Alternative payment solutions help your business grow—this is a fact. Not only do these alternatives help you process more payments and increase sales, but they reduce the risks that are commonly associated with online shopping, such as credit card fraud. And that’s just the tip of the iceberg.
In a number of ways, these payment solutions are the key to helping your business adapt to the changing ways people buy products and services, as well as ensuring your bottom line is always protected. If you’re wondering why you can’t afford to ignore these solutions, here are the top three reasons it’s time to make the investment in alternative payment solutions.
1. They Lead to More Sales
This is the most obvious reason you can’t afford to ignore these payment solutions and it’s likely the one you’re the most interested in. When you adopt alternative payment solutions, you’re allowing your business to make more sales in a few ways:
Pay later options allow your customers to buy online and pay for their purchases later. For many online shoppers, this allows them to buy the things they want, even if they’re waiting on a paycheque. As a business owner, this means more sales that you otherwise would have lost.
Impulse buying is what the world of online shopping is all about—people want their products and they want them now. Considering online retail sales are estimated to hit $370 billion by the end of 2017, if you’re not offering your customers a way to pay online, their impulse shopping needs will be fulfilled elsewhere.
People pay in a number of ways. From debit cards and credit cards to mobile apps and prepaid payment cards, consumers have their own preferences and they want to be able to pay however they like. If you don’t offer a number of payment options, you’re going to lose sales. With alternative payment solutions, you can offer your customers different options that will lead to more sales.
2. They Reduce the Risk of Credit Card Fraud
One reason many companies and customers alike are wary to adopt e-commerce is the risk associated with accepting credit card information. Traditionally, consumers had to share their credit card information in order to purchase online, leading to greater risk of credit card fraud.
Many alternative payment solutions, however, do not require the exchange of credit card information. No customer data will be on the line, enabling you to offer a safer online payment option.
3. They Lead to Faster Checkouts
Shopping online is supposed to be a breeze—it’s only fair that customers become frustrated when it’s not. Sometimes, online checkouts include a hefty number of questions and fields to fill out in order to complete the purchase. Not only does this increase your risk of abandoned carts, but it also creates a negative customer experience that makes your users much less likely to return to your store later on.
With alternative payment solutions in place, your business will be able to help customers navigate through online checkouts much faster, more easily, and more securely. With quick and easy mobile and desktop checkouts, you can rest easy knowing your customers will have a great online shopping experience waiting for them.
Now that you know why you can’t afford to miss out on these payment solutions, it’s time to make the investment! Grow your business and reap the benefits of e-commerce sooner than later.