How do you appeal to online shoppers? If you maintain a basic e-commerce store, you’re probably not doing enough. Consumers demand more convenience from their virtual outlets. With so many options on the web, they’re bound to find a better alternative if you can’t provide for them.
Many companies prioritize the design, content, and navigational features of their online stores. While these elements are all important, you can’t ignore your e-commerce features entirely. You’re likely to face high shopping cart abandonment rates and reduced sales if you don’t give these elements the attention they deserve.
So how can you make the most of your e-commerce practices? You should pursue alternative payment solutions. They allow your customers to use more than just credit cards when they buy from your online store. When you accept debit, gift cards, and other forms of payment, you’ll give your customers greater choice, which will make a sale much likelier. Read on to find out how.
They Can Help Speed Up Transactions
The whole reason people shop online is to save time. They don’t have to drive to a store, locate an item, pay for it, and return. Instead, almost every product they want is available through their computers or mobile devices.
Many retailers don’t play to these strengths, though. They put up unnecessary obstacles in their checkout processes, which prevents their customers from actually buying the product for which they came. Alternative payment solutions can help you avoid this fate.
Credit cards use many different authentication processes to protect users, but alternate methods don’t need this level of protection. As a result, they offer more efficient service, so you’re more likely to make a sale.
They Reduce the Risk of Credit Card Compromises
Financial information is sensitive at the best of times, so online shoppers are hesitant to give it out willy-nilly. Unfortunately, most online transactions require a credit card number, expiry date, and more. Sometimes, users even have to input their addresses and telephone numbers. Consumers may feel nervous about offering so much of their personal information, and they may back out of purchases as a result.
Alternative payment solutions don’t involve any direct exchange of credit card information. While they may link to a credit card or bank account, they don’t put any data on the line. As a result, they represent a safer option for worried consumers.
They Allow Customers to Pay Later
Time isn’t always on your side. Shoppers still idly browse for products when they’re low on funds.They may even add items to their carts in the hopes of buying later, but these actions rarely lead to sales.
Impulse browsing can lead to significant sales, so you need to take advantage of it. Many alternative transaction methods allow customers to defer payment to a later date. This can help you capitalize on their browsing habits, even if they don’t have the funds needed to make a purchase. These solutions allow them to pay up to 14 days after they purchase an item.
You won’t have to worry about missing payments because you’ll still receive the necessary amount immediately. As a result, you’ll never have to worry about losing purchases again.
They May Reduce Processing Costs on Certain Transactions
Processing fees are annoying. Merchant services providers often pass these costs on to their clients, which raises the amount you have to pay each month. Thankfully, certain alternate payment methods process payments use the Automated Clearing House (ACH) network. This reduces the amount that processors have to pay, which also lowers your bill.