An Ultimate Guide to Online Payment Methods

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It is no exaggeration that customer expectations for a smooth, convenient and instantshopping experience along with simple payment options at the time of checkout areon the rise.

If you have been offering manual payment processing methods to date, now is the time to think of a better way to reduce the shopping cart abandonment rate.

Long gone are the days when only cash was accepted for shopping. Now there are plenty of effective ways to get paid- thanks to technology!

As a beginner, you may find the world of online payment somewhat complex but adapting to new payment methods is about satisfying your customers and offering options that are convenient for them.

Although implementing multiple payment methods may seem a bit intimidating, we have curated a list of the best payment options to ease the process for you. So, without further ado, let’s get in!

Top Online Payment Methods

Below listed are the most common online payment methods.

E-Wallets

The e-wallet is the latest trend in making payments for e-commerce purchases. It has not only changed the way customers make payments but it has enhanced their shopping experience as well. Creating an e-wallet account and then linking it to your bank account helps them deposit or withdraw funds whenever they want.

Considered an advancedand fast digital payment method, e-wallet accounts can easily store different bank accounts and debit/credit card details. On top of that, e-wallets can store users’ information. This means that the need for re-entering your personal and bank information before every checkout is eliminated. In other words, making faster payments with a single touch on a phone screen has become easier than ever.

Bank Transfer

Let’s face it: bank transfers are no longer as common as they usedto be but it is still an essential mode of payment, especially for e-commerce. This is why it is recommended to not miss out on this option.

If all other kinds of payment methods fail, then this method will come in handy. This option comes with a myriad of risks for customers, such as no guarantee of the delivery of the order you placed. But as a business owner, you need to ensure that the product is delivered to the shopper’s doorstep at the earliest.

Best Third-Party Payment Services

Here’s a list of platforms that make your online payment journey easier than you can imagine:

PayPal

PayPal is one of the biggest and most widely used payment processing companies across the globe. With 426 million active users, the platform allows its users to set up an account to make money transfers and payments online. In the year 2002, the auction site eBay managed to acquire PayPal and has made significant changes to the platform since then.

The e-commerce payment processing company has gained popularity due to its simple and user-friendly interface. PayPal lets you pay quickly with just a single mouse click. That’s undoubtedly a compelling reason to make payments via this platform. Download the PayPal app today and get ready to enjoy a robust online payment solution. If you are subscribed to internet packages from Spectrum, then downloading PayPal will be a breeze. Don’t forget to go through Spectrum billing to ensure that you are getting what you are paying for. Or visit buytvinternetphone.com for more providers.

Amazon Pay

You may already know that Amazon Pay is the largest B2C marketplace in the world. Launched by Amazon in 2007, the platform is beneficial for shoppers of Amazon.com.

This digital payment processing service uses the information already stored on the account of the Amazon user to complete the transaction. This simply means that the shopper does not need to enter their payment details for checkout. By signing up for the Amazon Pay service, Amazon shoppers can have a hassle-free online shopping experience.

All in All…

While e-commerce business owners can easily get by with one online payment, having more ways to accept payments is a sure-fire way to boost sales. An important thing to remember is that not all your customers would have similar preferences. This is why it is essential to offer alternatives to enhance the opportunities for conversions.

As mentioned earlier, there is an array of payment options to choose from. But before you choose any, understanding your business needs and how each option work is essential.

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