Apart from having an optimized website, every e-commerce store owner should take cognizance of employing the best payment methods. It is as important as the website itself.
Undoubtedly, a good payment method has proven to be among the great strategies to dish out a good customer experience. Irrespective of profit, you run an e-commerce store to make buying and selling easy and comfortable for your customers.
So, if customers face payment difficulty after adding items to their cart, you should know your wine jar is about to break. So, therefore, you need to double-check the problem and the type of payment method your website adopted.
However, this article will light your path to the best payment methods for e-commerce stores. But before that, and for the benefit of the doubt, let’s have an insight into what payment methods are.
What are Payment Methods
Payment methods are various gateways used to initiate and finalize payments. Whether as an e-commerce website or brick and mortar store, your payment method has a say over your store.
Curious right? Do you want to know how and why? Check this illustration. As earlier stated, if your customers can’t pay for items purchased, either from issues from the website’s payment method or customers’ cards.
You risk low sales level, cart abandonment, and probably lose the customer. Don’t let me bore you with my long talk. Please permit me to walk you through the red carpet of best payment methods for e-commerce store
7 Best Payment Methods for E-commerce Website
Stax is one of the best payment methods for small, medium, or large e-commerce stores. It uses a subscription-based pricing model with a flat monthly fee. Even with high sales, you still enjoy your flat monthly fee. Some of its features include
- It permits you to integrate with other payment methods such as salesforce, WooCommerce, and Magento, amongst others.
- It assists you in keeping and tracking inventory data of your online and in-person stock.
- You get a regular report as an analysis of customer behavior and pattern.
Apart from its superb payment method, one amazing feature you should consider about Paysafe is its high anti-fraud protection. It offers an Al that scans every transaction to detect fraud and cyber threats.
With Paysafe, your fear of chargeback and International transactions vanishes. It accepts international cards and currency. Furthermore, due to its flexible payment method, you are liable to accept payment with cryptocurrency, PayPal, direct deposit, and much more.
This is a well-known payment gateway for most e-commerce business owners and online shoppers. Regarding reliability, security, and easy use, you should go for PayPal. It is the most used digital wallet across the globe. Few of its features are
- As a substitute for credit or debit cards, PayPal initiates transactions via spending from balance.
- It is the best payment method for startup e-commerce business merchants.
- Using PayPal for e-commerce, you can accept payment from Venmo, credit and debit cards, and PayPal credit.
- It is easy to set up.
Running a physical store could be frustrating when you face payment difficulties. Imagine having tens of customers who ended up returning items purchased because they could not finalize the purchase.
This could be devastating. And this is why you should consider square as a payment method. It has an amazing stellar POS system integrated with its payment method. This benefit is not limited to physical stores alone. It extends to e-commerce merchants too.
It doesn’t require any fee before incorporating it with your website. In addition, you can integrate with other payment platforms such as WooCommerce, Wix, Magento, WordPress, ShipStation, Miva, and more.
It’s one thing to sell within a geographer zone; it’s another thing to sell globally. I can guess it’s every e-commerce store’s wish to spread its tentacles internationally and globally.
So if you’re among the few that sell globally, Payoneer is for you. And if otherwise, don’t panic. Payoneer got your back. With Payoneer, you enjoy benefits such as
- software that will assist you in growing and accessing untapped markets.
- Eliminating the stress and high cost of currency conversion and wire transfer.
- You can get paid in USD, EUR, and several other options.
- Easy to set up.
With all these benefits, why won’t Payoneer rank as one of the best payment methods for e-commerce stores? You are missing a lot if you are trading globally and not using Payoneer.
However, it is important to note that Payoneer doesn’t grant you the opportunity to accept payment via debit or credit card. On the other hand, it helps set up local banks to foster bank transfers and attain money.
It is right to think some of your customers use Apple devices. Over 64% of United States citizens use Apple devices for record purposes. This is why it deems you fit to adopt Apple Pay as your payment method.
Apple Pay is a mobile wallet suitable for customers that purchase via mobile phone. First, let’s look at how it works.
Once a user or customer inputs his card details, the device communicates with the issuing bank, which creates and sends a token code in place of their card. Cool right?
This is to prevent internet fraudsters from having access to your banking details. As an e-commerce merchant, you might want to incorporate Apple Pay into your website. But don’t confuse about how to go about it. It is easy and simple.
You just have to use Apple Pay API with its compatible platforms: BigCommerce, IBM, Shopify, Volusion, Wix, and a lot more. Then voila! Apple Pay is ready for use.
Lastly, Apple Pay is free for both merchants and shoppers. This makes it one of the best payment methods for e-commerce businesses.
Google Pay is the only payment gateway competing with PayPal and Amazon. Amazingly, it now offers online payment methods. In addition, many people have their card and banking details saved on Google.
If you have shoppers who intend to pay with gift cards and the like, be rest assured Google Pay got you covered. Introducing Google Pay makes it easier for users to shop.
It is suitable for mobile and desktop users with an encrypted security format. Like Apple Pay, it is free for e-commerce business merchants and customers.
I hope you enjoyed walking with us through the red carpet of suitable payment methods to be adopted by e-commerce merchants.
However, this article has showcased the seven best payment methods for e-commerce store owners. Furthermore, it has highlighted the benefits you would enjoy and why you should consider them and refer them if necessary.