As an eCommerce store owner, you obviously rely on the sales for your business. This means that you have to have online payment options. It used to be enough to have only one option, but now flexibility for payment increases the likelihood that you’ll be able to make sales. Here are some of the essential payment options you’ll want to consider and some tricks for getting the most out of them.
Credit Cards
Credit cards used to be the one option you absolutely had to have on your eCommerce store, but that isn’t necessarily the case. However, having the option to accept credit cards online increases the likelihood that you’ll make a sale, particularly since many credit card providers offer bonus points for online sales. Discover, for instance, offers an extra 5 percent discount for all purchases made online until the end of December. Just watch out for added charges. Some processing providers charge you per credit card you accept while others have a general blanket fee. Make sure you find out in advance as most of the time, they’ll lock you in for an extended period of time.
PayPal
When it comes to online payments for an eCommerce store, PayPal is one of your most important choices. In fact, most customers expect it or another virtual payment option like it whenever they shop online. What makes it more powerful is the fact that you can purchase expanded options so that you can still accept credit cards while only linking the PayPal account in. Just make sure that you have a backup plan. Online credit card processing and payment processing always runs the risk of technical difficulties. Make sure that you have a backup plan for processing your orders, particularly around the holiday rush. You don’t want to miss out on those sales.
Debit Cards
Debit card systems like Interac Online offer a similar payment option, but they’re not used quite as often. Most of the time, they provide direct transfers from bank accounts. They’re particularly popular among individuals who are trying to save money, and so they often come with set spending limits. Most of the time, people who use these systems don’t use credit cards due to the risk of overspending. So research your demographic to see if this is something that your eCommerce store customers would prefer to use.
Accepting payments online isn’t nearly as difficult as it once was. You can set up a number of systems to process payment requests, but it’s up to you what will work best. PayPal is one of the most widely used, but it can run into some technical glitches. Credit card processors, on the other hand, often come with higher processing fees. Debit card processors reach a more segment of the population, particularly the budget conscious. Setting up this selection of options requires knowing your customers and what they’re most likely to use. When in doubt, PayPal is generally the safest bet based on its wide use and general expectation of its presence.