Choosing the best types of payment methods is needed fur eCommerce stores and also an essential step for getting revenue within available e-commerce payment methods. These unique payment methods charge you with unique rates where the underlying mechanism they utilise for making payments could profoundly impact how you perform your business and even engage with consumers.
Categories of eCommerce payment methods:
Generally, these payment methods fall into six categories:
- Debit, credit and prepaid categories which are well known across the world.
- Bank transfers are there to instruct consumers for making money transfer by using banks
- E-wallets are other known payment methods which need retailers and consumers to create their accounts.
- Cash is always a king. Cash on delivery is also a better option in many countries.
- Direct carrier payments is the ability for billing consumers by your utility or telephone carrier.
- Cryptocurrencies are growing quickly among youth and Moneyed experts.
Top eCommerce payment methods
1. Google Pay
Google is already a popular name in the market. Now, this business started to provide its online payment methods which is “Google Pay”. Google already announced that millions of its users had their card details saved to their google accounts. So this means Google Pay provides included convenience to their certain count of people.
With more options, they promise an intuitive method over mobile and desktop and best security by encryption. This app allows marketers to set up digital gift cards, loyalty programs, deals for consumers. This even works with Visa and Paypal checkout. It is free to use their service.
This is another huge and familiar thing with every online payment options. This site has more than 254 millions users which is a large number of people who have an easier time buying from your website if you allow them to check out with Paypal.
PayPal boasts that it’s presently utilised by more than 17 million companies where consumers who utilise Paypal for checking out convert at 82% rates than other payment choices. Which is a good reason for using Paypal. Even adding Paypal to your checkout method is easy. Thinking to pay 30 cents + 2.9 percent for every buy processed throughout Paypal.
This is integrated with POS systems for in-person payments. It also has e-commerce options for your site. This could be a good pick for retailers who have physical stores locations and think to go with online selling mainly if you have a square POS system. It’s the best choice if you are thinking of opening a retail location with your e-commerce shop. Square charges more than most of the payment methods. Associating Square to your e-commerce store is simple there e-commerce partners include WordPress, woocommerce, Wix, Opencart, Sociavore, Magento, Zen cart and more.
This is another best payment methods over the market these days because stripe is so versatile. It is good to pick for subscription services, e-commerce shops and on-demand markets. For those who operate their company with many services and process which is something which you need to look at the best features of Stripe has the potential for their users for setting to recurring payments from your consumers.
Stripe supports payment online along with in-person. If you have a brick and mortar business, you could include a Stripe POS system along with a gateway over your e-commerce site. So you could remain very consistent within marketplaces.
As per studies brands who are using Stripe maximised profits by 6.7% after executing payment gateway. With this method, you can have 81% fewer outrages as well as 24% fewer operating costs than the competing payment methods. You could personalise your checkout process with Stripe. This payment method accepts every leading debit and creator cards from every country involving:
- Union Pay
- American Express
Associate a few alternative payment methods to your Stripe. Such as:
- Visa checkout
- ACH transfers
- Google pay
- Microsoft pay
- Google pay
- American express check out
- Apple pay
5. Amazon Pay
PayPal and Google pay could be very popular ones, yet Amazon is the one if the leading site throughout the whole web. Amazon Pay is the one which most of your consumers could have accounts within already. Including Amazon Pay to your store could be simple for Amazon consumers for shopping with you but without key in consumers’ payment in your checkout process.
You can minimize barriers to buy for tons of consumers. Providing payment options which the business promised proved fraud security. This can works best over mobile providing a smooth experience which matters most. Setting an Amazon pay button on your site through their express integration option could be in minutes. Use their API which takes a little longer time yet make you personalise experience best with your site.
6. Apple Pay
For people who are using Apple devices are over 35%-45% across the world. Apple pay is a kind of mobile wallet and a single click payment option over the website which accept it. For smartphone users, consumers could check out with Apple Pay by their touch identification. This payment method utilises tokenization for keeping credit card details secure means that if the user offers their create card details to the service devices engage with the issuing bank for creating a randomly produced number for representing that card.
Which obscures details away from hackers and keeping customers financial info safe during working rapidly. Set your site to accept Apple Pay by utilising API as long as you utilise one of the payment providers of compatible platforms. As Google, Apple Pay payment method is free for consumers and retailers.
As this payment method for over 20 years has its benefits and this payment method is one of the best and required payment gateways. It can support multiple payment methods such as to discover, MasterCard, visa and more. You do require SSL certificates or other PCI compliance for using this plugin. This system accepts payments from credit cards, electronic checks from sites and also it transfers funds very quickly to your bank account by saving money and time for medium to small-sized companies. As per research, this payment method is perfect for Magento stores and also shopping carts like OSCommerce. This payment method is surely the best revered over the e-commerce realm.
8. Payline Data
Payline Data is a quintessential payment method where the plugin good provides a way and seamless payment experience for their consumers. This payment method supports in educating all the toughness involved with payment providers. This plugin provides pricing and products which are made for every company’s needs. Their in-built fraud and security protection is easy to associate to any payment experience.
This payment method assures that your website could securely process credit cards, debit cards, prepaid cards. Paymill serves e-commerce transaction requirements across the world. It doesn’t charge any fee monthly and doesn’t even set up charges which make it the finest choice for new e-commerce retailers who are seeking for a scalable, flexible payment processor. Debut card processors such as Paymill could be simply to associate, frequently with less than fewer code lines associated with your site.
Here is our list of popular payment methods In the current market for selling online. What is your favourite payment method?