Not long ago, adding payment options to your eCommerce platform just meant deciding which credit cards to accept. While it’s still common to whip out a credit card to make a purchase, there are more digital payment options than ever – and customers increasingly expect to pay with their preferred methods wherever they shop.
But while adding digital payment options to your checkout can be easy, deciding which ones to accept may be a little harder. So how do you choose the right payment options for your business?
Before you dive into the head-spinning world of digital payments, take a deep breath, and think about your customers. Which payment methods are going to be the most convenient for them? While digital wallets like Apple Pay® or Samsung Pay® may be preferred by some, they only work for customers with a compatible device. Your goal should be to offer checkout options that are convenient for all your customers – no matter what kind of technology they use.
You should also keep in mind that security is the primary concern for most customers, so it’s important to offer payment options that your customers trust. This can be especially true for new businesses where customers may be looking for added assurance that checkout is secure. Letting shoppers check out using a familiar payment method can give them added confidence when buying from your site.
In a survey of 1,753 mobile consumers, 35% had abandoned a mobile purchase because their preferred payment option was not offered, while a further 30% abandoned a mobile purchase because they did not want to save their details on the merchant’s site.1
While putting your customers first can be the key to better conversions, don’t forget about the needs of your business. Payment options with complicated pricing can make record-keeping difficult – even worse, it could potentially hurt your bottom line. You should also consider what kind of technical support will be needed. If a payment method requires ongoing updates and you don’t have regular access to a website developer, that payment method may not be right for your business.
At the end of the day, you want to offer online payment options that meet the needs of your customers and your business.
You probably know that Venmo2 is a quick and popular way to send money to friends who use Venmo, but did you know that it can also be used to make purchases?
What sets Venmo apart from similar apps is its social appeal. Venmo has a social feed that lets users share a description of their purchase, either publicly or with friends. It’s like the memo line on a paper check, but with emojis. The social aspect of Venmo has been particularly appealing to millennials, some of whom may check the app just to see what their friends are up to – even when they’re not making a transaction. This means added exposure for your business whenever someone decides to share their purchase, giving you a potential in with this highly coveted demographic.
Help give your customers the opportunity to manage the cost of big purchases – while you get paid in full, upfront. With PayPal Credit3, shoppers can access special financing for 6 months on purchases of $99 or more. They select the PayPal Credit option at checkout, enter a few pieces of information, accept the terms, and get a decision in seconds. Customers who get approved have instant access to a line of credit that they can use to complete their checkout on your site.
Businesses that promoted PayPal Credit on their site saw a 21% increase in sales compared to those who did not.4
More than ever, customers are expecting to pay in the ways they prefer – and buy now pay later solutions are increasingly popular. Empower your customers to shop with confidence and make informed buying decisions with PayPal Pay Later: two payment options to spread the cost of purchases, with no late fees – while you get paid upfront, at no extra cost.
Pay in 45 is a short-term payment plan for customers who want to split up a smaller purchase. For bigger purchases, customers can choose Pay Monthly6, a longer-term payment solution that spreads the cost over 6, 12 or 24 months.
PayPal Commerce Platform (PPCP) is a leading global payments platform for accepting and making payments, offering consumer financing, and helping you manage risk and grow your business.
With a single integration, your checkout will automatically show customers the most relevant payment options – from PayPal and Venmo2, to major credit and debit cards, to alternative payment methods in 50+ markets. No matter how someone chooses to pay using PayPal Checkout, they’ll be able to complete their payment without leaving your site.
Letting your customers pay the way they want can improve your conversion rates and help reduce cart abandonment.
You work hard to meet the evolving needs of your customers. Make sure you choose payment options that work to meet the evolving needs of your business, too. Discover how PayPal can help you build the right solution.
In partnership with three expert business owners, the PayPal Bootcamp includes practical checklists and a short video loaded with tips to help take your business to the next level.