Why Should You Offer a Variety of Payment Options to Your Customers?

Consumers expect experiences that are faster, simpler, and more seamless than ever before, especially with online shopping, as we enter an ultra-connected era. Therefore, it’s critical to provide a variety of payment options.

To succeed in today’s commerce or ecommerce battlefield, you must examine every step of your customer’s journey to ensure a flawless user experience (UX), which includes the checkout.

Providing customers with a variety of payment options is likely to increase conversion rates while also encouraging customer loyalty.

We’ll look at the advantages of providing multiple payment options, as well as the various methods available to budding commerce or e-commerce business owners, in this article.

Let’s get started.

Why should you provide your customers with a variety of payment options?

Offering your customers a variety of payment options has several advantages for your business.

The following are the most important:

1. Expectation and Convenience

The global average for shopping cart abandonment in the retail industry is 72.8 percent. Furthermore, 73% of customers will abandon a poorly designed website in favor of one that makes purchasing a product or service easier. Sluggish checkout processes, which cause shoppers to hesitate and eventually leave, are one of the factors driving this large number.

Consumers today expect brands to address their needs head-on. By providing a variety of payment options, you will establish yourself as a forward-thinking company that prioritizes the needs of its customers. As a result, your brand’s visibility will increase, as will your sales. Increasing the number of payment options available will also reduce the amount of hesitation people have about making a purchase.

2. Growing Your Audience

You can reach a larger audience by providing a variety of seamless payment options. Various generations and demographics of shoppers favor various payment methods. If you cater to all of them, your audience will grow faster.

For example, Gen Zers and millennials prefer alternative payment methods such as in-app purchasing, mobile wallets, and mobile payments, whereas Gen Xers prefer debit or credit cards.

Set up a variety of payment options across your main channels and touchpoints to encourage a larger audience of shoppers to buy from you, and they’ll be more likely to come back.

3. Building Brand Trust

Consumers value trust in today’s retail environment. You will reach more customers and keep the majority of them if your brand is perceived as transparent and trustworthy.

Offering multiple payment options is an effective way to build trust, which is a sustainable growth tool for any modern commerce or e-commerce business owner.

Having a consistent mix of secure payment options will make your customers feel valued and safe, and your revenue will rise in tandem.

How do you go about offering a variety of payment options?

Making the right decisions is critical to ensuring that the payment options you offer provide you with the best return on investment (ROI) while keeping your customers happy.

While offering every payment option imaginable may seem appealing, it could make your checkout process clumsy and slow down your website’s performance.

There are a few things to keep in mind when offering multiple payment options, including:

a. Know who your customers are.

Different age groups or demographics prefer various payment methods.

You can make an informed decision on which payment options are best suited to your audience by taking the time to get to know your customers based on your products or services, brand mission, buyer personas, and data based on previous purchases or customer engagements.

Offering a full range of cryptocurrency and fiat currencies is likely to earn the best results if your target audience is primarily millennials in the 25- to 40-year-old age bracket.

You should provide a variety of payment options to appeal to a wider audience, but it’s always best to devote the most time and resources to the four or five that are most likely to appeal to your primary customers while also attracting other potential customers.

b. Know Your Choices

After you’ve spent time getting to know your audience, tie the pieces together by learning more about your payment options.

Here are some of the most tried, tested, and popular payment options for retailers to aid you in your search:

• COINQVEST (cryptocurrency payment gateway)

• Google Pay

• Apple Wallet

• Credit and debit card (traditional and contactless)

• Bitcoin (BTC)

• Stellar Lumens (XLM)

You can make an informed decision about which payment options to add to your website or online store based on your audiences’ needs or preferences once you’re up to speed on the latest payment options and how they work.

When your payment options are up and running, keep a close eye on your sales sources to see which ones are performing the best. Any payment methods that are rarely used and are taking up valuable space on your checkout journey can be replaced with more efficient alternatives.

Make use of the best tools available.

You should invest in the right tools to make adding payments to your store or website a simple and painless customer experience.