In recent months, online payments have been more in demand due to the boom in electronic commerce, especially in Europe, America Asia, and Latin America. It is almost unthinkable for a business not to have in mind migrating their sales to the digital channel, because for some this has been their lifeline during the pandemic.
Getting a customer to the last phase of the online sales cycle is not that complicated, but if the right electronic payment methods are not available, it could mean losses for the business.
You should consider that the main objective of an online payment method is to improve the shopping experience, and in your evaluation of the available options, it is good to take into account how they meet that objective, what advantages they offer in this regard.
So it will be important to know who your target audience is before deciding which electronic payments to implement. It is not the same to sell for young people than for adults, that is if they are people aged 50 and over, even though digitization levels have increased substantially, this public continues to prefer the comfort and confidence that methods of payment with bank transfers and credit cards.
Efforts should focus on implementing payment methods that are adaptable, secure, and offer convenience and confidence to customers. Part of this depends on knowing the different customer profiles. With this information, it will be easier to have payment methods in your business that meet the needs of your customers and provide them with payment experiences that they value as positive.
Currently, there is a wide range of providers that can help you receive online payments in your store, so it will be important to know how to choose a payment gateway. Next, we share the following points to make it easier for you to make a decision that benefits your business.
All payment processors charge a commission for each transaction you make and some offer preferential rates if your sales are greater than a certain amount (this depends on each provider). Some services are more expensive than others, but the service they offer may have more advantages. For example, Paypal, Adyen, and Stripe are the payment gateways with slightly higher commissions than the rest, but they offer greater benefits in terms of customer service, the anti-fraud system, billing systems among others.
If your line of business is by subscription, then you will need to investigate how easy it is to apply this type of payment scheme. The same applies if the items you sell are very expensive to check if these providers can offer Interest-Free Months in your online store.
Also, take into account that it is not about card payments. This is because there are still people who still feel distrust or fear of being the victim of some fraud. So you should also consider offline payment providers, that is, payment processors that enable payments with electronic transfers and even payments in supermarkets, pharmacies, or convenience stores.
The offline payment system works differently from the previous ones since when choosing this form of payment, customers receive a payment card with a barcode or a reference number to go to a physical establishment and make the payment in cash. However, the commissions in this scheme are more expensive because the establishment will charge a commission to both the business and the customer to process the payment.
Likewise, if you still do not have your e-commerce and your sales channel is social networks, no problem. You can have an electronic payment method for your customers and they are called remote payments, where through an application you generate a payment link and share it with your customers through WhatsApp, Instagram, Facebook, or Twitter. You have no excuse to start implementing the electronic payment method that best suits your business.