It’s impossible to escape from credit and debit cards in the current business climate. So many people rely on these payment methods in their daily routine, and fewer consumers actually carry physical money. Shoppers have also started buying more products online, forcing merchants to create online stores to accommodate this demand. These eCommerce solutions need to accept credit or debit cards so merchants can receive payments. But are these payment methods really the only options?
Thankfully, they are not. Many alternate payment solutions have innovated the eCommerce industry with radical and intuitive new methods. These approaches address many of the concerns that consumers face when shopping online, creating a safer, more trusting sales environment. Businesses sell more when they cultivate this environment, so any company that needs to boost their bottom line should at least consider these solutions.
If you’re still not convinced, keep reading. This article will detail just a few of the benefits the right payment method can offer your company.
They Give Your Customers More Power in their Shopping Choices
Choice has become an important part of the modern sales process. In an online marketplace, many different companies are competing to reach the same pool of potential customers. Consumers know they have the freedom to choose, so they’ll react poorly when a company limits that agency.
Many businesses recognize this, so they offer alternate payment solutions to give their clients more options. Users can select the transaction method that works best for them. They can also decide whether they want to pay immediately or wait for up to two weeks. With so many opportunities available, shoppers will be able to pay in whatever way they please, and this will result in an uptick in sales.
They May Guard Against Threats More Effectively
Security is a big concern for both consumers and merchants. Shoppers can be wary of buying products online because they may be exposed to identity theft or credit card fraud. Merchants worry about these risks as well, but they may also maintain suspicions about their customers, who may challenge charges or fail to pay altogether.
Thankfully, alternate payment solutions minimize both of these risks. Most processors ensure their methods are safe for consumers and follow applicable security standards. While merchants may balk at the idea of a “pay later” program, processing companies also take responsibility if the customer fails to pay for a product, eliminating this uncertainty.
They Reduce the Likelihood of Chargebacks
Chargebacks are horrifying, as any high-risk merchant can tell you. They detract from your business’s revenues and reputation, they’re a common indicator for fraud, and if your rate is high enough, credit card companies could blacklist your business. Therefore, it’s important for any company to contemplate these threats before they seek payment processing.
Many alternate payment methods reduce or eliminate the possibility of chargebacks altogether. This can help problem merchants reduce their risk and protect other organizations from these risk factors. If you’re concerned about chargebacks at all, you need to assess alternate solutions as viable options.
Some Methods Work with Your Processing Equipment
There’s no reason you can’t offer alternate payment options, even if you already accept common payment methods like credit and debit cards. Processors often use common business infrastructure like merchant accounts, point of sale solutions, and more to accept alternate payments. This means you can easily integrate these options into your existing processing set up without much hassle. You may have already thought alternate payments were versatile, but this point proves that they’re also convenient for both merchants and customers.