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8 Tips for Choosing the Right E-commerce Payment Method to Offer

If there is something clear in e-commerce, it is that offering a great user experience is absolutely mandatory. The big competition in the market allows the users to abandon a website with any problem. They can be sure that they will find that same product or a very similar one in just a few seconds. Offering the right payment methods in an e-commerce website can make the difference between failure and success. Today we are going to give you 8 tips to take on this subject.

1.Security is the main factor

As popular as something may be, do not offer it if it is not safe. A problem could cause a large financial loss. Besides, even if you don’t lose the money if you lose your customer, it can affect your reputation. An e-shop, especially a small one, has to seem, above all, safe.

2.Do not miss the traditional ones

There are some basic payment methods that always should be available. These are credit and debit cards and bank transfers. In Europe Visa and MasterCard are the credit cards that rule the market, but if you are in any other region of the world, be sure to include the most popular methods in your location.

3.Understand your users

There are users who are very concerned about security and others that just don’t like complications. What is your user profile? Are they internet savvy? Offering the most popular e-wallets is always a good idea, but maybe you don’t need to invest time and effort in all the wallets in the market if the 95% of your users use a credit card.

4.Understand and try the payment method

Once you have set a new payment method, try it yourself. A lot of times we assume that things work properly, but then when real users try them, problems surface. If you try the payment method you can discover potential issues your users may have in the future, and give them information to solve them in your website. Besides, this is a great way to see how trustworthy a payment method appears from the customer’s point of view.

If you don’t understand it, your users likely also won’t do it. Let’s take Bitcoin for example. Yes it is very nice looking to offer it in a website, but if you think about your users’ profile, are they going to use it? Especially with payment options, people don’t like very new things that they don’t trust. They even may doubt the full website’s trustworthiness. Of course this depends on your target. In some cases, offering Bitcoin would be recommended.

5.Think about the future

If you have planned to offer your product overseas, you may prefer to have the accurate payment methods for this market ready from the very beginning. Regarding websites, it is usually easier to begin with your chosen payment methods, rather than introducing them at the last minute.

6.Personalize the methods

Ideally you have to offer only payment methods that are available for each customer. There are some e-wallets that don’t work in some countries. For example, you can’t use PayPal in Turkey, or Google e-wallet in Spain, so why offer them to those users? Offering things that won’t work only create frustration.

7.Take a look about what others are doing

When entering a new market, it may be tricky to know what the most popular payment methods are. You can ask individuals from there, but would this be representative? The easiest way is to check the most popular local e-commerce websites to see which ones they are offering.

8.Check the fees they are going to charge you

It is important to know how much you will have to pay because of the payment method fee. The ideal situation would be to offer users as much as possible, but if something is expensive, you may prefer to only offer it for big purchases. For example, setting a limit, and only allowing payment with that method when the total cost of the order is above that limit.

Summarizing, offering a good set of payment methods is a great value for e-commerce businesses. However, if something is not going to be used, don’t offer it. Security is another important factor, and not only the security itself, but also the image of security it gives to customer. Lastly, try to adapt your offer for each customer need as much as possible.

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