Gain Competitive Edge and Grow Your Business with Innovative Payment Solutions

The days when e-commerce businesses offered traditional payment options such as credit card, debit card, cash on delivery or bank transfers are fast disappearing. With payment technology evolving by leaps and bounds, there is an increasing need for e-commerce businesses to adopt and offer innovativepayment solutions. Read on to learn what these new payment technologies are and what factors should influence your choice of payment methods.

Safe and Efficient E-Wallets

The need to adopt innovative payment solutions arises from the need of customers to be able to select from a range of new, convenient payment methods. E-wallets are getting popular these days for their ease of use and convenience – e-wallets do not have any physical form, they are electronic cards that need to be linked with a bank account or credit card. Users can load as much money as they want in their e-wallet and use that to make cashless payments.  Alipay, PayPal, Amazonpay, WeChat Pay and Apple Pay are examples of e-wallets.

Mobile Payments and China Union Pay

Alipay deserves a separate mention because it supports both offline and online payment with streamlined currency exchange and fast settlement period. Mobile payments aided by quick QR code scanning, are also gaining ground due to their convenience. Bitcoin is a global, digital currency that has been raising eyebrows in recent times due to its ability to allow transactions without middlemen or banks. And then there’s the China Union Pay online payment service that offers several benefits to merchants including low transaction cost, no payment repudiation, nil chargeback and live confirmation of payment from China bank accounts.

Choose Payment Methods Wisely

When searching for payment solution companies offering services to e-commerce service providers, you’ll find that not all companies have the ability to process the above mentioned payment methods. It’s not advisable to stick to offering one payment method but offer several.  It’s worth considering which payment methods are beneficial for your customers and business. The payment methods you’ll want to offer will vary depending on different factors such as your customers’ demographics, the kind of products/services you are selling, whether your e-commerce business has local or international presence etc.

Factors to Consider

If your customers include older people, you’ll definitely want to offer traditional and familiar payment methods such as credit card and bank transfers. However, if your customers include young people who are tech-savvy and open to new payment innovations, you’ll want to offer alternative payment methods like e-wallets, bitcoins, mobile payment etc. It also depends on the type of product-service you’re selling. For example, if you are selling products that customers buy regularly, for example organic vegetable, you’ll want to consider offering direct debit payments. Offering direct debit payment is also a good option to widen your customer base to include those who don’t have credit cards.

To remain competitive in the e-commerce space, you need to make sure no one is turned away at checkout simply because they couldn’t pay using their preferred payment method. For best tailored solutions for your online business, get in touch with a payment solutions company that specializes as an e-commerceservice provider.