It is estimated that the global digital buyers shall reach over 2 billion in 2020. If you are in the eCommerce industry, that is a big market for potential customers to tap. There are more than 7 billion people in the world and twenty-five percent shop online.
Be ready for the boom
These numbers increase rapidly and there is no stopping to the boom of the eCommerce industry. If you are selling products or services online, be ready to gain a bigger part of the market by having more options to accept payment transactions. It is an easy step to take that will enable your website to gain more income.
Be able to process payments
Online payment gateways are the services that eCommerce sites get so that they can process payments. With these secure online payment services, there have to be ways for a customer to make a payment to start with. Taking the extra time and effort to put in multiple payment methods can really help the business prosper.
Different payment methods
There are many different payment methods available to do this. It is only a matter of choosing are the best ones that suit your site and the type of customers that you have. There should be a choice such as accepting debit cards, credit cards, and other methods of payment. There is also the payment methods that require the use of a peer-to-peer app or direct debit from a bank account.
When there is only one choice
Although you still will be able to do your business online by just providing a single payment method for transactions, it can limit the number of sales that you may get in the long run. This is because consumers nowadays prefer to make online payments through methods that they are most comfortable with. They expect the eCommerce sites that they visit to have those methods to make it easier for them to process their purchases.
Fast and secure payment transactions
Also, with the increasing popularity of online payment services, it is getting easier for consumers to make payments without having to put in their sensitive information every time they have to make a purchase. All they have to do is log in to their payment provider and they can easily process the payment within minutes. There are also other payment providers that enable you to make payments straight through email which makes these transactions not only more simple to access but also more secure.
Prevent cart abandonment
Almost 20% of the people who abandon their cart do so because of the lack of payment options available. There are a lot of people who also don’t go through with their purchases because they don’t trust the eCommerce site enough to put in their credit card information. If the checkout does not provide the user with what they need, there will be a loss of the potential customer. When the preferred payment method is not available, that potential customer cannot complete the payment transaction and will drop the cart.