Creating an optimized e-commerce website with all the features to satisfy the customer can bring in traffic and attract customers, but not providing a reliable payment method will reduce the rate of conversions and sales of your store. If you are confused about what payment option to select for your store and don’t know which one can be the most reliable, here are a few best payment options you can choose for your store.
1: Cash On Delivery
Cash on delivery is one of the most common methods used. It has both advantages and disadvantages. It doesn’t cut transaction fees from the payment, and the cash is given straight to you or the delivery guy. But it is not the safest way for a transaction, as accidents can take place and you will lose your money. Even though these events rarely take place, but one should stay aware. Cash on delivery is not the best option if your store delivers internationally, and you should look for other options.
2:PayPal
Paypal is one of the most reliable and secure methods for online transactions. Paypal also offers international transactions in almost country in the world, with currently available in 203 countries. It is the best possible payment option for your online store, and you should add a PayPal option if you have other payment options too.
3: Debit & Credit cards payment
Card payments are the most common online payment practice around the world. They are the safest way to receive payments and are simple to use. Cards have CVV numbers, which makes them even more secure, as businesses can detect fraud by comparing cardholders’ information and CVV numbers. Around 76% of the world’s population owns a card, which makes debit card payments accessible for almost everyone.
4: Stripe
Stripe is a US-based payment service that offers its service in around 135 countries. It is also compatible with other payment platforms like Apple pay, Google pay, and even debit and credit card transfers. Stripe charges around 2.9% + $0.30 transaction fees, which is the same as PayPal.
5: Bank Transfers
Some people are hesitant to fill out their credit or debit card information on an online website for security reasons. Bank transfer offers a safe money transfer from one account to another without any difficulty. In countries where PayPal and other payment options are not available, offering a direct bank money transfer assures the customer that their payment will go through without entering their card numbers.
Summary
Online payments offer ease and flexibility to pay from anywhere but have their security checks which a website should make sure are fulfilled. On the other hand, the cash-on-delivery payment option allows the customer to pay when they receive their product, but it doesn’t sound like a good idea if you are delivering internationally or if someone bought your product as a gift. Adding multiple payment options will allow customers to choose what suits them best. At the end of the day, your goal is to receive your payment, and the above-mentioned ways are some of the most common, secure, and reliable ways which are used worldwide.
Lastly, If you need help with E-coomerce, we at strategy inn are happy to help. Contact us at
