While you want to set up a fully functional online store, you would want to ensure that you have all online payments systems available for the customers.
In the world of eCommerce, offering the right digital payment to your customers can help boost your sales.
When talking about different digital payment systems, you will find many depending on which industry you belong to. Therefore, you have to figure out which digital payment is most suited for your business and, simultaneously, appeal to your customers.
We are now living in a world where technology is everywhere. When you can pay any bill with just a single click, why would you need to carry cash all the time? As the industry and technology have developed, so does the payment system.
With the addition of new players like UPI, Mobile Payments, Net Banking, and Mobile Wallets, payment space is shifting more towards digital. Undoubtedly, it has become important for the eCommerce business to be very selective with what online payment system they need for the customers.
Now that people have been introduced to one online method, they want to stick with this method for their convenience.
Benefits Of Multiple eCommerce Payment Systems
Nowadays, providing your customer with multiple payment systems is just a nice thing to have for your business. However, this restricts the customers from existing in the sales funnel without making any purchases.
Here are some advantages that multiple digital payment systems bring to the table.
Serve as a backup for the customers if any payment gateway is not working.
Open up the customer base internationally.
Provide convenience to customers.
Reduce cart abandonment.
In addition, customers get access to an easy check-out process.
Digital Payment Methods That Will Become The Future Of Online Shopping
While there are numerous more today to pay online, we are listing only the ones used worldwide.
Online Bank Transfers
Although this might not be a popular method to make payments today, online bank transfers are still used by many businesses and individuals to make online payments. Think of this payment method as the ‘If all else fails’ payment method.
This method is safe and secure. This is why some eCommerce companies are keen to accept bank transfers over other digital payments.
For customers to bank transfer online, they need to first enroll in internet banking. Bank transfer is considered the safest method because of centralized networks.
Mobile Transfer
With the rising popularity of mobile and functionality, there is no way that mobile will stay away from the payment industry. Today, mobile technology has advanced to the point where it is helping users to transfer money using their mobiles.
This digital payment solution offers a quick transaction medium for users. For users to set up a mobile payment method, they need to download a third-party application and link it to their credit card.
Once the credit card is linked, they can use it to pay any bills.
Cryptocurrencies
Cryptocurrencies are new payment methods that age only a decade. Cryptocurrency is Blockchain technology to keep track of the transaction. As it is a decentralized currency, more central authorities control the flow of Crypto finance.
You can reduce the transaction cost and save money on transactional fees. Platforms like Bitcoin Loophole allow the users to create an account where they can store all their Crypto assets and use them to pay and receive Cryptocurrencies.
However, if this is the first time you hear about Cryptocurrencies, it is better that you avoid this method. Before adding this method to your eCommerce platform, understand it and the risks that come with it.
E-Wallets
E-Wallets are the upcoming trend in the online shopping industry. The use of e-wallets is becoming popular among people. And why shouldn’t they become popular? After all, they allow you to shop cashless.
E-Wallet requires sign-up from the merchant and customers. After linking with the e-wallet, the customers can deposit and withdraw money and shop without needing to make cash payments.
The whole procedure with an e-wallet is easy and convenient.
Final Thoughts
Payment methods for the future have a very long list. It is just that some payment methods still need approval from the people and central authorities. But looking at how fast-paced digitalization is, one thing is certain – Digital payments are the future of Online Shopping.
