Land-based stores have limited methods of payment, with the primary options being debit cards, credit cards, and paying cash. When you take your business online, you can expand your payment options.
Online stores get the privilege of supporting e-wallets, bank transfers, and card payments. One of the best examples of this is in the online casino industry. For instance, when looking to play 32Red bonanza slot games, customers will be faced with a wide array of options, many of which are ones they’ve likely used before. As such, when presented with these options, they’ll likely choose whichever one they’re using most during that period, but the flexibility to choose another is there.
Businesses that take advantage of this enjoy many benefits, such as attracting more customers, convenience purchases, and fewer abandoned carts.
There are many advantages to having multiple online payments, especially when your business is accessible online. We’ve explained the three main reasons businesses should have many payment options below:
Different customers prefer different kinds of payment options. Some still prefer using their debit and credit cards because it’s straightforward. On top of that, it may be the only payment option they’re familiar with; hence many sites support Visa and Mastercards.
Then you have customers onboard with the digital revolution and prefer using online wallets like PayPal, Payoneer, or Neteller. Suppose you own an online store, a streaming platform, or a gaming platform. These are a must because many customers prefer paying with them instead of entering their card details anywhere online.
Then some people invest in cryptocurrency and prefer to be secure and anonymous while online. Such customers prefer paying with Bitcoin, Ethereum, Litecoin, or any other digital currency they possess.
It’s convenient for customers to use a site that supports many payment methods. Not only will they find their desired payment method, but they can also have an alternative if there’s some issue with the main one.
Sometimes you don’t have enough funds on your bank card, but your PayPal account has just been topped up. Businesses with limited payment options inconvenience customers because they have to look for another merchant that accepts their payment method. They’ll have to go through the hassle of opening an account under one of the available payment methods if they’re very loyal.
Remember that if your business doesn’t have various payment methods, a competitor does. You’ll lose customers to such competitors and decrease your profit.
A business with multiple transaction methods will have fewer abandoned carts. Customers don’t always check if a retail site, for instance, supports the payment method they’ll be using to pay before selecting all the items they want to buy. When they get to the paying stage of the shopping, they leave the site without paying.
Supporting many forms of payment might not eliminate the abandoned carts issue because other factors contribute to it. These include window shopping and shipping fees. Knowing that your business has enough payment methods will lessen abandoned carts, and you’ll at least be aware that it’s not a contributing issue.
Sometimes the payment methods you’ll come across on a site depend on what you’ll be spending your money on. For instance, you may find that online gambling sites support different payment methods from retail stores. Also, some will have plenty of options to pay because they operate in multiple regions.
Most UK businesses accept the following payment options:
- Bank cards (Visa, Mastercard)
- Google Pay
- Apple Pay
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin, and more)
Businesses must support multiple payment options to attract more customers and keep them. Available transaction options are one of the reasons people look at competing merchants. So, if your business doesn’t have multiple payment options, you won’t appeal to as many customers. They’ll come in and out of your site or app without finishing their purchases.
If your business hasn’t made much from online purchases lately, consider adding more ways to pay. This is significantly more so if there has been traffic but no sales.