Growing our online e-commerce store usually relies on increasing of one or more of the 3 core elements. Of the 3 core elements of business growth, I’ll be giving tips on how to increase your conversion rates by offering multiple payment methods during the checkout process of your online e-commerce store. The benefit of increasing your conversion rate is that you’ll see an increase in revenue without increasing the number of customers that come to your online store.
By offering multiple payment methods, you’ll relieve customer frustration when they go to the checkout page and see the payment method they prefer. Personally, I like to use my Discover card whenever I can, but unlike a Visa or MasterCard, the Discover card isn’t as widely accepted and I’ve come across a number of retailers that don’t accept it.
Here are a few payment methods you should seriously consider for your online e-commerce storefront:
- Visa – One of the 2 most common credit cards in the world. All payment processors will accept Visa.
- MasterCard – Like the Visa credit card, MasterCard is worldwide and most all payment processors will accept it.
- Discover – Yup, as I said previously, I like my Discover card and hope you accept it when I go to the checkout. Discover has been running promotions on their cards, so my guess is that their user base will continue growing.
- American Express – I see Amex being accepted more often than Discover, but you’ll also want to accept Amex on your ecommerce store. Depending on what you retail, you’ll definitely want to accept Amex.
- PayPal – Slightly different from credit cards, there are millions of PayPal users and is a requirement to sell on eBay. If you use eBay, or their ProStores ecommerce store solution, you should already have PayPal. Once you receive payment on PayPal, the funds are stored with PayPal until you request a transfer to your bank account. This will usually take 3 days, so keep this in mind.
- Google Checkout – Similar to that of PayPal, Google Checkout allows users to pay with their Google account linked to their bank account. Once your customer is ready to checkout, they’re taken to Google to finish their transaction. For new accounts, Google has a 10 business day ‘hold’ period, before the funds are released to your bank account. After this initial period, Google Checkout automatically transfers the funds to your bank account on a set schedule.
If you’ve only been offering a few payment methods, adding more payment methods your ecommerce store will help you increase your conversion rates and customer satisfaction. This is especially true if your website caters to a customer demographic that is wide and varied. Take some time to study your customers and their purchasing habits. Do they prefer PayPal, or Google Checkout type payments opposed to credit cards? Do they prefer credit cards? If so which credit cards?
Comment below and let us know which payment processors you use for your ecommerce store!