Online business seems to keep growing and growing. As more customers turn to online stores and more merchants implement e-commerce solutions, it might seem like running a business online is an easy thing to do.
But there are a few tricks that can help grow your online business. One of these is ensuring that you offer the right payment options for your online clientele. Unfortunately, many merchants still offer just one payment option for their online customers. If you run one of those businesses, consider some of these five alternative payment options.
5. Multiple Currencies
You know that your customers have access to your website from virtually anywhere in the world. They can shop with you no matter where they are, no matter the time of day. Your customer base is truly global, and you deliver products and services globally.
So why are your customers shopping in only one currency? Few merchants realize it, but this is actually detrimental to sales. Customers in the UK or any of the EU countries might not be too concerned about paying in USD because the exchange rate favors them, but customers in other countries might decide not to shop with you because they know they will be overcharged on the exchange. Offering them the option to switch to another currency is a great way to earn their business.
4. More Than One Credit Card
Customers like having alternatives, which is why you even need to consider alternative payment options for them. If you only accept one credit card—even if it’s one of the major cards—you could be turning away business. While many North American customers will carry more than one card, they still may not have the card you accept. That can leave customers high and dry when it comes to shopping with you—and they might simply choose to shop elsewhere. Offering multiple card choices allows your customers to select their preferred card.
That said, you don’t need to offer every card under the sun. Stick with the major cards and your customers are likely to find one among them that they can use for payment.
3. Debit Card Processing
Some customers do not carry a credit card, which can be a problem when they want to shop online. Do you offer them the option to pay with their debit card? You probably should. In turning away business by only accepting payments from one credit card, you’re likely turning away business if you do not accept debit card transactions.
2. Mobile Platforms
Alternative payment options for your customers should allow them to shop from anywhere, anytime—whether they are on their laptop at home, on their desktop PC at the office during their lunch break, or on their mobile phone or a tablet halfway around the world.
That means your e-commerce solution should have a full-fledged mobile platform that makes shopping with you a breeze. Mobile shoppers have a drop-off rate of about 70%—but an easier checkout system lowers that rate and makes customers more likely to complete their transactions.
1. Pay Later
Until recently, most online transactions were “pay now,” meaning the customer entered all their payment details and the merchant processed the transaction before the service was provided or the item was shipped. And even now, most transactions still follow this model.
But alternative payment options like “pay later” are becoming increasingly popular. These options allow customers to finish their transactions with the click of a button and worry about payment later. That makes the checkout process incredibly simple for your mobile shoppers. And it also has benefits for merchants—it can help protect your business from chargebacks at the same time that it can help you grow your business and increase your sales.