If you're an eCommerce business owner, you already know how important it is to provide customers with a seamless shopping experience.
One of the best ways to ensure customer satisfaction is to offer multiple payment options on your website. You will create a more enjoyable, secure, and efficient shopping experience by allowing shoppers to pay with their preferred payment method.
Not only will this make it easier for customers to complete their purchases, but it will also help to reduce the risk of cart abandonment. Offering multiple payment options also has additional benefits, such as increased customer loyalty and better data collection.
By diversifying your types of payment methods, you're opening up your business to a broader range of customers.
What are The Benefits of Offering Multiple Payment Options?
Some years ago, most eCommerce businesses only used debit and credit cards as payment options. But with the invention of digital wallets, a lot has changed. PayPal and Google pay are the most popular e-wallets that big brands have adopted.
Today popular eCommerce brands are integrating as many payment methods as possible to give online shoppers options.
As an eCommerce owner, you need to provide customers with different types of payment methods to increase conversions. Here are the top 5 reasons your eCommerce store needs different payment options.
1. Improves Conversion Rates
One of the main benefits of offering multiple payment options is improving your conversion rates. This means more customers will complete their purchases on your site.
Consumers abandon their carts if they have issues completing their purchase with their preferred payment method. For example, a customer might not have a credit or debit card or has an issue with their account.
You can reduce the risk of losing clients and increase conversion rates by giving customers multiple payment options. Not only will this improve your sales figures, but it will also improve your business’s overall profit margin.
2. Enhances User Experience
Having different payment options on your website will enhance the user experience. This is because it makes it quicker and easier for customers to complete their purchases.
Shoppers often have a preferred payment method. You'll speed up their checkout experience and help them complete their purchases more quickly by allowing them to pay with their preferred method.
Convenience is a key concern for many modern shoppers. They need an eCommerce site that can complete their purchases quickly and ship their products soon.
Offering different types of payment methods speeds up the checkout process and gives your customers a more streamlined experience. It will help reduce cart abandonment risk and increase customer satisfaction.
3. Customers Feel Safe
Multiple payment options on your online store will make customers feel more confident about giving their account data.
This is particularly a concern among customers who prefer to pay with cash, as they may be less inclined to share their account information. By offering multiple payment options, you build trust and make it easier for customers to make their purchases.
Customers like to feel safe when they’re shopping online. Having different payment options will make your brand appear trustworthy and transparent. Therefore, ensure your multiple payment methods offer a mix of security and ease of use.
4. You’ll Make More Money Internationally
Offering multiple payment methods will make it easier for your business to collect payments from international shoppers. The types of payment methods vary by region, nation, and accepted currencies.
For example, the most used payment method in China is Alipay; if your website supports it, you will have access to the enormous Chinese market. Multiple payment methods will help you handle different currencies and expand into foreign markets.
5. It Decreases Cart Abandonment
One of the biggest concerns for online retailers is cart abandonment. This is when shoppers add products to their cart but don't check out. Shoppers often leave their carts because of limited types of payment methods.
Multiple payment methods will help reduce the risk of customers abandoning their carts and increase your conversions. Not only will this boost your sales figures, but it will also make it easier for you to collect payment.
Types of Payment Methods You Should Enable on Your Simple Store Section
If you build your eCommerce website on Strikingly, you can easily accept payments online. Strikingly has a feature that makes it easy to add multiple payment options and collect customer payments.
The Strikingly Simple Store supports credit and debit cards, Stripe, Alipay, PayPal, etc. You can also accept offline payments from customers worldwide in over 50 currencies. It’s up to you to choose the payment methods that work best for you and your customers.
Image taken from Strikingly Product
This payment method is the most popular in the world. Today PayPal has more than 300 million users. PayPal allows business owners to accept payment from customers with PayPal accounts or bank accounts.
PayPal's user-friendly interface/ website design offers customers a seamless and convenient payment experience.
PayPal also has a great help center; they'll quickly solve any issues concerning your business or client transactions.
Image taken from Striking Product
It is a payment processing service that you can add to your online store, website, or mobile app.
Stripe is a popular payment method due to its great interface and ability to accept payments from customers worldwide. You can set up Stripe to automatically convert payments to your local currency.
Stripe offers payment features, such as chargeback protection, dispute resolution, and fraud detection. It helps to protect you as a business owner and gives customers peace of mind knowing their account information is secure.
3. Google Pay
Google Pay provides a single payment method for your customers, regardless of their device. It is available on both Android and iOS devices.
This payment method was launched in 2018 but already has millions of users. The brand name "Google" is enough to win your customer's trust.
Google Pay has a seamless checkout process and rewards merchants for its users. These make it one of the most used payment methods; you should add it to your website.
4. Apple Pay
It is one of the safest payment methods for customers using iPhones or iPads. Apple Pay is already in use by more than 85 percent of retailers in America.
Adding Apple Pay to your payment methods will give you an edge over the 15 percent of retailers who still need to adopt it. Generally, Apple Pay is a safer, fast, and easier private payment method.
5. Amazon Pay
Amazon Pay is a great payment method if you have an eCommerce store selling products on Amazon. It is also a great payment method for your customers who are also Amazon customers.
Amazon Pay allows customers to log into their Amazon accounts and complete a purchase from your site using their Amazon account credentials.
6. Credit Cards/ Debit Cards
These cards are among the common and best online payment methods. Before adding this payment method to your website, ensure you have a reliable payment processor that protects your customers' card information.
Credit cards and debit card payment methods guarantee more purchases from your customers. It’s because these payment methods are widely accepted and easy to use.
Some customers prefer to make a credit card payment or use their debit card as they may have this payment method linked to their bank account. It helps customers keep track of their spending.
Ali-pay is a payment method offered by Chinese eCommerce giant Alibaba. Ali-pay is growing in popularity globally as the number of online buyers from China is steadily rising.
If you want to expand your business to the Chinese market, add Ali-pay as a payment method in your simple store.
8. Offline Payment
You can also choose the offline payment method for your simple store. Offline payment is the traditional method; customers won't pay through Alipay, Stripe, or PayPal when placing an order. They will make payment on delivery if the product meets their expectations.
Image taken from Strikingly Product
With Strikingly offline payment, you have to give instructions to your customers. It's best to set up the offline payment method by yourself and ensure everything is as specific and detailed as possible. Being specific in your instruction will save customers from confusion.
How to Add Online Payment Methods on Your Strikingly Store
With Strikingly, you can find several payment getaways to your eCommerce website. Strikingly offers Stripe, Square, and PayPal and accepts other offline payment methods.
Here is a quick guide on how to add your most preferred payment methods to your Strikingly eCommerce website.
1. Log in to your Strikingly website building account.
2. Click “Edit” on your published/ unpublished Strikingly site.
3. Click “Settings” in your Strikingly editor.
Image taken from Strikingly Product
4. Click “Accept Payments” and add your preferred payment methods.
Shopping online has become the norm for many, but the checkout process can be the most frustrating part of the entire experience.
Customers have their preferred payment methods, which are usually different. That’s why offering multiple payment options is important. It provides flexibility and convenience to customers, helps you increase sales, and more.