Nowadays, there are numerous eCommerce payment options available in the market and it is necessary that you choose the best among them, according to your business requirements.
Actually, the fact is, it’s not that any payment option is best among all, it truly depends on the type of your business and your business requirements.
So before you get started with any of the available payment options, it is vital to research each of them and check whether it meets your business requirement or not.
In case you’re a newbie, you can always hire someone for Custom website development services that can understand your business requirements completely and suggest a payment option accordingly.
Now the one you choose on your website will probably be different from those chosen by the other e-Commerce websites.
The reason is, each business needs to set up and customers are different.
Nevertheless, whichever you choose, there is a basic feature checklist that you always make sure your chosen payment option includes.
Here it goes…
Payment Integration Capability
This is perhaps the most important factor of any e-Commerce payment option.
Check whether the payment option that you choose has the ability to integrate with your chosen e-Commerce or not.
For instance, in Magento e-Commerce platform you might need to use extensions and plugins, wherein the WordPress platform doesn’t need them.
Now, of course, you can figure out a way to get any available payment option to work for your e-Commerce platform.
But on the downside, the solution might be complicated to figure out and to implement as well.
Instead, try to choose a payment option that already fits the e-Commerce platform you have decided. And the one that comes with all the necessary plugins & extensions.
Strong Reputation
Generally, customers want to use the payment option that they have already made a good name and trusted globally.
And if you choose the wrong payment option, chances are that you might end up paying extra bucks or even face other issues to work with the payment company.
Therefore, integrate a payment option that is both, trustworthy and your customer can get a satisfactory service with the third-party payment company.
Thus by selecting such a popular and trustworthy payment option, you can easily set your business for a successful journey and your customers will feel more safe & comfortable buying products from you.
Affordability
This is also a must-have element of an e-Commerce payment option. Now what you consider to be affordable for your business might not be the same for other business.
The point is, there is no predefined rule concerning what fees to accept or to reject.
You just need to select a payment option that makes you an acceptable profit off your transactions and meets your business requirements.
To understand which payment option is affordable for your business, you need to know about a fee that comes with it.
For instance, some have preset fees, where some charge a percentage on the transaction, and some combine both of these types.
Therefore, before choosing any payment option, you must read and understand fee terms carefully to know how much a transaction will cost you and how much profit will be gained from each payment option.
Website Security
You are aware of the fact that payment through an e-Commerce website needs their customers to provide personal information such as credit card/debit card numbers, PINs.
To avoid potential threats if these personal information gets stolen, you need to make sure that the payment option you’re integrating consists of strong security features.
Specifically, choose a payment option that has standard security verification for making transactions.
If you don’t know, the most trusted security verification is Payment Card Industry Data Security Standard (PCI DSS).
By selecting a payment option that has PCI DSS, your customers will rest assured that their personal information is safe with you.
Variety in Payment Options
You must include a variety of payment options on your e-Commerce website. The reason is your customers are less likely to choose a different payment option if their first option gets rejected.
They will simply move to another site to purchase the same product. In fact, your customers are going to use different payment options for buying the product from your website.
Some might prefer Paypal, where some prefer Google wallet or Stripe.
This means, if you do not accept the payment options that most of your customers prefer, then you’re more likely to lose the sales.
So if you offer your customers a variety of payment options, and find out which most of them majorly prefer, then chances of closing a sale get higher.
Bottom Line
Creating an effective, well-designed, and feature-rich e-Commerce website is surely a must thing, but including effective payment options is also mandatory.
These 5 are the most important elements, however, there are few more like integration capability, variety, etc..
so in case you’re still in confusion, don’t hesitate to consult with a web development company for selecting the best payment option that perfectly fits your e-Commerce business requirements.