Insights

Best eCommerce Payment Methods For Businesses

Payment gateways are among the most important factors in setting up an eCommerce store. No matter how much customers love you and give positive feedback about your store, you can only truly earn profits after getting paid. In this article today, we will discuss the best eCommerce payment methods for online stores. Retailers should choose several or all of the recommended gateways that they think work best for them in order to receive their money easily and smoothly. 

Why Should We Offer Multiple eCommerce Payment Methods?

While it’s possible to use only one safe and easy payment gateway, many customers expect to use their favorite eCommerce payment gateways on sites across the web. Each of them has their own preference, which is why retailers should have in-hand many options to match them with as many customers’ choices as possible.

When customers are asked to use another payment method other than the one they are familiar with, there is a very high chance that they will leave and abandon their cart. Customers expect a fast, easy, simple purchase where they don’t need to spend time filling out their information on a new payment platform. Therefore, online stores should set up their stores with several popular eCommerce payment gateways for their customer’s convenience. 

The list below will provide you with the best and most popular services that are used by many stores worldwide. Retailers will no longer need to worry about not being able to provide their customers with a smooth payment process when they have these gateways on-hand. 

Best eCommerce Payment Methods To Consider

PayPal

PayPal is one of the biggest and most familiar eCommerce payment gateway worldwide with over 254 million users. This means there would be a lot of people who have an easier time purchasing if you let them checkout with PayPal on your website. PayPal claims that it is currently being used by over 17 million businesses and that customers who use PayPal to check out convert at 82% higher rates than with other payment options. 

Adding a PayPal button to your checkout process is pretty simple although you may need a developer if you don’t have an eCommerce solution on hand. Retailers should keep in mind that they are supposed to pay 30 cents plus 2.9% for each purchase processed through PayPal. 

Adyen

It is used by companies such as Uber, Spotify, Microsoft, and eBay to help them handle business and customer transactions. The eCommerce payment solution lets you accept every payment made to your company from a single platform, as well as giving you tools to manage risks and track results. 

Not only does Ayden accept more than 150 global currencies, but it also lets you analyze transaction data to benefit from data-rich insights to learn customer behavior. This means through the payment process, the platform can learn and identify buyer behavior and patterns for you, allowing you to make improvements and tweak your products accordingly.

The software uses Interchange++ pricing, with an additional transaction fee of $0.12 for most transactions. However, a merchant bank account is necessary for you to take advantage of interchange pricing. 

Authorize.net

Authorize.net is developed for firms with all sizes in mind and offering a choice of plans. Both the tools to take payments online and in-person are offered on this platform. 

With this solution, you can accept payments from websites and transfer funds into a merchant bank account quickly and easily. It supports all major credit cards, including Visa, MasterCard, American Express, etc. Additionally, the software is compatible with digital payment services such as Apple Pay, PayPal, and VisaCheckout. 

Although Authorize.net can accept transactions worldwide, businesses must be registered if you are located in the US, UK, Canada, Europe, or Australia. The best way to take advantage of this eCommerce payment method is to have a merchant account, which starts with the Payment Gateway Only plan. It has no setup fee, a monthly gateway fee of $25, a per-transaction fee of $0.10, and a daily batch fee of an additional 0.10%. 

Apple Pay

For anyone who uses Apple devices – and that is around 1 billion people worldwide – Apple Pay works as a mobile wallet, a one-click payment option whenever customers are shopping online. For mobile users, they can even check out with Apple Pay by using their fingerprints or face identification that is already set up on their phone. For Apple-lovers, paying with Apple Pay cannot get any easier. 

This eCommerce payment gateway uses tokenization to keep credit card information secure. This means that once a user provides their card information to the service, Apple will communicate with the issuing bank to create a randomly generated number (or token) to represent that card, which obscures the information from hackers, keeps consumer’s financial data safe while working quickly. 

You can set your website up to accept Apple Pay by using their API, as long as you already use one of the compatible platforms or payment providers. Apple Pay is completely free for both merchants and customers to use. 

Wrapping Up

Through this article above, we hope that you can choose which eCommerce payment methods to embedded in your online store. Feel free to contact us if you have any further questions!

Quinn T.

Quinn T. is an enthusiastic copywriter at ConnectPOS - a leading Point of Sale provider. Focusing on the retail industry, she has researched and followed closely to various technology solutions that support an omnichannel journey.

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