E-commerce has been gaining ground for some time now.
However, the Covid 19 pandemic has offered greater inertia to online commerce. Additionally, many consumers are now demanding greater availability of buy now, pay later options, according to recent research from ecommerce companies (if you’re unfamiliar with BNPL options, check out some of the research recently conducted by national e-commerce company The Pearl Source, which sold pearls online over the past two decades). Today we are going to discuss some of the best payment mechanisms entrepreneurs can adopt to increase their business sales online.
- Pay Pal – It is one of the most popular online payment options, which makes the payment process super easy. Businesses can easily integrate a PayPal button into the checkout page by working with a web developer. PayPal is especially recommended for entrepreneurs starting their business online because it already has a large user base and can be easily integrated into any online store. New businesses can earn the trust of customers and the high level of security guaranteed by PayPal. Consumers with an existing PayPal balance can use it for their expenses.
- Stripe – The high level of versatility has made Stripe one of the most popular payment methods of modern times. It is increasingly chosen by on-demand marketplaces, subscription services and e-commerce stores. Entrepreneurs who run businesses with multiple processes may want to consider Stripe. It is extremely developer friendly and offers a range of tools for businesses to customize their payment options, whether they want to go instant debit or buy now and pay later. Stripe also features an option to get recurring payments from customers. In-person and online payments are supported by Stripe which helps businesses deliver consistent services in both markets.
- Square – Entrepreneurs who run brick-and-mortar stores and plan to enter the world of online sales can bid on Square. This method has already been recognized around the world as a stellar point-of-sale processing system. A great built-in ecommerce website builder from Square can help you build the ecommerce store you’ve always dreamed of without any prior coding knowledge. Some popular Stripe ecommerce partners are WordPress, 3DCart, Wix, etc.
- American Express – When it comes to consumer confidence, American Express is one step ahead of its contemporaries. It has the highest satisfaction ratings and targets consumers with higher incomes than their peers. American Express offers a plethora of additional features, 24/7 customer support, is flexible enough to work with different payment processors, and also promises fraud protection.
- Google Pay – Google Pay is an online payment method offered by Google and is best suited for in-person payments, mobile apps, and e-commerce stores. Customers can make one-click purchases using Google Pay on merchant sites. The high level of efficiency and speed offered by Google Pay considerably reduces the risk of cart abandonment.
- Amazon Pay – Amazon is a popular site with a large number of users. It becomes easier for Amazon customers to make purchases once Amazon Pay has been integrated with your store without having to enter payment details each time during checkout. Amazon Pay has already guaranteed fraud protection to its users and can significantly reduce payment barriers. With more and more e-commerce stores offering mobile-friendly solutions, the importance of Amazon Pay has increased as it provides a seamless experience across all mobile devices. It only takes a few minutes to set up the Amazon Pay button on your website using their express onboarding option.
- Apple Pay – Apple device users can use Apple Pay, which works as a mobile wallet and a one-click payment option for compatible websites. Mobile users often rely on Apple Pay’s Touch ID for easy payment. The tokenization system is adopted by Apple Pay to ensure the security of credit card information. The device creates a randomly generated number by communicating with the issuing bank after the credit card information is entered by the user. These tokens represent the user’s card and hide sensitive information from hackers so that financial data is secure. The Apple Pay API can be used to configure your website to accept this payment method. Apple’s payment gateway does not charge customers or merchants any fees for the transaction.
The checkout page is extremely critical for both budding and established businesses. After all, this is the last stop in your website traffic where customers are supposed to enter sensitive credentials to purchase the product or service. Entrepreneurs must have full control over the payment process if they are to streamline the process for customers and increase sales along the way.