Online payment options for eCommerce businesses are many, and each one promises to make the checkout process easy and safe.
E-Commerce services that process payment information for websites are known as online payment gateways. eCommerce businesses benefit from online payment gateways in two ways:
1.They make it easy and quick to check out.
2.They offer encryption to keep the information about your customers safe.
Why Provide Several Online Payment Options
Even though you can get by with just one safe and easy way to pay online, many customers now expect to be able to use their favorite payment methods on sites all over the web.
With services like PayPal, Square, as well as Apple Pay becoming more and more popular, customers can check out on more and more websites without having to enter their payment and address information each time. Instead, they only have to sign in to an account they use often, and in many cases, they may not have to do that if their gadget remembers it.
Consider Online Payment Options
All of the market’s available online payment options promise to provide quick and safe methods of payment. Each has a unique justification for thinking about using them.
1. Paypal
Paypal is among the biggest and most well-known ways to pay for things online. More than 254 million people use the site. That’s a lot of people who would find it easier to buy something from your website if they could use Paypal to pay. The service says that over 17 million businesses use it and that customers who pay with PayPal are 82% more likely to buy than those who use other payment methods.
2. Amazon Pay
Even though Paypal is popular, Amazon is without a doubt one of the most popular sites on the web, and almost all of your customers will already have accounts there. If you add Amazon Pay to your store, Amazon customers will be able to shop with you without having to type in their payment information.
3. Google Pay
If anyone can take market share away from PayPal and Amazon, it’s Google. Google Pay also lets stores set up loyalty programs, digital gift cards, and deals for customers so that no one has to use paper or plastic cards. Google Pay also works to PayPal and Visa Checkout, which helps it reach more people.
4. American Express
American Express might not have as much market share as our first three online payment gateways, but it has something quite valuable: consumer trust. Even though American Express isn’t as common as some of its credit card competitors, it has one of the highest customer satisfaction rates in the industry and tends to target people with higher incomes than other credit card companies.
5. Apple Pay
To keep credit card information safe, Apple Pay uses tokenization. This means that after a user gives their credit card information to the service, the device talks to the issuing bank to get a random number (or token) to represent that card. This makes the information hard to read for hackers. This keeps the financial information of consumers safe while working quickly.
6. Stripe
Stripe is a payment processing platform with a lot of features that makes it easy to accept payments from many different sources (credit cards, digital wallets, ACH transfers, and different currencies). They also give you a number of choices for how to pay. If you don’t know much about coding, you can add their ingrained checkout to your site with just one line of Javascript. You can also use their custom UI toolkit to make a more unique payment form.
Some of the options we’ve looked at so far are mostly useful as extra checkout options. Stripe, on the other hand, is a good foundation for adding other online payment methods.
7. Square
Square is best known for its point-of-sale (POS) payment processing, but the company also has options for online shopping. They have an online payment API that accepts credit cards and many of the payment methods we’ve listed here, like Google Pay, Apple Pay, and Masterclass.
Read more: 7 Online shopping facts for 2023
