Why Diversify Your eCommerce Payment Methods?

 

How do your customers want to pay for your products? This aspect of ecommerce is often an overlooked one, but limitations to payment may be one of the hurdles that prevent potential customers from clicking the Buy button.

Different methods pose unique challenges for you as an ecommerce merchant. You need to prep not only your warehousing, logistics, and banking workflow, you also need to make sure that your staff can easily process sales through different scenarios. Though it is tempting to simply choose a single payment scheme and build your business model around it, this move can potentially turn away people.

Entrepreneur Magazine names credit cards as the payment method of choice for 90% of all e-commerce transactions in the US. However, there is still a sizeable market segment (12 million shoppers) that still prefers to use other payment methods. Retailers simply can't overlook the number of these customers.

Randy Duermyer of About.com advises, "Remember, online sales are very competitive, and you need to offer as many payment options possible, especially those that are being offered by your competitors. Make checkout and payment as easy and relatively painless process. Know what your competitors are doing."

Type of Payment Scenarios

Tech publication Smashing Magazine breaks down a few of the payment methods available for an eCommerce site, such as third-party mobile payment, payment gateways for credit cards, and merchant accounts. However, this is only the tip of the iceberg.

Aside from processing credit cards through payment gateways and third-party mobile payment solutions, other possible methods include debit card payment, direct deposit, cash on delivery or in-store pickup at your physical location. You can easily implement in-store pickup through Connected Business since the point-of-sale and web store interface have already been optimized for this workflow.

Payment Promos and Rewards

You can also program your ERP solution to create payment charges with different conditions and rewards. For example, you can program Connected Business to create a payment transaction from 30 days after the purchase. You can also create same-day or next-day payment schemes at additional cost, adding value to your brand.

The main goal for ecommerce merchants is to make the shopping experience as seamless as possible, and giving customers more options fulfills this. Connected Business delivers utmost flexibility by providing a wide range of pre-programmed payment schemes while allowing you to create customized payment processes to best serve all your business needs.

Find out how Connected Business gives you complete control of your e-commerce processes and improve your bottom line. Contact us todayto schedule a free product demo.

FREE PRODUCT TOUR