For around fifty percent of shoppers today, card and contactless payments are preferred over cash. This means that if you are running any kind of store, whether it’s a physical store or an eCommerce website, it’s important to ensure that you are catering to all customer preferences. If you’re not keeping up with new technologies and developments when it comes to payment methods, then the risk of losing customers is very real. However, giving customers a choice between different payment methods can be an ideal way for your business to increase its market share and boost engagement.
1 Why Accept Multiple Payment Methods?
Today, it’s more important than ever before for customers to access the payment methods that they prefer when shopping online. With smartphone shopping on the rise, customers now expect to be easily able to pay with their favorite payment option. And if it’s not available, the growth of eCommerce means that for the customers, finding somewhere else to buy that does offer the option to pay with the method that they prefer won’t be difficult.
2 Increase Customer Base and Turnover
When customers can choose between different payment methods, this gives your business an advantage in the market. Variety is attractive for new customers, so offering a wider range of payment methods can mean more transactions, and therefore more turnover for your business. The payment options that you offer can also serve as a means of advertising and help you attract more customers to your business. Along with displaying popular options like Mastercard, Visa, PayPal, and Apple Pay, advertising that you accept payments in Bitcoin or Ether, for example, can help you put your business in front of a whole new audience. Find out more about the current prices of Ether and work out currency conversions for your products at okx.com.
3 Build Trust
Today, customers expect the businesses that they buy from to offer a wide range of payment options. If you are only accepting cash payments, or not taking advantage of all the payment options that are available to you, then this might make it more difficult for you to start building trust with your customers. When customers know that their preferences are catered to and your business is doing everything it can to ensure that they have the best experience while shopping, they are more likely to trust your company. And, customers that trust your brand are more likely to engage with you and turn into ambassadors.
4 Boost Involvement
Customers will find it more comfortable when you provide them with a choice of payment options. When you offer payment flexibility, you are providing customers with something that they need – convenience. As a result, this can increase your engagement rate. When you are catering to the preferences of your audience, this further increases the possibility of them returning to your store and turning into loyal, repeat customers. Think of a store that you shop at time and time again – would you go there as often if they didn’t accept your preferred payment method?
Offering a range of payment method options for your eCommerce store isn’t just a good way to grow sales, but it can also help with boosting customer engagement and trust.
