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The New Ways of Paying Online

Posted On: 20th July 2020
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Read Time: 3 Minutes
The New Ways of Paying Online

Ecommerce has dramatically changed customer behaviour and is quickly becoming the preferred way to shop. To make sure you’re providing the best payment methods to your customers, it is vital businesses use reliable, safe and user-friendly solutions to give the public peace of mind when entering their details. Using a variety of preferred methods such as credit or debit cards, PayPal, Apple Pay, etc. ensures fast, safe payments for the user and can significantly increase conversion rates.

The evolution of retail has been growing rapidly over the last five years. Consumers who were once sceptical about using online payment systems are now shopping from anywhere, at any time, and on any device online due to the convenience and accessibility of being able to compare dozens of stores products at once. In fact, in 2021 it is estimated that over 2.14 billion people worldwide will purchase goods online – a significant rise from 1.66 billion in 2017!

When we look back at how eCommerce has developed over the years, we can see growth in the range of payment options available for online shoppers. An eCommerce payment system should be one of the top priorities for any digital store. If you can’t take online payments then how are you going to make money – right?

Top Payment Methods for Ecommerce Websites

Customers expect to be able to use the payment method and channel they are most familiar with. While it’s possible to get by with one trustworthy and easy method, many customers prefer to use their favorite as it creates a more seamless and convenient experience. That’s why we always recommended offering more than one option.

1. Fast Checkout

Say goodbye to a lengthy checkout process and hello to single page checkout! Speed is a crucial element for any website and adopting a one-page checkout method can reduce the number of clicks and steps needed for a customer to complete their transaction. We have seen this work well for many of our clients at Echo. Not only does this design increase your conversions but it can drastically decrease shopping cart abandonments too!

Amazon Pay – Seedlip experienced a 60% faster checkout and the number of shoppers using Amazon Pay rose to 50% within just two months.

2. Paying on the go

Buying goods online has never been easier (especially for mobile shoppers)! Consumers are more smartphone-dependent than ever before and the biggest advantage of accepting mobile payments is that it makes it easier for your customers to checkout through their smartphone, via methods such as Apple Pay and Google Pay. 

Google Pay – When Sport Hero added Google Pay to their checkout they saw an excellent 20x increase in conversions and 150% increase in customer retention.

3. Buy now, pay later

Offering credit is a fantastic way to attract new customers by avoiding daunting, big payments with buy now, pay later (BNPL) schemes. This method is extremely popular, allowing customers to spread their payment over an agreed period of time making the purchase more affordable. It also works well for sellers too, as the provider takes on the risk of collecting payments from customers.

Klarna – In The Style experienced a 31% increase in average order value when customers shop using Buy Now, Pay Later.

4. Pay in instalments

There are occasions, usually with expensive ‘big ticket’ items, when the customer would prefer to pay a deposit and the remaining in instalments. Offering this flexible option, motivates users to make that high value purchase without having to think much about a lump sum payment. It can also give businesses that edge over competitors and improve the overall shopping experience.

PayPal Credit – Since Air Beds unlimited added a second button promoting PayPal Credit, they received a 19% growth in total sales.

Provide the Payment Options Your Customers Need

As the eCommerce market continues to grow, it is vital that your business does not stand still in this competitive industry. By keeping up to date with the latest technology and demands, you’re ensuring that your customers have the ability to choose between the payment platforms they prefer, making the process fast and simple. Therefore, the more payment options your website offers, the more completed payments you’ll receive – resulting in a higher conversion rate and many other rewards 🏆!

We understand the importance of making a checkout as seamless as possible for your customers, and from this we’re proud to have helped transform many of our clients websites so that they convert efficiently on all devices. Check out some of our latest eCommerce projects here.

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Elise Godfrey at Echo Web Solutions
Elise Godfrey
Digital Marketing Executive
Elise has a strong passion for all things digital and has over 3 years of experience working in an agency-based role. She especially enjoys brainstorming new ideas for campaigns and maximising results through PPC.

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