From the first coin made and used in around 600 BC to the upsurge of cryptocurrencies today, payments have been an integral part of businesses.
Technological developments have drastically changed how businesses accept payments. Digitalization, growing use of the internet, and changing consumer trends have also put pressure on Ecommerce retailers to offer convenience to the customers.
On top of that, due to the rise of Ecommerce purchases, customers expect retailers to offer them suitable payment solutions.
If you run an online store, it is imperative to learn how to accept global payments. We’ll uncover the nitty-gritty details on international payment methods.
Why Does a Business Need Multiple Global Payment Options?
Ecommerce has no boundaries. Consumers and revenue can come from anywhere worldwide. Unfortunately, a few online retailers set borders for customers without even knowing it.
For instance, if your online store doesn’t offer multiple global payment options, you will likely lose your chance to attract more customers.
Ecommerce is growing tremendously, but if you fail to implement the latest trends, you’ll be ruled out from the benefits entirely.
The payment options you offer significantly impact the purchasing decision of customers.
Data reveals that 85% of consumers abandoned their online purchases due to inconvenient shopping experiences.
Though Ecommerce offers a seamless way to shop from the comfort of home, customers seek even more ease.
Offering several global payment options is one way you can simplify the customer shopping experience and benefit your business.
We’ll explore why your business needs to set up global payment options.
By offering several payment options, you are making the purchase convenient. In turn, it makes the checkout process easier for them, eventually reducing cart abandonment.
Hypothetically speaking, your customer spent hours searching for their favorite product and added it to their wishlist only to find out that your site accepts a single payment option – which perhaps isn’t the one they can use.
Do you even think this customer will return to your website again? I bet not!
This is why diverse payment options allow customers to have their preferred one at hand. In turn, they get to choose the one that suits them the best.
What do you think you are doing when making shopping convenient for customers? Perhaps encouraging them to shop again!
When shoppers have multiple payment options, it will reduce cart abandonment.
Though several reasons make up for customers abandoning their cart, a confusing checkout process or inaccessibility of payment options is one.
As an Ecommerce retailer, you have the choice to fix this issue and allure shoppers. More people buying from your website will automatically grow customer loyalty, boost sales, and hike up your business.
Even more, by offering multiple payment solutions, you are opening a gateway to increasing your customer base internationally.
Having customers worldwide will significantly contribute to your business growth.
Ecommerce Payment Methods Used Worldwide
Whether your customers choose to shop from their mobile phones or desktop browsers, they expect a seamless shopping experience.
Diverse payment options allow them to choose the one that fits their needs. If you seek to target any of the 4.66 million global internet users, here are a few payment methods you should consider including on your website.
Also known as electronic wallets, digital wallets are among the most popular payment methods in the B2B online business world. Statistics show that it is expected to grow 50% in 2022.
When using an e-wallet, the customer is not required to enter their bank account information. Instead, they get redirected from the checkout to the digital wallet page.
Then, they have to log in with their username and password to complete the purchase.
Credit and Debit Cards
Although e-wallets have overtaken the online business industry, credit cards are still popular among customers.
Credit cards are slightly more beneficial and preferred payment options than debit cards because they offer more features. For instance, a customer gains access to bank rewards programs. Besides, it also affects a user’s credit score.
Therefore, many customers prefer purchasing using credit cards.
Electronic checks, regulated by the Automated Clearing House, allow customers to draw money from a checking account.
The shopper authorizes the payment from their internet bank account, and the processing is similar to the regular paper checks. However, it is relatively faster.
In fact, they were the first internet-based payment utilized by the US treasury for large online payments.
Prepaid cards are yet another way to accept payments from your customers. Though they are slightly less prevalent among other payment categories, a few shoppers still use them.
However, it shouldn’t stop you from adding one to your site.
Global Payment Service Providers Facilitating Payment Solutions
How you accept international payments isn’t limited to payment methods. Instead, transaction currencies, countries, and regions count in, too.
Fortunately, a global service provider like Oceanpayment facilitates payment solutions by offering several features.
Oceanpayment, an online service provider, offers a convenient, secure, and practical solution to merchants with cross-border business.
The service provider delivers a variety of payment-centric solutions and services. We’ll explore what it has to offer.
- It provides a single platform to help you meet your online B2B business model industry trends.
- As an online retailer, you can utilize technical support and operational services offered by Oceanpayment.
- A variety of payment methods, including processing management, reconciliation, payment, and data analysis, ease business for you.
- The company offers in-store payment, app payment, website payment, and official account payment options.
- The global service provider offers a safe way to accept online payments, limiting the risks associated with online payments.
Accepting payments is a critical part of online business. You might be offering top-notch products and services as an online merchant, but if you do not know how to accept payments, you’ll fail to grow your business.
A convenient way to accept payments increases workflow and adds to your customer experience.
Several global payment providers, including Oceanpayment, ensure a safe and hassle-free way to receive payments online.