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Do you want to attract a global audience to your e-commerce site? If the answer is yes, you have to think outside of the box when it comes to payment methods.
Alternative forms of payment are booming right now for global e-commerce. Alternative payment methods (APMs) refer to any type of payment other than cash or major credit cards.
In many countries, alternative payment methods are standard. If you’re selling to customers without honoring their preferred payment method, you’re losing money. We can help!
Here’s a guide to understanding online payment gateways and how to choose what’s right for your business.
Alternative Payment Gateways
Today’s consumers are buying online, and e-commerce is a booming industry, to say the least. More and more, consumers are choosing digital and mobile payments for goods and services.
Savvy online shoppers won’t settle for standard payment methods any longer. This requires merchants to cater to customers and adopt alternative payment gateways, such as:
- Stripe
- PayPal
- Apple Pay
- Klarna
- Sofort
- SEPA
- iDeal
Customers want safe and secure payments. That’s why alternative payment methods are becoming mainstream.
Some of the most popular alternative payment methods include:
Digital or eWallets
This is a digital payment that’s similar to a prepaid card. You load money into a digital wallet using online banking or a credit card.
You simply log into your account and confirm your payment. There are no account details or numbers needed to finalize a transaction.
Online Bank Transfer
An online bank transfer is similar to an eWallet payment. The difference is with a bank transfer, you’re using your account information to make a payment.
Online bank transfers can give your ecommerce customer a powerful way to make a payment from a savings account or checking account. More importantly, this is an important way to appeal to the customer who doesn’t want to put a purchase on a credit card.
Payment Installments
Delayed payments allow customers to shop online and defer payments. Some payment gateways allow shoppers to “buy now and pay later” if they have decent credit.
Buyers can pay for their purchase in full or spread the cost over a series of installments. Installments are funded through a bank account or credit or debit card.
Payment providers such as Afterpay, Affirm, and Klarna are examples of “buy now, pay later” services. Checkout Champ works with all of these and lets you extend your checkout.
Pass-Through Wallets
This payment method is a digital wallet that stores various payment cards. Pass-through wallets generate a tokenized card number for every transaction.
Many consumers believe this type of payment method is more secure than other online payment options. You can make online purchases without revealing debit or credit card details.
Google Pay and Apple Pay are popular pass-through wallets.
Why Use Alternative Online Payment Systems
Accepting alternative payment methods is an excellent way to build customer loyalty and increase your revenue. As a business owner, you know how frustrating a declined credit card payment can be.
When this happens, you may feel like there’s not much you can do to resolve the issue. Wouldn’t it be great to have other options in place to make the sale?
Here are a few reasons to consider offering various alternative payment options.
Boost Sales
Many customers worry about using their credit or debit cards for online purchases. They are more likely to follow through with purchases when they feel their money is safe.
When you develop a trusted relationship with your customer, they’re more likely to return to your business again and again.
Maintain Global Relevancy
Payment services like Amazon and PayPal are global leaders. They aren’t limited by geography.
Why should you limit your business? Opting for alternative payment methods opens up a world of possibilities, allowing you to accept payments from around the world.
Build Trust
Shoppers who aren’t comfortable using their credit cards online are reluctant buyers. You may miss a major opportunity because they are fearful.
Using a reliable and familiar brand like ApplePay or PayPal can make your customers feel more secure. When customers feel safe buying your products, it’s good for your brand and your bottom line.
Quick Payments
Online shoppers don’t want to fill out multiple forms when making a purchase. Removing these fields from your checkout process can keep customers on your site.
Alternative payment methods make purchases easy. Many require an email to pull up customer information, making the purchase process simple and fast.
The Safety of Online Payment Systems
Are you considering adding online payment options to your website? You may be wondering whether it’s the best choice for your business.
Credit card payments come with a variety of fraud issues. There are many ways identity thieves can retrieve your customer’s credit card details.
Alternative payment methods are safer and easier for customers to use.
Using Checkout Champ
You can set up your business for success with alternative payment methods. Checkout Champ helps integrate payment software to make customer checkout a breeze.
Many payment gateways require plugins or apps on platforms like Shopify, BigCommerce, WooCommerce, and Magento. An integrated approach allows e-commerce stores to sell more products and increase sales.
Checkout Champ offers over 180 payment gateway integrations in more than 100 currencies.
Flexibility
Customers can choose local payment options for various currencies around the world. This gives customers more flexibility and can decrease churn rates.
Convenience
An easier transaction process is attractive to your customers. The easier, the better for greater sales and revenue.
Easier Payouts and Pay-ins
Checkout Champ can make your life easier too. You can manage your payables and receivables all in one place.
Helpful Customer Support
If you have any payment issues, Checkout Champ is here to help. We offer 24/7 support for your convenience.
Advantages of Online Payment Gateways
Today’s global e-commerce industry requires a fresh approach to payment solutions. Business owners and online shoppers are looking for easier, safer, and more convenient online payment gateways.
Checkout Champ offers a solution. If you’re ready to increase your sales and reach a global audience, Checkout Champ may be the perfect solution.
