Why You Need to Offer Multiple Payment Options
Are you a trader offering products or services online? Well, the last thing you want is a potential customer leaving at checkout because you don’t have their preferred method of payment.
Customers are likely to buy from your firm if you offer multiple payment options. Close to 50% of shoppers will cancel the transaction if you don’t offer their favorite payment option. Don’t let this happen.
When trading online, you’ll attract buyers from different areas and regions. It is only fair to them to use the Magento 2 stripe extension to allow for different payment options. Doing so will not only benefit your customer but also offer an opportunity to grow your firm. Its benefits are as follows:
1. Increase your Independence
Diversifying your payment options works to improve your business independence. For example, if you were to rely on one method, you’ll be at the mercy of that bank and its systems.
Accepting multiple payment options will prevent overreliance on one or two institutions. The self-sufficiency of this action is an excellent boost to your business growth and success.
2. Customer Convenience
Offering several payment options allows for customer convenience. Due to diverse payment options, shopping cart abandonment will be a thing of the past. Plus, it makes their shopping experience more comfortable.
Various payment options allow customers to use their cell phones to shop. This adds to the flexibility of online trading.
3. Allows for a Global Reach
Some payment gateways apply to specific nations and currencies. Any customer outside such jurisdictions cannot buy despite the urge and need to.
However, accepting different options appeals to customers across the globe. Well, this is what you need to grow your market base worldwide. Even better, integrate the payment gateway depending on the location of your target audience.
4. Maintains Higher Professionalism
A company that accepts different payment options looks reliable and highly professional. Well, how often do you see large and reputable companies with a single method of payment?
A shopper needs to feel they’re buying from a safe and secure trader. This is the primary reason why large and profitable firms are seen as dependable. Remember, a buyer will only place a purchase at your online store if you’re legitimate.
5. Guarantees Customer Retention
Most customers have a preferred payment method. If they don’t find the option in your firm, they’ll move to your competitors. Such an act leads to loss of sales which may impact negatively on your business. If this happens today, how are you planning to stop it in the near future?
According to statistics, having several payment options leads to higher conversion rates. The customers are likely to complete the purchase transaction. If they like your products, they’ll come return in the future.
What Are Your Options
Currently, there are different payment alternatives out there. However, you should be careful when selecting the options to go for. The one you choose should be capable of meeting your business and customer needs.
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