Payment methods for e-commerce | A guide for business owners
If you are a seller to enter new e-commerce markets located at various geographic coordinates, one of the most difficult hurdles you will encounter is becoming aware of the types of online payment methods most often used. It is of the utmost importance to learn how to transfer payments online without headaches.
Customers expect a variety of payment options to be available in online stores, whether they’re shopping from a desktop browser or your mobile app. This will allow them to select the payment method that best suits their needs. If you want your website to be relevant to the widest possible audience, you need to make sure it can handle many of the most popular payment methods online.
Let’s take a look at possible and popular payment methods for your online store.
1. Payments made by credit and debit cards:
As a payment solution, retailers can access a global marketplace by enabling payment acceptance through cards such as credit and debit cards. When it comes to shopping online, accepting payment by credit or debit card is among the most convenient payment methods. Card payments have quickly become the preferred method of payment for customers shopping online due to the ease and security associated with transactions.
2. Payment processors for online transactions:
Stax integrates your entire payment process with the specific business solutions you may need to improve the speed and efficiency of your business, as well as your ability to generate more revenue. Any type of small business would greatly benefit from using this option. It can be interfaced with almost all terminals and point-of-sale systems, its pricing approach is subscription-based and its monthly fees are affordable.
An e-commerce site already well known in the field of international sales is aware that there is an opportunity for development. Payoneer knows the steps needed to implement any of these improvements and has the software to demonstrate it. You can choose to receive payments in US Dollars, Euros, or one of several other currencies, as Payoneer simplifies setting up regional receiving accounts and eliminates the need for expensive wire transfers and currency conversions.
PayPal is recognized worldwide as the leading online payment service due to its user-friendliness, reliability and security. For this reason, we offer PayPal, which has over 250 million users in a wide variety of countries. For e-merchants who have not yet opted for a reliable customer payment method, PayPal is an excellent alternative.
3. Digital wallets:
Using a digital wallet to pay for e-commerce transactions is another popular technique, which has been thrust into the limelight by services such as Apple Pay and Samsung Pay. Digital wallets are also called virtual wallets – digital. Customers can use their bank cards to pay for virtual currency using this method.
4. Online bank transfer:
Online bank transfers are relatively comparable to wire transfers; However, unlike wire transfers, online transfers rely more on the use of bank cards and ACH (automated clearing house) payments. We may also refer to this type of transaction as an Electronic Money Transfer (EFT).
It does this by connecting the issuing bank to the receiving bank so that they can work together to transmit and receive payments through the network. The Automated Clearing House (ACH) network or the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, for example, can be considered to constitute the network of this organization.
Be aware, however, that most of the time the use of online transfer payments is limited to domestic transfers or payments made within a single market, such as the EU. In addition, the time required to process these payments can vary from one to three business days.
5. Online invoices:
If you run a business that is regularly paid by invoicing, you need to switch to using e-invoices. Compared to their paper counterparts, e-invoices are less likely to be lost or misplaced and are often paid faster.
You can write and send invoices online immediately from your desktop or mobile device using quality invoicing software, as well as track payment progress and accept payments in real time. Customers can pay their bills online with one click in person or via their mobile device. The goal of accounting software is to help users save time while allowing them to operate more efficiently and quickly.
If you’ve read this far, you should now have a much better understanding of the most common online payment options, and you should also have a good start on how to approach each market. Knowing the different online payment methods will allow you to adapt locally, which over time will lead to improved conversion rates on your website. When customizing local tactics for a certain region, it’s important to keep cultural preferences in mind. It is important to use digital technologies that will make it easier to break into new e-commerce markets.