The growth of eCommerce industries has been extreme in past years. It has benefits like giving access to good products, saving time, and simplifying the purchase without visiting that place physically.
The majority of people have started to choose online shopping rather than in-store shopping. This trend increased more during the COVID-19 days. People even preferred to purchase groceries online.
Hence, the quantity of online stores and eCommerce websites is increasing every day. Amongst these websites, if you want your website to stand out, you need to make it unique and keep the UI/UX straightforward and smooth.
One such function that can help your website be a good place for customers is- making the payment process easier for the users. Adding different payment methods to your eCommerce website is necessary. Let’s have a look at multiple payment systems that can be helpful in your next project.
Why offer different payment methods on your eCommerce website?
If we consider traditional payment ways, there were only a few of them such as cheques, bank deposits, cash, or money orders. But now, as technology is expanding, the advancement in payment methods is also seen.
In almost all apps or systems where making payment is an option, you will see different options like UPI, Net Banking, Credit or Debit card options, and many more alternatives.
The same thing is done on eCommerce websites as well. As there are a large number of users who are using your site, you do not know which payment method each user is accustomed to.
So, providing them with different payment alternatives is necessary. For the majority of the time, people prefer to buy goods or services from a site where they can make easy and secure payments.
Providing multiple payment methods can also increase your brand value and users can trust you depending upon this factor.
Most Popular Payment Methods for your eCommerce Websites
The most popular type of payment method is using a debit or credit card. It is a globally accepted and easy-to-perform payment process.
However, many payment methods can help your website stand out from other competitors. Let’s see some most popular payment methods here:
Bank Transfer
Bank transfer is considered to be one of the most safe payment methods while shopping online. If you do not want to insert your debit and credit card details, a bank transfer can be one of the best alternatives to use while making online payments.
Bank transfer is going out of fashion in certain systems, however, there are certainly traditional and popular projects still providing the option of bank transfer. Despite being comparatively slow, bank transfers are safe.
It’s because you as a customer have to approve the payment. For instance, you will get a confirmation code or an OTP on your mobile or trusted device from the bank. Only if you confirm it, the payment get approved. Or else, the payment process eliminates there.
Cash-on-Delivery
Even though cash-on-delivery is considered outdated by this generation, it’s still a preference for people who want to stay away from online fraud. You do not have to add any of your bank details at all.
Just pay when you receive your goods. However, this method isn’t viable for using services like OTTs, booking tickets, etc. Here, you will have to pay using other online methods like cards, UPI, etc.
Many eCommerce websites provide this option for customers who reside in defined areas. Other than security reasons, some people opt for COD. What if their package doesn’t arrive? They just want to pay when they receive their parcel.
However, the method of COD can be expensive for eCommerce owners. The couriers often are expensive for delivery services and there's a high risk of fake orders as well.
However, still, many eCommerce sites still provide COD options for the convenience of their users.
Credit and Debit Cards
Regardless of the wider range of cutting-edge payment methods of today, nothing can beat the debit and credit card options. Most of the eCommerce websites accept popular brands like MasterCard, Visa, & American Express. These are some of the most reliable and secure brands in the finance industry. It’s what a client uses mostly.
As the transactions through debit and credit cards can be processed easily, they are more in number and even priority of users. Hence, your online store must accept these cards to make a significant presence in the digital market.
Cryptocurrency
Crypto is enhancing its roots in the modern development world. Cryptocurrencies are creating new ways for users to trade and purchase different products and services. Not just Bitcoins, but also tens of modern altcoins are exchanged in everyday life.
In the past ten years, cryptocurrencies have become popular amongst digital merchants as there are no chargebacks or taxes. As there is an expansion of cryptocurrency transactions, large businesses and governments are also using crypto to make huge transactions. Despite the risks of ever-changing value and unpredictability of future approaches of these coins, they are still in trend.
Digital Wallets
E-wallets such as Google Pay, Apple Pay, PayPal, etc., aim to become a one-in-all financial package that lets users store their tickets, funds, and other essential documents. While e-wallets are popular among young customers, studies show that their payment keeps growing and that multiple eCommerce stores have started incorporating them in their projects.
Digital wallets may or may not be the popular choice in today’s time, but many studies predict that the use of digital wallets will increase tremendously by 2025. So, eCommerce owners must start to include them in their projects.
Payment Gateways
Payment gateways have an important role in providing facilities for international eCommerce transactions. Most online retailers incorporate payment gateways into their eCommerce stores because of speed and ease of use.
The payment method of Payment gateways plays a trusted role in third parties that can connect bank providers, payment processors, and merchant accounts. Some of the popular payment gateways are Stripe and PayPal.
However, services like these generally vary in platform and transaction access fees. Many payment gateways are expensive for B2B eCommerce sellers, so it’s essential to compare them carefully before choosing any one.
Paying via Links and QR Code
Paying using Links or QR codes can add an extra layer of convenience to the customers. They can easily pay for their purchase using the link that they will receive via an email or through SMS.
Despite the convenience, users still prefer to use digital wallets and simple payment methods such as cards or bank payments.
QR codes are the safest and fastest payment methods used today. Other than simply being easy to use, it also speeds up the whole process and helps your eCommerce store boost sales and increase revenue.
Other than that, QR codes also allow the users to choose other payment gateways. When a user gets redirected to the checkout page, they can choose between PayPal, Credit/Debit, Google Pay Apple Pay, or other payment methods.
Concluding Words
We hope that this article about different payment methods for eCommerce websites has been helpful to you. Now, you can easily make a decision about which payment method is more useful for the users as well as the eCommerce sites.
However, if you own an eCommerce site, it should contain maximum payment method alternatives to make it convenient for the users to perform easy and secure payments.
In addition to these payment methods, there are high chances of new methods to arise in upcoming years. You can bookmark us for more technical updates. Stay tuned and happy reading!