Be mindful of these payment solutions when setting up your ecommerce website
Photo by Mark König on Unsplash
Receiving payments is the foundation of every business’ strategy. Thus, every e-commerce website must be able to process online payments from its customers.
We whittled down the top solutions available on the market right now after investigating and evaluating dozens of payment gateways. This guide will help you choose the best payment option, whether you already have an online store or are starting one from scratch.
Why should you implement different payment solutions?
Having a vast variety of payment solutions available at your eCommerce store will bring more customers, which can lead to a longer-term customer base. Also, it is of utmost importance to offer your merchants various payment options for a flawless customer experience.
If customers cannot make a payment in their preferred manner, many of them will back out of a purchase. By providing various payment options, you can ease the checkout process and motivate customers to finish their transactions. Thus, your conversion rate and income can rise, especially if you decrease cart abandonment.
Top 3 payment solutions for your e-commerce website
1. Shopify
The greatest thing about this platform is that it’s all in one, including a payment processor, eCommerce marketing platform, and online store builder! It’s also a great choice if you decide to start a dropshipping business.
Shopify makes things simple for your consumers. Once you have an account, you can accept a variety of well-known e-commerce payment options, such as:
- American Express
- Mastercard
- Visa
- Paypal
- Discover
- Google/Facebook and Apple pay
Every Shopify package includes Shopify Payments. Several other eCommerce payment methods are supported, but they charge a transaction fee. When you utilize Shopify Payments, there are no transaction costs.
2. Stripe
Stripe enables businesses of all sizes to process payments and sell products on the online market. They support different payment methods and scale faster.
With its powerful APIs and software solutions, customers worldwide can pay with their preferred method because they include:
- 135 currencies
- all major debit and credit cards like Visa and Mastercard
- ACH transfers
- Apple Pay
- Google Pay
Furthermore, Stripe offers recurring payments and subscription management capabilities. Stripe also offers in-person transactions in addition to online payments.
With flexible pre-approved card readers and cloud-based hardware management, Stripe Terminal helps your company integrate its online and offline channels. They extend your online presence into the real world and enable you to design your in-person checkout.
3. Square
This platform is primarily made for in-store shopping, but luckily they also provide e-commerce options. You may easily establish a pay link using Square Online Checkout. Customers that click through are directed to a plain checkout page where they are asked to submit their name, email address, and payment information.
Such a platform supports all major credit and debit cards, as well as Apple Pay and Google Pay.
A Square payment gateway can be added to your website without a monthly fee. They have a pricing model that is 2.9% per transaction, just like PayPal, and it integrates with various e-commerce platforms and CRM tools.
In conclusion
If you are starting an eCommerce business, implementing different payment options is crucial. This method ensures that your website visitors will not bend the purchase once they choose the payment method.
By choosing any of the mentioned three payment solutions, you will not make any mistakes. Pick the one that suits your business needs as well as your annual income, and watch the customer number grow!
