Have you ever had a door-to-door salesperson or street vendor convince you to buy something? You agree to make the purchase but when it comes time to pay a slew of issues arise – you don’t have any cash, they don’t accept credit cards, you can write a check but you have to promise your first born for them to accept it, etc. Basically, you end up not buying the item because the hassle wasn’t worth it.
Don’t put your customers in that position. For the first time in history, consumers now make more than half of their purchases online, and most of them choose to buy something online because they already know what they’re looking for. If you don’t make it fast and easy for them to pay you, they’ll likely give up and move on to purchase from someone else. In fact, many regular shoppers say they would cancel their purchase if their preferred payment method wasn’t available. Note the word “preferred.” This doesn’t mean they “can’t” pay you another way. This means they’ll leave because they don’t “want” to pay you another way. You want their money. They’re willing to give it – until they’re not.
With more and more purchasers seeking different payment options (PayPal had more than 192 million active registered accounts worldwide in the second quarter of 2016), it’s important to integrate the best and most popular payment options as soon as possible. Adding multiple payment options offers customers convenience, enticing more buyers to purchase through your store. It also makes your online business look more reliable and professional to new customers, many who don’t feel comfortable or complain it takes too long to enter credit card details. It’s proven that multiple payment options reduces cart abandonment, increases conversions and just as importantly, improves customer experience to keep your customers coming back.
Alternative payments can also improve transaction security on the merchant’s behalf because customer is required to authenticate themselves as part of the transaction. The authentication component of the transaction (through a mobile device or logging in to a digital wallet) provides more security than the standard address and CVV code checks, which ultimately reduces the likelihood of fraud.
In addition to accepting traditional forms of payments, here are few of the more popular payment options to consider adding.
- PayPal – PayPal Express Checkout offers the ease of convenience and security to its more than 192 million active registered account holders worldwide. Customers are able to bypass guest checkout pages to avoid entering billing and shipping information.
- Masterpass – Customers can pay securely in store with a quick tap of their mobile device. Masterpass uses multiple security measures to keep your customer’s data safe and reduces the chance of fraud using mobile verification and a three-tiered, authorization process.
- Apple Pay – Apple Pay is easy to set up and offers your customers a secure way to pay with devices they use every day. The customer card number is never stored on the device or Apple servers, and card numbers are never shared by Apple with merchants.
- Android Pay – Similar to other digital wallets, Android Pay stores traditional payment types for in-app or tap-to-pay purchases, enabling users to pay securely with two-factor authentication using Android devices. Customer information is kept private using a one-time security code instead of card or user details.
- Samsung Pay – Samsung mobile users can pay with traditional payment types that are stored in their mobile device, allowing them faster transactions and the ability to earn rewards. Customer information is kept safe through Samsung KNOX software, digital tokenization and fingerprint authentication.
All of these payment options are easy to integrate and most work with technology you already own. Start delivering a better checkout experience for your customers today so they’ll come back tomorrow.
This blog post was written by Shannon Filip at Heartland Payment Systems, an Americaneagle.com Partner.