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Benefits of multiple eCommerce payment options

When launching an online business, it’s best to investigate maximising your customer base to boost cash flow as much as possible. You should consider the accessibility your business has to potential customers.

This blog will delve into the benefits of offering multiple payment methods and/or gateways and how to approach them, for the benefit of your business and its customers.

A fluid in-app payment process not only boosts revenue but also elevates the user’s trust in the application. In a few taps, users can now unlock features, purchase goods, or access premium content. 

This ease can, however, be disrupted if the payment journey experiences friction. To help you avoid it, this article will explore how to achieve a seamless in-app payment experience.

1. Multiple payment methods provide greater convenience for everyone

Convenience is a massive part of customer retention and guaranteeing the completion of any sale. Over half of customers will leave a site if methods are inconvenient for them, the driving factor of cart abandonment is often tedious and slow checkout processes.

If a business is offering extensive payment options, a smooth process is far more likely, and customers are less inclined to be leaving their purchase incomplete.

customer paying for product online using alternative payment method
laptop with a credit card on a shopping site with some shopping cart small boxes

2. Actively encourage customer growth and retention

When eCommerce seamless payment options, and a decent variety, are available, it means that a business is offering to a wider audience and can cultivate it further. 

The maximisation of options for customers can guarantee the retention of customers that will potentially leave. Now attention can divert to marketing and communicating the availability of those options to new consumers.

3. Be a brand that customers trust

This kind of clear communication is vital to build trust with consumers, that trust will help build up consistent repeat customers too. With active disclosure of the various payment methods a business uses, you project an image of transparency and trustworthiness that customers will value.

Building that trust is a vital part of running a business which means growth and continued success.

business owner shaking hands with customer building customer trust

4. Offering multiple payment methods demonstrates you know your customers

Identify your general customer demographic to learn what sort of payment options you should provide to them. Twenty-five to forty-year-olds are unlikely to consistently use the same options as people over sixty. Track data, and research, and you can learn the sort of methods you should actively pursue and provide. The supplier of your payment processing tech and software should facilitate analytics tracking, like the Trust Payments options here: payment analytics.

5. Demonstrate that you’re on trend

When you know who you’re offering to and the sort of options you need to be exploring, it is important to have a clear image of the various available ecommerce payment methods, and that you could provide. Popular retail options include:

  • Google Pay
  • Apple Wallet
  • PayPal
  • Credit and debit card 
  • Mobile-based contactless 
  • Payoneer
  • Klarna

Staying up to date on the various options regarding payment methods will enable an informed decision-making process.

6. Openness to new eCommerce payment methods will reap rewards

Paying via mobile apps means that methods of payment are growing increasingly numerous and specific, as more methods emerge, the pressure is on businesses to compensate and prepare. 

Traditional methods like debit and credit cards are still very commonly used but mobile payments are growing in widespread use, leading to retailers accommodating these methods more and more.

7. It makes your payment platform more appealing

Suppliers and vendors will offer a large variety of options regarding online payment gateways, with a host of payment methods and extensive customisation. The more you have, the more payment capabilities you possess, and the more seamless transactions become.

8. Advertised well it will make your website fruitful

To add and integrate the payment functions you need, you’ll need the right services and tools. A complex and simple website builder can help a business provide customers with exactly what they want and need without too much effort. Trust Payments have an extensive shop-building tool perfect for this.

Keeping the balance

To best build a thriving online business, making your business convenient and simple is the best approach to it. Through the facilitation provided by ePOS suppliers, various payment methods should encourage customers to value your business.

Security statement

Security is our top priority at Trust Payments and we strive to ensure that all data is kept secure at all times We keep all customer data safe with AES256 encryption, SSL Certificates, and a minimum of TLS1.2, between your website and our datacentres.

Our systems are scanned quarterly using the Qualys PCI Platform, an independent Qualified Security Assessor (QSA) and approved vendors – Omnicybersecurity (UK) & Forgenix (US) – to ensure compliance with the security requirements of the card schemes.

We follow a number of rigorous security procedures on a daily basis including, but not limited to, continuous monitoring of our perimeter, dark web monitoring, and internal checks to ensure that CIA triad is maintained at all times.

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