The payment method is the last step in the process of selling an online store. One in five users abandon the purchase for not finding the most comfortable way to pay for the item or service. To avoid this, the entrepreneur must know the preferences of his client.
Who said doing business on the Internet was easy? More and more freelancers have climbed the wave of ecommerce. Many of them, thinking that starting an online store is much simpler than doing it with a physics. However, there are several issues to consider: give visibility to the business; enhance the quality of the product, optimize the design of the website, … After all this, the entrepreneur has the most important thing: the payment method. Although it seems secondary, choosing the right medium will affect sales, as much or more, than the product itself.
According to the latest Ecommerce Study prepared by IAB Spain, 22% of users abandon their purchase for not finding payment methods adapted to their needs. It is the last link in the purchase process, the most important moment since not being completed will not have served all the above. The Observatory of ecommerce and digital transformation supported this statement, adding that “there is still a large number of users who say that the main reason for not buying online is the doubt that they are supposed to pay through the network.”
According to the same observatory, efficiency and safety, it is what customers value most when making the purchase. For this reason, any online entrepreneur should focus their efforts to keep their store as safe as possible.
The most used payment methods.
It is a very common means of payment both in online purchases and in physical establishments. The advantages for the consumer are clear: it is a free option for them and almost everyone has a checking account.
To ecommerce this payment method if it costs commissions. However, its instantaneity and popularity among customers makes it a difficult option to discard for any business that seeks to secure their conversion rates.
- Credit card
Although with less popularity than the previous option, the credit card is an option widely used by consumers. Besides being comfortable, it is a free option if the customer does not finance the purchase.
For ecommerce, the advantages and disadvantages are the same as with the debit card: payment is immediate, but there are still commissions for the business.
- Cash on delivery
The customer pays the purchase at the moment he receives the package at the collection point. Although it is possibly the safest means of payment for the customer, it is not so much for the trade since if the purchase is not finally made, it will be the store that has to face the shipping costs.
- Wire transfer
Because of the obstacles involved, this payment method is falling into disuse. In spite of being a simple method to carry out, it is slower and less comfortable than the other options, since the money will not arrive so quickly to the account of the commerce and, in some occasions, a proof of the transaction may be necessary .
Although this method does not need specific support in the online store, its disadvantages for e-commerce are greater than the advantages. Among them, not receiving the payment, the delays, and the low conversion rate due to the inconvenience that can generate to the client.