The importance of including different payment methods for the growth of your ecommerce
The world of e-commerce has evolved dramatically in recent years, and an essential part of this evolution is the way customers pay for their online purchases. In the new 3.0 consumer culture, the purchasing experience and streamlining of processes have taken on greater importance. Nowadays, customers are looking for more flexible and diverse payment options that allow them to make their purchases using the payment method that best suits their needs.
For this reason, ecommerce businesses have been practically forced to implement payment gateways that offer different payment methods. These, in addition to offering the ease of paying as each consumer prefers, also offer different value-added tools that can help boost conversions.
In this article we will show some of the most important payment methods and innovations that are changing the way online stores interact with their customers and process transactions, payment methods that Shopify offers and the importance of security in payment methods .
Most important payment methods and some news.
Credit and debit cards:
Credit and debit cards continue to be the most popular payment methods in online stores. They allow buyers to make transactions quickly and conveniently. However, security measures such as two-factor authentication (2FA) are gaining importance to protect online transactions.
PayPal has been a pioneer in the world of online payments. Offers a secure way to pay by using funds in a PayPal account or by linking credit cards and bank accounts. The ability to make international transactions easily has kept PayPal relevant.
Digital wallets, such as Apple Pay, Google Pay, and Samsung Pay, allow users to securely store their card information on their mobile devices and make payments in physical and online stores with a single tap. This technology is rapidly gaining ground due to its convenience and safety.
As cryptocurrencies gain acceptance, some online stores are beginning to accept Bitcoin, Ethereum, and other cryptocurrencies as valid forms of payment. Although still niche, this option could transform the way transactions are made in the future.
Financing and Payment in Installments:
Some online stores are offering financing and installment payment options, allowing customers to spread the cost of a purchase into monthly installments. This may be attractive to those looking for high-cost products but want to avoid a one-time payment.
Payment with Biometrics:
Biometric authentication, such as fingerprint scanning and facial recognition, is being used to improve the security of online payments. This gives users an extra layer of protection and simplifies the purchasing process.
With the rise of virtual assistants like Amazon Alexa and Google Assistant, voice payments are emerging as an interesting option. Users can make purchases simply by giving verbal instructions to their devices.
Shopify payment methods.
Shopify offers its own integrated payment gateway called Shopify Payments. Although it is not available in all countries, it is a good payment option for ecommerce. In addition to Payments, Shopify offers a few other options that are platform-specific or highly integrated with Shopify. Here we show you some:
This payment option allows customers to save their payment information and shipping address to a Shop Pay account, streamlining the checkout process on Shopify stores. Combine the speed of payment with the convenience of stored information. With Shop pay you have the possibility of converting 36% more than other eCommerce platforms.
Through Shopify Scripts, store owners can customize the payment methods and promotions they offer to customers. This allows you to create specific payment rules based on variables such as the content of the shopping cart, the customer's location, etc.
Shopify Gift Cards.
You can sell and accept gift cards in your Shopify store. Customers can purchase gift cards to use on future purchases or give to friends and family.
This is a great option for those eCommerce that have a medium-high ticket, since you help your customers' purchasing decisions when they are looking to buy products that cost them a lot. Payment in installments allows you, as it says, to pay in installments and there are gateway options that offer 0 interest. One of them is Klarna, Scalapay, among others.
If you have a store that requires customers to log in to access exclusive content or custom pricing, Shopify Multipass can help you manage user accounts and transactions.
Payment Methods Manual.
Shopify allows store owners to set up manual payment methods, such as bank transfers or cash payments. This can be useful for special cases where customers cannot pay with online payment methods.
Custom Payment Gateways.
Through the Shopify API, developers can create custom payment gateways to meet a store's specific needs. This offers additional flexibility in choosing payment methods.
Please note that the availability of these payment methods may depend on your geographic location and the Shopify subscription plan you have.
Security and payment methods
Finally, we must highlight that these tools are also key factors to guarantee the security and confidence of buyers during their purchasing process. We must be aware that one of the main points of friction within an ecommerce continues to be the probability of being involved in fraud. This will mean that if consumers do not see our page as safe and reliable, they will decide not to complete their purchases.
That is why it is very important to select payment methods and give different alternatives to users, so that they can use those with which they feel most comfortable and with which they have greater user experience. In this way you boost customer confidence in your online store and help them complete their purchases safely.
Some of the most modern payments incorporate new and improved features designed to ensure the security of transactions. All from a digital plane, thereby minimizing the risks of fraud. Also, due to their specifications, they minimize the use of consumers' personal data, limiting the possibilities of being victims of identity theft. Thus, this trend, which is expected to continue growing in the coming years, proposes a safer and frictionless digital purchasing ecosystem.
As we have seen in this article, the world of payment methods in e-commerce is constantly evolving, for this reason, online stores must be aware of these trends to provide a fluid and secure shopping experience to their customers. Remember that payment methods play an essential role in the customer experience and the security of online transactions, if you want us to help you with the payment methods for your Shopify store, contact us. Talk later?