Why Your Small Business Needs Diverse Payment Options

— April 3, 2018

Why Your Small Business Needs Diverse Payment Options

Although payment options may not be the first thing that comes to mind when you ask about the most important aspects of an ordering and checkout process, when it comes down to it, they really can affect the consumer and whether or not they follow through with their purchase.

Offering diverse payment options offers a lot of benefits for both consumers and businesses alike, and if you run a small business, especially a small business with an ecommerce store, then offering diverse payment options is important.

Benefits to the Consumer

The checkout process will be easier for them. Complicated checkout processes tend to turn consumers off. If it’s not easy and simple, they may not want to make the purchase after all. The easier the process is, the happier the consumer will be and the more likely to complete their purchase.

They can choose the method most convenient for them. Everybody likes to have options. If you’re limited, it’s frustrating. Imagine you’ve spent hours searching the web for a new dress or a new watch at the right price—you’ve finally found it, but when you go to check out, they only accept American Express cards, and you only have Visa. How frustrating would that be?

When you offer diverse payment methods, not only do you ensure that all consumers have their preferred payment method available, but they get to choose which one they use. If they have a Visa and an American Express, but only use the American Express for purchases over $ 1,000, they can opt for Visa.

They will feel like their expectations have been exceeded. Having diverse payment options gives consumers the chance to choose which one they want to use which, in-turn, exceeds their expectations. When they added the item to their cart, they probably imagined a simple card checkout, but when they see a variety of different options, they’ll likely be pleasantly surprised.

Benefits to Your Business

Your customers will be more likely to follow-through with their purchase. According to a survey conducted by Baymard Institute, 8 percent of 1,799 respondents reported that they abandoned a shopping cart during checkout because there weren’t enough payment options. Payment options are a big point of friction for consumers and could make all the difference between whether or not they make the final purchase.

Offering diverse payment options means that your customers will be more likely to follow-through with their purchase rather than abandoning the cart because their preferred payment method wasn’t available.

You will reach a much larger consumer base. When running an ecommerce business, you may be targeting your local area, but you have the opportunity to get customers from all over the nation and even all around the world. But just like individuals have their preferred payment methods, different countries have their general preferences as well.

The higher number of diverse payment options you offer, the larger consumer base you’ll appeal to. If you’re able and willing to do business and ship internationally, you could open up your business to the entire world by adding diverse payment options to your checkout.

You will stand out from competitors. When you offer diverse payment options, you set yourself apart from your competitors in the industry. While most companies offer one or a few different options, if you offer many, you’ll appeal to a larger consumer base and will stand apart from your competitors.

Diverse Payment Options You Can Provide

Credit/debit card. Credit/debit card payment options have been available on most sites for quite some time now, but not every site accepts each kind of card. Ensuring it is possible for consumers to use any type of card they may want to use will make the process easier.

Check. As strange as it sounds, you can accept checks online. They work at the speed of email and remove the problems associated with traditional checks. Know more about how echecks work and consider using it as a payment option.

PayPal. PayPal is another common payment method that a number of sites have been using for a while now. It’s a great and convenient way to let your consumers pay for their orders, and if you don’t have it on your site already, you should get it up there.

Apple and Google Pay. Those with iPhones have been enjoying Apple Pay where it’s available for some time now, and although Google has had its own version available, it recently launched an improved payment system that makes making payments fast and easy. Adding Apple and Google Pay to your website will give consumers yet another fast and easy payment option and get them checked out sooner.

Bitcoin (or another Altcoin). Many businesses already accept Bitcoin and other Altcoins in exchange for goods and services, but it’s still picking up and gaining popularity with the general public. Adding cryptocurrency as a payment method on your site will put you ahead of the curve and help you appeal to those who are already involved in the cryptocurrency space.

Conclusion

Offering diverse payment options can make more of a difference than you might think for both the consumer and for your business. Which payment options do you think will add the most benefit for your business if you add them to your site?

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Author: Michael Wight

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