The best payment methods for your eCommerce store

DynamicWeb

In recent years, eCommerce has become an increasingly popular method of shopping since online stores typically provide more products and options, shopping comparisons for more cost savings, and overall convenience. 

Thanks to the many benefits of this shopping experience, it’s easy to see why many consumers shop online instead of making their way to their nearest store. 

With this rise in popularity, it’s essential for eCommerce stores to accept a wide range of payment options to cater to the broadest range of consumers.

Accepting multiple digital payment methods can help eCommerce stores grow their customer base and expand into new revenue streams. Limiting payment options can close the doors to specific demographics and lead to cart abandonment or a decline in sales.

Since cart abandonment is one of the most common issues for eCommerce businesses, providing customers with multiple forms of payment can mitigate this problem and reduce abandonment rates.

Offering a range of secure and reputable payment options also helps build customer trust. When shoppers see familiar and reliable payment methods during checkout, they gain confidence in the legitimacy of the eCommerce store and are more likely to complete their purchases and convert to repeat customers. 

Since online payments are constantly evolving, businesses should evaluate the most popular options in their industry to determine the best fit.

With so many digital payment options, choosing which ones to accept can be daunting. To help narrow down your choices, here’s a list of the most popular payment methods accepted by eCommerce businesses:

1. Credit cards. Credit cards are one of the most common forms of payment online consumers use. Credit card payment processing is relatively quick, allowing for faster order processing and shipping, which can improve customer satisfaction and encourage repeat business.
2. Debit cards. Debit card transactions often provide lower processing fees compared to credit cards, leading to cost savings, especially when dealing with a high volume of transactions. These transactions are typically processed instantly, providing immediate payment confirmation for the eCommerce store.
3. Digital wallets. Digital wallets are an easy way to securely save customer information for future purchases, making the checkout process quick and seamless.
4. Bank transfers. Bank transfers tend to have lower transaction fees, which can benefit both the eCommerce store and the customers. This cost-effective payment method can be particularly beneficial for high-volume transactions.
5. Mobile payments. Since most people use smartphones nowadays, integrating mobile payment solutions into your eCommerce store can improve the overall user experience. Integrating mobile payment options also streamlines the checkout process, reducing friction and potential cart abandonment.
6. Cryptocurrencies. Cryptocurrencies have become increasingly popular in recent years, offering a higher level of privacy compared to traditional payments. While the transaction is recorded on the blockchain, customers can make payments without revealing personal information for an added layer of privacy.
7. Buy now, pay later (BNPL). BNPL services appeal to a broad customer base, particularly younger generations and individuals who prefer flexible payment options. By offering BNPL, eCommerce stores can attract new customers who might otherwise be hesitant to make upfront, high-ticket payments in full. 

Now that you know which payment methods are the most common among eCommerce stores, it’s time to choose the right ones for your business. 

Choosing the right payment methods for your eCommerce business can be a critical decision for merchants. Merchants should consider a few factors to ensure they’re making the right choice.

Start by understanding your target market, identifying which payment methods they prefer, as well as which of those payment methods have the lowest transaction fees. Merchants should also investigate which payment methods their competitors are offering, as they can provide insight into which payment methods are working well in the industry.

Integrating a powerful payment gateway into your eCommerce store will streamline the payment process. Although payment gateways are essential for accepting digital payments, not all gateways are created equal.

Payment gateways are a secure and efficient means of processing online transactions, providing various digital payment services. 

When a customer purchases online, the payment gateway is the intermediary that securely transfers the transaction details between the customer, eCommerce store, and financial institutions. This ensures sensitive payment information remains encrypted and protected throughout the transaction.

The most reliable payment gateways use advanced encryption methods to provide top-notch security in accordance with PCI compliance standards, ensuring that customers’ payment information is safely transmitted. This reduces the risk of data breaches and fraud and encourages more trust from customers who make online purchases with your business.

Moreover, payment gateways facilitate real-time authorization of transactions. When a customer submits their payment information, the payment gateway swiftly verifies the transaction’s authenticity, checking for sufficient funds and any potential fraud risks. This instantaneous validation enables faster order processing, reducing the likelihood of payment delays and ensuring timely delivery of goods and services.

A good payment processor will be compatible with a wide range of digital payment solutions and eCommerce platforms. This compatibility ensures seamless integration and allows the eCommerce store to offer various payment options, catering to the diverse preferences of customers.

With so many payment processing solutions available, finding the best option for your business can be daunting. Thankfully, reliable payment processors like EBizCharge ensure your customers’ transactions are seamlessly and securely processed. 

EBizCharge provides numerous features, all tailored toward simplifying the payment process. These features include reporting and analytics to track financial data, payment collection tools like email payment links and a branded customer payment portal, and recurring billing to automate payment collections.

EBizCharge also offers over 100 payment integrations, making it easy to find one that will work best for your eCommerce business.