If your website doesn’t accept your customer’s preferred payment method, you will lose sales. Therefore it’s always better to provide your customers with more than one payment method as it helps to uplift your conversions. Moreover it’s important to identify your audience/customer base as payment options differ from region to region. It is beneficial to adapt payment methods that’s preferred in each region in order to attract a greater audience (detailed description of region wise payment options are discussed below). Whichever platform you select, there will be a range of off-the-shelf plugins or extensions to help integrate with major payment gateways.
A smooth and easy checkout experience for customers would generally help to attract and retain them. However it is critical to gain customer trust, therefore it is important that your business integrates with secure methods that has a trusted reputation in the industry.
Payment gateways and merchant accounts charge various different fees which includes monthly fees, set up fee, fixed fee per transaction, variable fees based on a percentage of transaction amount and extra fees for international cards, etc.
|PayPal||2.9% + $0.30 per transaction|
|Square||2.75% per swipe or online sale and 3.5% + $.15 per manually entered transaction. Card reader is free when you sign up|
|Amazon Payments||2.9% + $0.30 per-transaction, and as low as 1.9% + $0.30 per-transaction for monthly volume of $100,000|
|Dwolla||$0.25 per transaction, or free for transactions $10 or less|
|Intuit Payment Network||$0.50 per transaction to receive money|
|Bill Me Later||Free on all PayPal business products|
Each country has its own preferred payment options available online. Of course, credit cards and PayPal are popular payment methods in many countries around the world. However if a retailer is supplying to different countries it’s useful to have other options that are widely used in those countries.
There are other emerging methods too such as Apple Pay which acts as a mobile money wallet that lets iPhone 6, 6 Plus, Apple watch compatible devices, iPad Air 2, iPad Pro, iPad Mini 3 and later users make payments via an IOS App.
Finding the payment method that is best for your business depends on many factors. Consider the type of product you are selling, average ticket and type of customers. Whatever method you choose, there will always be expenses involved in accepting payments however most importantly it should be able to draw customer’s trust.