Many online business owners assume that choosing one trusty payment provider is all they need to do to open a functional e-commerce business. While this approach certainly works for some, it doesn’t always guarantee success in growing their loyal customer base.
Though there are downsides to having multiple payment options available, tracking how shoppers can fulfill their payment dues to online businesses can be challenging. There are more upsides than business owners think when offering more payment options to cater to a more extensive customer base. Here are a few reasons why offering more ways to pay for products online is essential for e-commerce businesses.
New customers expect it.
Each customer has unique preferences, and most prefer being offered options. Studies show that customers abandon carts if their preferred payment option is unavailable.
Get ahead of the competition and offer additional payment methods most convenient to your customers. Many businesses have been ensuring that their customers can pay in multiple ways, and this helps them keep up with the ever-changing trends and demands of the industry.
Online businesses and post-COVID
Online businesses grew partly due to the pandemic reducing the accessibility and perceived safety of visiting physical stores. In effect, this created a boost in online purchases where customers are now fonder of paying cashless through online cards and e-wallets than going to a location physically to make a purchase.
While traditional shopping would still be a common post-pandemic practice, it has opened opportunities for many businesses to maintain multiple payment options in their physical stores. They can offer payment options through payments via e-wallet, online banking, and even buy now, pay later options in a matter of seconds from the convenience of the physical counter.
The more, the merrier!
Credit card option is offline? How about e-wallets? Why not pay via online banking? It’s all possible now! By offering multiple payment options across various payment providers, businesses can avoid an unprocessed sale if one of their payment providers experiences an outage or issue.
With several options available, shoppers who cannot use the payment method experiencing an outage can choose a different payment method and move forward with their purchase.
Expand your customer reach, offer more payment options with BUx
With all the possible options you’ll need to offer your customers. It’s essential to have a single source for all those payment options compacted and compiled in a single seamless location. Remove all the hassle of manually creating these payment windows and get it all effortlessly with BUx.
BUx makes payments easy for you and your customers with e-wallets, online banking, and over-the-counter payments – all available nationwide. No business documents are required.