According to statistics, about 50% of regular shoppers would cancel their purchases if their preferred payment method was not available. In addition, according to a survey by YouGov, 40% of respondents revealed they would feel more comfortable purchasing from an online shop which offers multiple payment gateways.
Many online merchants lack alternative payment methods. The increasing number of buyers seeking different payment options what means it became important to address this issue more broadly. Since the checkout can make or break a customer’s user experience, it is a necessity to integrate the most popular payment options. Many research showed that having multiple payment options is not just eligible for customers but it can actually be an essential factor in growing your online business.
The rise of customer convenience by adding more options
Offering multiple payment options will make your online store look more professional and trustworthy. There are no notable companies with only one method of payment. Consumers need a guarantee that they are being served by a secure merchant. This is the reason why established business are perceived as reliable. Customers will feel more secure when purchasing at online store if it appears legitimate.
Furthermore, certain payment gateways are only offered to specific countries. Having different options will appeal to a global audience and will make your business look solid. In this case, your business will increase audience reach and expand across continents.
Many merchants experience frustration when accepting online payments because of failed transactions. This is a significant issue that leads to loss of sales and wasted time on customer support. Not offering a payment option that the customer favors or feels comfortable with may lead them to abandon their shopping cart and look for alternative merchants—your competitors.
The importance of showing your professionalism
As more and more payment alternatives are being introduced – an increasing demand to serve these options occurs. Many users like the option of having different methods of payment, which is the reason why this often leads to higher sales. Many people have biases towards one or another and here you will be able to take into consideration their needs.
There are statistics supporting the fact that providing multiple payment options, it’s more likely for customers to complete the purchase and come back in the future. Companies from all around the world reported that before they began offering alternative payment methods, they had noticed that a number of visitors were browsing the website, adding items to their basket, getting to the payment page, but not completing their purchase.
According to a survey by Skrill, 28% of shopping cart abandonment is due to lack of the payment option the shopper wanted to use. The solution is to add more payment options and offer your customers the possibility to choose the one they need. In this case not only will you attract a wider customer base and more shoppers, but you will also increase the chances that they all follow through with their intended purchases. Eshops must shrink the shopping cart abandonment rate in order to increase their revenues. After all, according to research from Bain & Company, increasing customer retention rates by 5% can increase profits up to 95%.
Enabling your customers to pay through specialized payment solutions will help you to maximize success by catering to their wants and increasing your company’s conversion rate. One of these payment solutions is cryptocurrencies. By accepting cryptocurrency you are providing more payment options which improve the overall experience of your customers. The recent survey disclosed that the online consumers use as many as 5 options to initiate the payment.
If you are accepting cryptocurrencies, then you are more likely to attract the worldwide customer base. As your customers become familiar with and begin to use cryptocurrencies, it will help your business to come into notice of these users. While this may still be a niche market, it won’t be for much longer.
Attaining additional customer flow is easy
In order to accept cryptocurrency payments, many companies use a third party firm, such as Bitcoinus, to directly access the cryptocurrency market and instantly convert payments into fiat. To reduce the risk of price volatility, it is recommended that companies transform cryptocurrency into fiat as quickly as possible. Since Bitcoinus platform allows e-shops not only to accept cryptocurrency payments but as well as receive it in fiat immediately, there will be no gambling occurrence.
The process is quite simple: customers transfer their payments in cryptocurrency using Bitcoinus payment platform. It identifies and locks in an exchange rate and delivers fiat to the merchant’s bank account. All kind of businesses can benefit from the bitcoin and other altcoins acceptance with instant conversion to euros or dollars. This option empowers merchants to receive payments without exposing themselves to the currency’s volatility and attaining additional customer flow.
As companies are already aware of that having multiple payment gateways provide more convenience to customers and will prevent shopping cart abandonment they can easily predict the growth of their revenue. By offering different online payment processing options, you make your customer’s life easier which leads to higher purchase rate.