One of the main reasons for shopping cart abandonment is the lack of enough payment options on the checkout page. Earlier the online brands including eCommerce giants used to offer just debit and credit card payment options but today there are so many easy, fast, and secure e-payment methods that need to be offered at the checkout page to get more successful orders.
If you are not providing enough payment options at the checkout page, then you may lose a good part of sales on your eCommerce store. In this write-up, I will be discussing why you should offer multiple payment options at your checkout page.
Why Should Your Offer Multiple Payment Options?
- Increased Conversion Rate
- Boosts Customers’ Confidence
- Brand Credibility
- Less Abandoned Carts
- Hassle-free Checkout
If the customers do not find their desired payment options, then they can leave the checkout page even if they want to purchase the item. But they would be happy to find the payment method by which they usually pay among the listed payment methods.
If you do not offer enough payment options to pay securely then not only you will lose your sales but also your potential customers on your eCommerce store.
Types of Payment Options You Should Offer to Your Customers:
1. Debit Cards/Credit Cards: This is the most common method that you will find on almost every eCommerce store. In this method, the customer needs to enter their card details including card number, card validity, CVV, and then an OTP after entering which the payment will be successfully made.
You can let the users save their card details so that they don’t waste their time next time again filling the details.
2. Paypal: Paypal is one of the most widely used payment methods and has over 300 million users around the globe. You may not have lots of Paypal users in your local area but if you are doing business on a global scale then you must offer the Paypal option on your online store.
3. Google Pay: Google Pay was introduced in 2018 and today, it has become one of the easiest and most well-known payment methods. Paying with Google Pay doesn’t need a lot of time, is a secure mode of payment, and customers get rewarded with cashback on paying.
Hence, you should consider this payment method also on your eCommerce store.
4. Amazon Pay: Amazon is one of the leading eCommerce brands globally and has its own payment method which is known as Amazon Pay. Offering this method will help the Amazon customers to easily pay using this method and place their orders.
5. Stripe: Stripe is also a well-known payment method and has over 100 thousand businesses been registered on it. You can also consider adding Stripe to your eCommerce store. Some other popular payment methods that you can offer:
One Page Checkout addon by Knowband:
Knowband offers the One Page Checkout addon which is a proven tool to increase your online store’s conversion rate and minimizes the cart abandonment rate on your online shop.
It integrates a quick, easy, and responsive One Page Checkout which provides an amazing checkout experience to your customers and helps them easily and quickly complete the checkout process and place their orders. The One Page Checkout addon is compatible with nearly all popular shipping and payment methods.