With e-commerce sales skyrocketing yearly, the market is now estimated to be worth at least $6 trillion and is expected to hit $8 trillion by 2026. As an online business owner, you probably want your sales to reflect the same trajectory. However, let’s take a minute to go through a potential customer’s journey and maybe you’ll see why your sales could be better.
You’ve had the right ad campaigns, and a potential customer has seen your online store. They like your products and indeed you’ve got what they want. But, when they add the item to their cart and proceed to checkout, they experience a challenge.
Either you don’t support the payment methods they prefer, or the process is too slow or unclear. What follows next is that the customer abandons the cart and never makes the payment. Consequently, that’s how you lose a customer. To show you how serious it is, 77% of customers say they wouldn’t purchase if their desired online payment option was unavailable.
Why Should You Choose the Right Online Payment Methods
If you have an online business, this should be your first step. It will clarify the importance of having the right payment methods for your business.
- Get your carts checked out
The first and most straightforward reason is to generate more revenue as customers complete their purchases. If a customer prefers using PayPal and doesn’t find it among the checkout options, they’ll likely abandon the cart. If the process is an inconvenience to them, they won’t make the payment.
- Grow your customer base
One of the perks of running an e-commerce business is that you reach a broader audience beyond your local market. That means potential customers from all over the country, or the world might want to purchase from you. To cater to a diverse customer base from different locations and with varying ages, you need to provide various secure online payment methods that they feel comfortable using.
- Builds trust in your brand
Since e-commerce removes the physical barriers of doing business, one aspect that customers are keen on is trust. Partnering with secure and well-known online payment providers is a step in the right direction. By supporting payment options like Visa, PayPal, Mastercard and Apple Pay, people feel confident and secure.
Which Online Payment Methods Are the Best for E-commerce
Beyond knowing why you need a trustworthy payment method, it’s also crucial to know which options you need to go for.
- Digital Wallets
In 2026, it is predicted that more than half of all e-commerce payments will use digital wallets. That’s because they provide an extra layer of security and allow users to add multiple credit or debit cards to a single digital wallet app. Some popular digital wallets are PayPal, Apple Pay and Google Pay.
- Credit/Debit Cards
Before digital wallets became popular, credit and debit cards were the most common among online shoppers and are still widely used. They are easy to use, highly secure and some offer reward programs or discounts as incentives. Debit cards will deduct money from a savings account while credit cards will allow you to make a purchase and pay later, which is appealing to users.
- Buy Now Pay Later (BNPL)
The Buy Now Pay Later (BNPL) system is relatively new but has quickly become popular, especially with the younger generation. With BNPL, you don’t have to buy that expensive item all at once. Instead, you’ll make a small initial payment and complete the rest in flexible instalments. BNPL is a win-win payment method because the online merchant is paid in full by the company and the customer can make flexible payments later. In fact, businesses using BNPL have noted an increased average order value (AOV) of around 45%.
- Pay By Phone Bill
To make transactions even easier for your customers, consider including the pay by phone bill option. This method is commonly used for digital services like in-app purchases and subscriptions, allowing customers to add charges to their next monthly bill. One industry that has successfully embraced this payment method is gaming, particularly online casinos. Players at Pay By Phone Bill Casinos can quickly top up their accounts using their phone numbers, ensuring that the fun doesn’t have to stop. Payments are made instantly, providing unmatched convenience for users who appreciate seamless transactions.
Conclusion
When choosing the best online payment options for your customers, it’s important to consider factors like transaction fees, geographical location, user experience and security. That way every click you get on your site will end up being a checked-out cart.
