Payment Methods: Which Ones Should You Offer?
The last thing any website wants is to turn customers away because they can’t complete a payment.
All websites need to have a selection of payment methods that allow every visitor to the site to pay for goods. By offering multiple safe and secure online payment options you increase the opportunity to make money on your site. The problem is, determining which payment options you need and should include. So without further ado, here are the most essential payment methods to include on your ecommerce site!
Think International from the Get-Go
You may be targeting a local audience but it’s a good idea to make payments international, you never know who will come across your website. Even if you’re not shipping abroad it’s worth remembering that some users might be buying gifts for people in the country, or perhaps visiting the country and in need of the product or service you’re offering online. So, what are the international payment options to include on your website?
Debit Cards and Credit Cards
The most commonly used international debit cards are listed below. Aim to provide ways for your customers to be able to pay using their regular debit card to help bring in revenue.
- Visa – Visa is the most used card in Europe along with Latin America, Africa and the Middle East and is a must have on any ecommerce website.
- American Express – The US, Chile, Mexico and Columbia use American Express as their preferred payment card.
- Mastercard – This debit card is the second largest card network in America and has millions of users worldwide.
Card payments are the most common form of payment method on websites. There are many different types of card around the world. Ensure you have the ones that serve your largest target markets, but don’t rule out other types of cards that are popular internationally.
In addition to credit and debit cards you can also offer users the option to use prepaid cards. The most common prepaid card that’s used in Europe is called Pay Safe.
Online eWallet Payment Methods
Online eWallets make it very quick and easy for users to buy from websites, and many make it possible for the user to pay using a variety of options, from using their credit or debit card, to taking it directly out of their bank account. Perhaps the most popular is PayPal, but there are other options to consider as listed below.
- PayPal is worth putting on your website and many users feel confident with this eWallet option. The down side of PayPal is that is requires a redirect away from your website, but users will be directed back once the payment is confirmed.
- Apple Pay is the most popular eWallet in America and Canada.
- Google Pay is like Apple Pay but it’s a system for Android users rather than those using iOS.
- Alipay is used in China and so a must have if you have an audience based there.
These eWallets require users to sign up to their service, although PayPal makes it possible to skip this step. The account holders can connect their cards and bank accounts or use one-time information if they prefer not to have their information saved. The system provides an accurate record of the transaction for the user.
Once signed up, users have a quick and easy way of paying online without having to find their card and type out all the numbers and other information.
Cryptocurrencies Including Bitcoin
Cryptocurrencies are edging their way into everyday life. They’re not as common as other forms of payment, but they’re getting there and there’s a high chance that they will one day be the number one payment method. Jumping in early to the cryptocurrency trend might give you the edge over your competition and impress the early adopters out there.Cryptocurrency is a digital currency that is encrypted and transferred completely online. It offers safety to users and even privacy to those not wishing to share their identity.
At the very least your website should provide your customers with Visa and PayPal. These two options are useful as many customers will already be familiar with them and used to using them to pay online. However, be prepared to offer more payment methods, especially when offering your goods on an international scale. Learn your audience, find out the payment methods they use and integrate them onto your site to avoid missing out on any potential sales.
Security on Your Website
When adding any payment method, it’s vital that you choose systems that are fully secure. Secure your website too and any data shared will be encrypted. The SLL certificate is a must for all ecommerce websites, providing security methods and giving visitors peace of mind when considering buying from you. Read through all services you’re considering using and read all the small print before launching the service on your website.
By offering a lot of payment methods you’re increasing the size of your customers. Pick wisely to reduce abandoned carts and increase conversion rates.