With so many online competitors vying for sales, it is important to do everything you can to turn visitors into long-term customers. When you accept multiple currencies and give people various ways to pay, you will be well on the way toward achieving this goal.
People will often collect their desired purchases into their virtual shopping cart, only to leave it behind and click elsewhere when they don’t find their preferred payment option.
Consequently, one of the best ways to permanently put those products into the hands of buyers is to offer a diverse selection of payment alternatives. These should include credit and debit cards, digital wallets, ACH bank transfers, buy now, pay later, and even recurring billing.
Offering various types of online payment processing also expands the scope of your business, enabling you to serve more people.
As a consumer, would you want to send money to a business using a payment method that was unfamiliar to you? Especially for international customers, failing to provide familiar currency and payment options can be a deal-breaker.
For this reason, it is vital that you learn about your current customers as well as the ones you want to attract. This is because different geographical regions have their own customer payment preferences. Gaining insights into potential patrons allows you to provide them with familiar funds transfer methods that will ease their concerns about your credibility and inspire them to complete their purchases.
It should go without saying that the purchasing journey should be as transparent and navigable as you can make it. However, that in itself is not enough. In addition, the appearance of the page should be used to inspire trust that encourages people to complete their purchases.
In these challenging economic conditions, making purchases, especially those for high-ticket items, can be challenging. Providing customers with several ways to make their payments can remove some of the stress from these ultra-value purchases without putting your company at risk.
One option is to allow people to split their bill into several weekly or monthly payments through recurring billing. You simply set up a contract specifying the account from which withdrawals will occur, the amount to be taken, the frequency, and the duration of the arrangement. Once you have established the agreement, both you and your customer can look forward to added predictability and a richer relationship.
Buy now, pay later (BNPL) is another way to cushion the blow of expensive purchases. The buyer provides an upfront deposit and then sets up an agreement with a third-party financial institution, such as Affirm, which handles future payments. This enables the customer to get the product right away while relieving you of the administrative burden of the ongoing payments.
Providing your customers with various payment options is a necessity for today’s ecommerce businesses. If you want to expand your offerings, talk to your merchant services provider today to get started. Once you do, you will be rewarded with a larger and happier customer base as well as boosted sales.