’t see their preferred payment method.

Not only will this encourage people to purchase their goods straight away, but offering a range of payment methods builds trust and credibility with users. It can also encourage higher transaction amounts, simply due to the ease with which users can check out.

So what are some of the payment options available to you? Here is a quick run-down:

Talk to your Bank

If you are already accepting card payments in your brick-and-mortar store then you may already have a ‘merchant’ account with your bank. Once you have this type of account, your bank should be able to set you up with an online payment gateway that they recommended – in most cases, this is Worldpay but can vary between banks.

If you do not have a merchant account, there are numerous other payment providers you can sign up for an account with and then use as a payment gateway on your website. Two of the most popular at the present time are Stripe and PayPal.

Stripe

Stripe enables you to give users a seamless checkout experience on your website. The card form can appear to be embedded in your website’s checkout page when in actual fact it is hosted on Stripe’s own server – this means no card details are actually recorded on your server, making PCI compliance easy to achieve. In addition, Stripe offers competitive fees compared to other payment providers and Apple Pay/Google Pay support which makes paying more convenient for users of Android and Apple phones (more on this below).

PayPal

PayPal is long-established and trusted by e-commerce customers, so using it lets customers know that their money is in safe hands. Customers are taken off to PayPal’s site to complete their payment, so no card details are recorded on your server, making this a good option for PCI compliance as well. PayPal is very easy to set up and supported by pretty much every e-commerce platform owing to its ubiquity.

There are many other payment providers, so make sure to choose the right one for your business and customers.

Apple Pay, Google Pay & EWallet

Apple Pay, Google Pay, and EWallets provide a faster way of checking out than traditional credit and debit cards, as the customer does not need to spend time searching for their wallet or card; instead, they use their phone, which is often right in front of them. They can check out with a single touch.

This payment method can be more secure than traditional credit, debit, and prepaid cards, as every transaction requires either Face ID, Touch ID or a password, depending on what the customer has set up.

You, as a retailer, will never have to handle their actual credit/debit card or bank details when using Apple Pay and EWallets.

Apple Pay works with most card issuers and payment providers, including:

  • Visa
  • Mastercard
  • American Express

And many more.

As this is still a relatively new technology, not all e-commerce platforms and payment providers support EWallet payments yet. Stripe (mentioned above) supports both Apple Pay and Google Pay.

Klarna (Buy-Now-Pay-Later)

Klarna works with all major e-commerce platforms to make online payments effortless and quick for other customers and retailers.

With Klarna, the retailer gets paid upfront and in full. For the customer, they either get up to 30 days to pay the money to Klarna without any interest or fees or the option to spread the cost out across three monthly payments. As soon as the order is shipped the customer will receive an email outlining their payments, with the purchases and payments available to view and manage on their Klarna app.

Summary

These are just a few examples of the payment options available to you and your customers.

Making sure you have a good, flexible range of payment options will not only encourage completion at checkout but improve the user’s experience. Offering a range of well-recognized payment methods will encourage the customer to have trust in your website.

Looking to adapt your e-commerce website to suit your customers’ needs? Contact the web team at Ascendancy –  [email protected]

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