While digital wallets and ‘buy now, pay later’ are taking the eCommerce world by storm, traditional methods like debit card payments are beginning to take a backseat with online customers. Or are they? Some eCommerce merchants still feel that debit card payments are still needed in the driver seat. At Payflex, we believe the same! Here’s why they are worth it for eCommerce merchants!
Think Local When It Comes To eCommerce Debit Card Payments
South African shoppers and their changing payment preferences are not as global trends predict. Sure, consumer spending habits and behaviours are changing, and the global trend will motivate all eCommerce merchants to avoid debit card payments, but local shoppers aren’t changing their payment preferences as fast.
Currently, 1000s of local buyers use debit card payments. So, if your current base is lacking local shoppers, it would be worth it to reach more South African shoppers by offering debit card payments at checkout.
Here in South Africa, debit cards issued by Maestro and Visa Electron are still popular among many South African shoppers. With this, avoiding this payment option would push away online customers who favour this method
eCommerce Debit Card Payments Mean Smaller Purchases But More Loyalty
Is it worth it to offer debit cards and payments to customers when these payment tools eliminate the chance of online shoppers going into debt or spending over their budget? Debit cards, as it is known, do not allow credit and with these customers using this payment can only spend what they have.
However, a financially responsible shopper is a loyal shopper. Ecommerce merchants should enjoy customers who spend wisely because they’re not once-off spenders who do impulse buying. They are rather loyal recurring spenders. Those who enjoy easy management of their money and lower yearly costs, too.
As debit card payments don’t come with the annual fee found on some credit cards, this could mean that your online customers have more money to spend at your eCommerce store.
Lower Fees Charged To Your Business With Debit Card Payments Means Fewer Expenses
Debit cards typically require the payment of lower merchant processing fees than credit cards, which can result in cost savings for the business. This makes debit card payments worth it!
Debit card transactions usually require less processing time, too, meaning that the merchant actually has access to the funds more quickly. Didn’t worth it, oh yes!
Grow Your Customer Base To Include Those Who Don’t Have Credit Cards
Not all customers have credit cards. This is because of poor credit history or personal choice. But all customers want to shop online! Debit card payments thus give merchants more chances to attract more customers who enjoy the safety and convenience of debit card payments.
Sign Up For Payflex Now! Let Your Online Shoppers Sign Up For Debit Card Payments Too!
If you think debit card payments aren’t worth it for your eCommerce business, then opt for Buy Now, Pay Later, but rather rethink the whole matter and start offering debit card payments as well.
If you’re not convinced yet about debit card payments, read our previous blog on more reasons to offer this payment option to your online customers. Then you should be convinced!
As an eCommerce merchant, we believe it is critical to ensure debit card payments are one of the payment mechanisms on your site. Why? Because it’s worth it to your business and your online shoppers!
Contact Payflex to open a merchant account in 2022 and start using it as a payment gateway for your online store.