The best part of having an e-commerce website is seeing customers flocking in. You can advertise all the products in the world if you want to, but if you are not able to sell a single thing on your site, then all those ads will be for nothing.
Even though people think that low pricing is the only thing that could attract customers, the payment method you are using plays a big role too. What you should be focusing on instead should be CONVENIENCE. The convenience your customers will be facing through the whole purchasing process is the major key here.
So which payment method offers the most convenience to your customers? Well, that is pretty hard to say since the level of convenience that a consumer will be having will totally depend on the consumer himself/ herself; some may work for one party but inconvenience the other.
This is why it is advisable to have more than one payment method configured on your e-commerce website. The question that remains is which of these payment methods are the ones that you should be using. Well, let’s take a look at the best alternatives you can choose from:
Skrill is one of the most trusted payment methods for e-commerce websites all over the world. It was started back in 2001 as MoneyBookers and has ever since rose to be one of the best payment methods that you can go for.
- It is one of the cheapest methods of money transfers online. Even on freelance sites and sportsbooks, it is evident that this is among the cheapest methods to go for.
- They have good limits for transactions on verified accounts.
- You can start transacting even without ID verification, which is a real problem for new customers.
- Customers do not have to leave the site during purchases.
- Even if you are a sportsbook, you can use Skrill services on your site.
- Favors the whole world; the method of registration is same all over the world.
- Some of the platforms used by e-commerce are hard to integrate.
- Some people are not familiar with Skrill since some of the earlier e-commerce sites have not included it in their payment systems.
PayPal is among the largest and earliest payment gateways that you can opt for. Nearly all the e-commerce sites have integrated the API into their payment systems.
- It is one of the most famous payment gateways; almost everyone knows about this mode of payment and hence has gained the trust of many people.
- Low personal transfer costs.
- Low overall costs.
- Easy transfer of funds; lately, PayPal has improved the payment method so that a person can pay with one click.
- Fast transactions
- Leads customers away from the site; A consumer has to be directed away from the site to complete the authentication process.
- A person must verify a card before making any purchases. Unlike sites like Neteller, you are supposed to verify a card before completing a purchase or just use the card during the purchase.
- Bank withdrawals are not available in all the countries Except the US. If you were planning to pay some of the consumers/ clients, this may be an inconvenience to them.
Stripe gained its popularity due to the power it gives clients to cross out middlemen (merchants). This has proved to be the best payment gateway option for e-commerce sites maintained by developers.
- It can give you total freedom from merchant charges.
- You have complete control of the financial activities.
- You can ensure that the payment system is 100 percent secure all by yourself.
- You can make it work for you the way you want it to, a feature that you cannot get from even the best payment gateways. You can tune the software to do almost anything within the financial limits and it also gives you a chance to update your charges.
- After the initial integration, it is cheaper than other payment gateways.
- Users complete purchases within the site.
- You may incur bugs if not integrated properly.
Google wallet has gained popularity through the use of android gadgets which require the user to use it on play store. The convenience it offers has pushed it to be a great method of payment on e-commerce sites.
- Free to receive and transfer money to and from your bank account.
- Cheap to both e-commerce websites and the customers; charges you 2.9% for every successful transaction.
- Widely used by people with smartphones running on the Android operating system.
- Low limit on credit card uploads: only $500 can be uploaded in a period of 30 days.
Are you looking for a simpler alternative? I think WePay is the best option in this case.
- WePay has a simpler GUI which enables fast transfers.
- One dollar transactions: you can transact the lowest amounts of cash possible.
- Friendly with Crowdfunding sites.
- Only available in the US, which basically limits its use almost everywhere on earth.
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