The COVID-19 pandemic has brought along many challenges for resale businesses, one of them being transitioning to online. With the store closures and stay-at-home orders nationwide, many non-essential businesses were forced to close their doors to the public and get used to the new normal, which is ecommerce.
As retail outlets start to reopen to the public, experts say many consumers are still worried about their safety and ecommerce will most likely rule throughout the end of 2020. Because of this, it’s important that resellers have their online site set up and running to the fullest extent so you can stand out from the competition. One of the ways to do so is by offering multiple different payment options.
Going Beyond Credit Card Options
According to Erply Business Software, advancements in technology have brought about rapid developments in the methods of how consumers can pay for their goods, and merchants need to keep up or get left behind. By offering your customers a variety of payment type options, both traditional and those brought about by emerging technologies, you will ultimately improve the experience your business provides and your bottom line.
Bayard Institute found in a survey that 19 percent of shoppers who have abandoned a cart said they didn’t trust the site with their card information, and another 8 percent directly said there weren’t enough payment options. By adding more payment options, you can convert online shoppers and increase your chances of creating a customer for life.
Different Payment Methods to Consider
- PayPal is one of the most common payment options, with over 254 million users. Since consumers are more likely to already have a PayPal account, if they see that payment option available in the checkout area on your website, they are more likely to go through with the sale.
- Google Pay. On top of everything else that Google does, they also offer a payment service. According to Google, hundreds of millions of their users already have card information saved to their Google accounts, which means providing a Google Pay option offers added convenience for a significant number of people.
- Apple Pay. For those who have iPhones, Apple Pay is integrated into the wallet right in their phone. Users can simply upload their card information to their Apple wallet and have it saved there, making for easy payment in online checkout if they’re shopping on their phone.
- Many retailers are now utilizing payment installment plan services, where consumers can choose to pay the full amount in increments if they don’t feel comfortable making the entire purchase in one go. Affirm offers a 20% repeat purchase rate on average, has no late fees, approves more customers than their competitors, among other positive attributes.
In 2017, 48.1 million people in the United States used mobile payments. In 2018, that number grew to 55 million, meaning 20.2 percent of the entire U.S. population took advantage of mobile payments. This can be super useful for in-store transactions because not only can it make the purchasing process faster, but it also gives customers peace of mind since there’s no contact involved.
Venmo (venmo.com) is a great option for mobile payments. Many Renaissance Festival vendors and show acts use Venmo for tip money, or to buy a product. Venmo simply allows users to send money to a specific person directly from their bank account with no extra charge. The payment platform also allows merchants to charge users a certain amount of money.
Take advantage of these payment methods because not only can it secure a sale, but it also increases your chances of creating a customer for life. If a shopper feels the checkout is as seamless as possible, they are likely to come back again. It also helps resellers to reach a more broad audience since they’re offering so many different types of payments.