Nowadays, there are numerous eCommerce payment options available in the market. Hence, according to your business requirements, you must choose the best one for you.
Actually, the fact is, it’s not that any payment option is the best one. It truly depends on the type of your business and your business requirements.
So, before you get going with any of the available payment options, it is vital to research each of them. Consequently, check whether they meet your business requirements.
If you’re a newbie, you can always hire someone for Custom website development services who can understand your business requirements thoroughly. They will suggest a better 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 that each business needs to be set up, and customers are different.
Nevertheless, whichever you choose, there is a basic feature checklist that you should always ensure your chosen payment option includes.
Table of Contents
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 the Magento e-Commerce platform, you might need to use extensions and plugins, whereas 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 implement as well.
Instead, try to choose a payment option that already fits the e-commerce platform you have decided on. And the one that comes with all the necessary plugins & extensions.
- Strong Reputation
Generally, customers want to use the payment option that they already have a good reputation for and that is 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 when working with the payment company.
Therefore, integrate a payment option that is both trustworthy. One that allows your customer to get satisfactory service from a third-party payment company.
Thus, selecting such a popular and trustworthy payment option lets you easily set your business up for a successful journey. Your customers will feel safer and more comfortable buying products from you.
- Affordability
This is also a must-have element of an e-commerce payment option. Now, what you consider affordable for your business might not be the same for other businesses.
The point is, there is no predefined rule concerning what fees to accept or reject.
You just need to select a payment option that makes you an acceptable profit from your transactions. Most importantly, it meets your business requirements.
To understand which payment option is affordable for your business, you need to know about the fee that comes with it.
For instance, some have preset fees, whereas some charge a percentage on the transaction. Consequently, many combine both of these types.
Therefore, before choosing any payment option, you must carefully read and understand the fee terms. It will help you know how much a transaction will cost you. Plus, how much profit will you gain from each payment option?
- Website Security
You know that payment through an e-commerce website requires customers to provide personal information such as credit card/debit card numbers and PINs.
To avoid potential threats if this personal information gets stolen, you need to ensure that the payment option you’re integrating has 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 the 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 that 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, whereas 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 sales.
So if you offer your customers a variety of payment options, and find out which one they prefer, then the chances of closing a sale increase.
Bottom Line
Creating an effective, well-designed, and feature-rich e-commerce website is a must, but including effective payment options is also mandatory.
These 5 are the most important elements; however, there are a few more like integration capability, variety, etc.
So, if you’re still finding it difficult to make a decision, don’t hesitate to consult a web development company. They will help you select the best payment option that fits your e-commerce business requirements perfectly.
