As much as you need to make money online, you will need reliable, safe, and user-friendly Payment Options. For first-time online business owners, they might be tempted to accept any form of payment. However, that’s very dangerous. Payments come in different forms; some are less than trustworthy, and some are less valuable. By accepting such payments, you might be putting unnecessary risk onto your already risk-filled small business. Before you allow customers to use any form of payment, you should know its advantages and disadvantages and advise them to check about Boohooman. To operate a fully functional online shop for menswear, you need to accept your customers’ different payment methods. Customers who don’t use their preferred form of payment are likely to abandon the purchase. Those who purchase might lack good customer service from you. There are tons of various options for accepting payments online.
· Cash payments
Cash is the most basic form of payment method you can accept. It doesn’t require you to research payment processors and has no payments fees to worry about. Despite the growth of mobile payments and credit cards, some customers will still prefer cash payments. Some online shoppers will choose cash payments to pick their online purchases at their convenience stores. For those customers who prefer and carry cash regularly, cash payment is easy and convenient. When customers pay cash, the cash will be in your hands immediately with no transaction fees.
· Credit and debit card payments
Payments through cards are one of the most widely used and popular methods of payment in the world. Credit cards are simple and secure to use. The customer will only need to enter the card number, expiry date, and CVV, introduced as a precautionary measure. The CVV helps to detect fraud by comparing customer details and the CVV number. Debits cards are used mainly by purchasers who shop online within their financial limits. With a debit card, one pays with the money already in the bank, whereas the credit cards, payments are billed, and the bills are paid at the end of the billing period.
· Bank transfers
Bank transfers are not popular nowadays but still are considered an essential payment method for eCommerce. Some of the eCommerce stores are keen on using them as payment options. Customers registered in internet banking use bank transfers payments for their online purchases. Bank transfers are a safe method of transactions because customers need to approve and authenticate transactions. It can simply be used to pay for online purchases since customers must not carry credit cards for payment purposes.
· Electronic Wallets
Electronic wallet is one of the upcoming popular payment methods that give a new shopping experience to customers. E-Wallets require a sign-up from sellers as well as customers. They all need to create an e-wallet account and link it to the bank account to withdraw or deposit funds.
Cryptocurrency is increasing popularity day by day and is no longer the future money; it is now commonly known and creates new areas to be used worldwide. Apart from Bitcoin, tens of new altcoins are exchanged every day. With the increase in cryptocurrency transactions, governments and large businesses have started to interfere and established some regulations. Cryptocurrency payments have the lowest transaction fees in the market. Despite the risks of the uncertainty of future government’s approaches to crypto coins and ever-changing monetary value, they are still promising online payments.
· eCommerce payment gateways
Payment gateways are businesses’ services for eCommerce shoppers for processing credit/debit card payments. Today, the eCommerce industry has many payment gateway providers that generate fast and secure links between shoppers, merchants, and banks. The best tools for eCommerce payment gateways are stripe, due, pay mill, square, Adyen, Paypal, bitpay, etc.
In conclusion, you need to ensure your eCommerce store is convenient if you want a large customer base. When it comes to online purchasing, people got different preferences, and you should you’re your target audience with their payments preferences and offer them the most suitable forms of payments. You should consider adding the payment methods mentioned above to your eCommerce store and improving your customers’ online shopping experience. Having different payment options for your customers ensures increased sales for your products as they can accommodate all sorts of customers and meet their payment preferences. This offers them a good customer experience and thus are likely to come again and purchase from you. Therefore, payments methods can attract new customers as well as retaining them.