How to accept online payments in 2021?
Are you still thinking about which way to accept payments online? Whichever way you choose, there definitely needs to be more than one. Give your customers as much choice as possible by making it more convenient to work with you. Right now, we are taking a look at the most popular methods of accepting online payments in 2021.
What payment methods to connect in 2021?
In today’s highly competitive world of businesses, you simply cannot have too many ways to accept online payments. The more ways you offer your customers, the more likely they are to buy from you and be satisfied with your service. In addition, your company will receive payments from customers faster, which means it will be able to significantly increase its profits.
It may seem surprising, but back in 2010, according to PWC, only 7% of shoppers gave preference to mobile shopping. In 2020, that figure rose to 45%.
Most customers never use a single payment method. On average, each customer uses three to four payment methods each month. You certainly don’t have to worry that giving your customers a wide range of online payment options will put them in a situation of uncertainty. This is unlikely to happen.
Credit cards
If your company still does not accept credit cards for payment, you’re almost guaranteed to lose competition to other firms that have taken care of this in advance. Several trillion dollars in payments made annually with VISA cards alone.
You should decide whether you will create a separate merchant account or use an intermediate account to accept credit cards for payment. Initially it is important to understand the pros and cons of each option, because this will directly depend on the quality of accepting payments and the speed of crediting funds, as well as other factors.
Electronic checks
A very popular method of payment around the world, and especially in the United States. Payments by electronic check are regulated by the Clearing House. It’s very easy to enter information from the check into a special payment form. This does not take much time and effort, and the level of security of this method of payment is very high. In addition the commission for payments with checks is lower than that for similar credit card payments. Is not a reason to connect this method of payment!
Mobile payments
You just can’t imagine what miracles a smartphone can do in the hands of a power user. Nowadays, one simple action is enough to pay for items. You can hold your smartphone up to a reader or enter your card number and pay successfully. Besides, thanks to special offers you can manage your money with confidence and know exactly where you spend your money and whether the limit not exceeded.
Fiserv conducted a survey to find out how many people have used their mobile devices to pay online. More than 40% of respondents said they not only used their mobile devices to pay, but plan to continue doing so.
Be sure to provide smartphone payment options for your customers. In addition to maximum convenience, you will also increase your profits, because paying from cell phones means that customers often make faster purchasing decisions, even if they are emotional.
Payment form on the site
When customers are getting acquainted with the products on your site, it is very important to give them the opportunity to order them right away. To do this, place a simple payment form on your site with a minimum of data required from the customer. It is not necessary to register, but if the customer wishes to register, let the registration provide additional benefits, for example, the opportunity not to fill in their data with each purchase.
Create your online store
Thinking about the online store, many firms doubt the advisability of such a decision, because its creation will take a lot of time and effort, as well as finances. In fact, this is not the case. Many companies specializing in the creation of such sites, ready to help you, and for a very low fee. But just imagine the possibilities for you to open such an online store. Your customers will be able to know that on this site, they will find a wide range of your products and will be able in just a couple of clicks to add them to the cart and place an order. Just perfect for those who value their time and comfort.
Mobile App
If your company’s growth plans are very high, you should definitely think about creating your own mobile app with payment integration into it. The last point is very important, thanks to this your customers will not have to make unnecessary actions. Allow your users to place an order without even leaving the mobile app, while ensuring maximum security at every stage of the transaction.
Which payment method should I choose?
Choose everything at once so that each of your customers can choose the payment method that is most convenient for them. After all, customer preferences are fickle, and so are online payments. Today they pay by cell phone, tomorrow by electronic checks, so it’s better to cover all the potential customer needs in terms of payment and service at once.