How to accept alternative payment methods?
Accept cash and credit cards, and your business is sure to succeed. This policy might have paid dividends a few years ago, but today, by offering only these payment methods to your customers, you risk falling far behind your competitors.
To prevent this from happening, it’s important to consider alternative payment methods. If you still don’t know about them, or your company hasn’t yet offered these payment options to your customers, you need to think about how your business can offer alternative payment methods as soon as possible to keep up with other companies.
In this article, you’ll learn about the major alternative payment methods e commerce and how you’ll benefit by offering them to your customers.
What are alternative payment methods?
These payment methods include bank transfers, e-wallets, installment payments, and mobile digital payments. In short, all methods that are alternatives to the popular credit cards and cash.
As soon as these payment methods were offered to customers, they were appreciated for their high level of security, simplicity and convenience. Already, more than 40% of all transactions worldwide are made using these methods, and you can be sure that this figure will only increase in 2021.
What are the most popular alternative payment methods today?
One of the most popular methods of payment for goods and services online has become electronic payments. After all, it’s so easy and convenient to keep money in your digital wallet, and when you need to make a purchase, just log into your account and transfer money to the specified details. Modern digital wallets offer such a high level of security that it’s much easier for you to lose your cash.
The second alternative method is bank transfers. By and large, this method is very similar to electronic payments, but in this case you enter your bank account details. If you do not want to enter the same payment details next time, it is enough to save the necessary information for the payment in the account of one of the payment systems.
Paying in installments is a great way to get the product you want, even if you don’t have the funds to buy it right now. If you have approved credit with PayPal, you can take advantage of an option called “Buy Now and Pay Later.
Why would companies offer their customers alternative methods of payment?
Of course, you can continue to accept payments for items through traditional methods. But keep in mind that by acting this way, you will only lose your customers. Believe me, today many companies are willing to offer them any payment methods in order to attract customers and none of your potential customers will adjust to you. More likely, he will go to your competitors, who have absolutely no restrictions on payment methods and other important for him things.
Believe me, there is nothing worse for a customer than to find out about a credit card rejection when they are ready to make a purchase. If you can offer him an alternative in the form of payment through PayPal or Amazon, he will consider buying from your company.
Here are some other good reasons to add alternative payment methods:
- Significant sales growth. One U.S. company was able to achieve a 46.8% increase in transactions by adding the PayPal Express Checkout payment method. And such cases are not isolated.
- Worldwide recognition. Alternative payment methods are known throughout the world, and by adding Amazon Pay or PayPal you provide options for customers not only domestically, but globally as well.
- A high level of trust. Despite the high popularity of credit cards as a payment method, very frequent cases of fraud make customers look toward the safer systems of Apple Pay, PayPal and others.
A high level of trust and confidence that a payment will be completed safely and quickly will motivate people to choose alternative payment methods, and your company will help attract even more customers.
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