Top 4 Most Popular Ecommerce Payment Methods

Why should you offer different ecommerce payment methods?

Accepting more ecommerce payment alternatives poses a variety of benefits for both you and your customers. By introducing popular methods such as direct debit payments, payment gateways, BPAY payments, real-time PayTo payments, and others, you will give your business a competitive advantage over other companies. 

Advantages of offering different ecommerce payment methods include: 

• Increased sales and profits 

• Greater customer satisfaction from meeting your customer payment preferences 

• Lower fees when it comes to credit card processing and therefore decreased expenses 

• Improved checkout experience for your customers 

• Higher levels of security with biometric features and encryption

1. Credit/Debit card payments

Credit and debit card payments are a global payment solution as it allows you to reach out to the international market. Credit cards are extremely simple to use. They are also secure as the CVV number helps detect scams by comparing customer details and the CVV details. 

Debit card payments are ideal for individuals who prefer to spend within their financial restrictions. A debit card allows customers to only pay with their saved money in their bank account. On the other hand, with a credit card, the amount is billed and needs to be paid at the end of the billing period. 

2. Electronic wallets

Electronic wallets, otherwise known as E-Wallets or Digital Wallets, allow shoppers to purchase products faster and smoother. It is an app that stores virtual versions of the cards, vouchers, gift cards, and reward cards in your physical wallet. Customers don’t have to worry about whether they bought their physical cards or even their wallet. Payments can be made within a few seconds. Customers link their bank account to the e-wallet once, and their details are stored and remain secure. This prevents the tedious need of having to enter the card details every single time. The most popular electronic wallets include Google Pay, Amazon Pay, Apple Pay, and Samsung Pay.

3. Direct debit payments

Bank transfers are a safe and more affordable alternative to card payments as there are no processing fees. This option allows you to avoid the risk of theft or loss, and therefore is an extremely safe payment method. Another advantage of this mode is that an intermediary is not necessary and therefore is a quicker way to transfer money. This means that the individual has full control over the timing of their payment and amounts.

4. Real-time payments 

Real-time payments has instant confirmation and arrangement. This means that you will receive real-time response if a payment was successful, and receive your funds immediately. Even though direct debit payments are low-cost and extremely convenient, they may take a few days to be paid into an account. An example is Australia’s new PayTo system. PayTo is a fantastic choice for companies that want to receive their money faster with the security of a credit card transaction.

How do you find the best ecommerce payment methods for your business?

Here are some questions you need to consider:

• Are you receiving international payments?

• Does customer experience rank highly for you?

• Is fraud protection a top priority?

• Does the payment method provide security?

Payment Services   

PayChoice are full of professional experts who can handle all your money transferring needs. 

We offer a variety of other services such as bpay payments, direct debit payments, online gateways, ecommerce solutions, payto solutions as well as credit cards, and real-time payments. 

Get in touch with us if you have any concerns, or queries or are looking to get a free pricing quote. You can also visit our website for more information about our services and about our company.