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Nov 29, 2023 | 8 minute read
written by Elastic Path
Succeeding in online retail is possible, but you need reliable and efficient payment solutions. Your eCommerce success relies heavily on a smooth and secure customer payment process. So, whether you're a newbie or an established brand, picking the right eCommerce payment solution is crucial for customer experience, satisfaction, and sales.
When selecting the best eCommerce payment solution for your brand, you must consider your business needs, customer preferences, and security requirements. If you make the wrong choice, you could lose sales and frustrate customers. Therefore, we've compiled a list of factors to help you make this important decision. By following these guidelines, you can ensure a smooth and secure payment experience for your customers and drive the growth of your online business.
In 2023, 66% of consumers used digital wallets for payments, and 51% preferred paying with cards. This shows a clear shift towards digital and cashless transactions in commerce. So, it’s more important than ever before that brands choose the right eCommerce payment solutions to meet these emerging trends.
Having a smooth and secure payment process is vital for building trust and credibility. It can increase conversion rates and encourage customers to make repeat purchases. On the flip side, complicated and unreliable payment solutions can annoy customers and push them away, leading to lost sales and a damaged reputation.
Running an online business requires a reliable and secure payment solution. There are two types of eCommerce payment solutions available, each with its own features and benefits. Let’s take a look at the two types of eCommerce payment solutions:
Traditional merchant accounts are a popular eCommerce payment option. Businesses set up accounts with banks or payment processors to accept credit card payments. The business owner handles the account setup and maintenance, including fees and documentation. These accounts provide a secure and reliable way for businesses to process payments and are commonly used by physical stores, expanding their online sales.
Payment gateways are a must for eCommerce websites as they handle secure payment processing. Acting as a middle man, they connect customers, merchants, and financial institutions. They encrypt and validate payment info, approving or declining transactions. Payment gateways make it easy for customers to pay with credit cards, debit cards, and digital wallets. They keep funds flowing smoothly and securely in digital commerce.
Support complex checkouts across brands and channels.
Here are the six things to look for when choosing the perfect eCommerce payment solutions for your brand.
Strong security and fraud prevention for your eCommerce payment solution is a must. Online transactions involve sensitive customer information, such as credit card details, that demand protection. Look for a payment solution with encryption, secure payment gateways, and strong fraud detection. Also, check the provider's reputation for preventing fraud and keeping customer data safe. By making security a priority, you can build trust in your eCommerce solution.
When picking an eCommerce payment solution, you must consider PCI compliance. PCI compliance keeps your customers' payment card data safe. Different payment solutions have different levels of PCI compliance. Choose one that fits your business needs, like transaction volume and data collection. Your customers' info will be secure and trustworthy with the right PCI compliance.
The payment method you choose must be compatible with your website or online store. The payment process will be swift and simple, with no delays or hitches if it integrates seamlessly. With effective integration, your consumers may complete their purchases directly on your website without any bother or technical difficulties. This greatly improves their situation and raises the possibility of closing a deal.
Customers are redirected to a separate payment page when using a hosted payment gateway. This adds security as the payment information is entered on a secure page. On the other hand, integrated payment gateways allow customers to complete transactions directly on your website, making it easy and convenient. Knowing the difference between these options will help you decide which one is best for your business and which will ensure a good customer experience.
Choosing a payment method that functions well on mobile is crucial while purchasing online with mobile devices. Customers can check out easily if the payment mechanism is simple to use and available on mobile devices. By providing a mobile-friendly payment option, you can draw in more mobile consumers and improve your chances of converting site visitors into paying customers.
When running an eCommerce business, choosing the right payment solution is crucial. Consider the pricing options and transaction fees of each provider. They offer different structures like flat-rate fees, tiered pricing, or interchange plus pricing. Compare these options to find one that fits your budget and sales volume. Also, check transaction fees to protect your profit margins. By carefully considering these factors, you can find your business's best eCommerce payment solution.
Here are four top eCommerce payment solutions that have proven reliable and efficient for brands.
Stripe is a top choice for eCommerce payment solutions. It's easy to integrate, secure, and flexible. You can accept payments from customers worldwide in different currencies and through various methods. Stripe also offers fraud protection, customizable checkout, and recurring billing. Overall, it streamlines your business operations and provides a positive payment experience.
PayPal is a well-known payment solution that clients and businesses use all over the world. It facilitates safe transactions and is simple to set up. It is also user-friendly and has great features, like fraud protection and interaction with well-known eCommerce platforms. PayPal allows a range of payment methods, including mobile payments and credit and debit cards. It's a trustworthy and effective way to improve the payment procedure for your business.
One of the top products now on the market is Square. It is feature-rich, works well with eCommerce systems, and has an intuitive user interface. Payments can be taken, sales can be monitored, and client data can be easily analyzed. Payment information is also kept secure. Overall, Square is a dependable and effective eCommerce payment solution that may enhance your brand's visibility online and streamline your organization.
Venmo is an extremely well-known mobile payment app. Money transfers using Venmo are simple, and it can be used for many different kinds of transactions. Consumers only need to link Their bank account or credit card to get started.
Reliable and accessible customer service is crucial for a smooth payment process. If issues come up during transactions, a responsive support team can quickly resolve problems and help you and your customers. This improves customer satisfaction and trust in your eCommerce platform.
If you have an online business, you want to ensure your payment solution can handle different currencies and international payment processing. This way, customers worldwide can easily buy from you without any currency exchange issues. It also makes sure that people can securely and smoothly make purchases no matter where they are.
Yes. When choosing an eCommerce payment solution, it's important to consider whether it supports recurring payments and subscriptions. This is really important for businesses that have products or services that are paid for on a regular basis. It makes things easier because the payments happen automatically at set intervals, like every month or year. So it's more convenient for customers and saves time for businesses.
Yes. Don't forget to check out reviews and recommendations from others. They can give you helpful insights into how reliable and effective the payment solution is. If people have given good reviews and recommendations, that means they've had positive, trustworthy experiences. And getting a recommendation from someone you trust can make you feel even more confident in your choice.
With so many options available in choosing eCommerce payment solutions, it can be overwhelming to make a decision. Elastic Path offers a wide range of features, including Elastic Path Payments, that cater to the needs of different businesses. Whatever your business needs, Elastic Path has flexible and scalable solutions that can be tailored to fit your specific requirements. Get in touch with us today to learn more.
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