With the world of e-commerce growing at a rapid rate, you cannot afford to lose out on valuable sales because you can’t keep up. More and more consumers are choosing to shop from home and having online payment methods has now become a shelf standard for any retailer.
When looking for the best online payment methods, you need to hit the sweet spot between value-added service, convenience and cost, not only for you but your customers as well. So let’s not hesitate any further and get into the options available.
Online Payment Methods To Choose From
Credit Card Payments
Topping the list as one of the most popular online payment methods are credit card payments. Not only are they simple to use, but they are also secure. All that is required from the customer is their card number, expiry date and CVV number which banks use to detect fraud by comparing the CVV number with the cardholder’s details.
Credit card payments are often used for big purchases when customers don’t have the full amount in their bank accounts. By opting to use their credit cards, they can purchase their item of choice and pay back their banks on a monthly basis (with interest of course).
Debit Card Payments
This option is for customers who have enough in the bank for the purchase, or just prefer to shop within their financial limits. There is not much difference between credit card and debit card payments besides the fact the customer has to have the money in their account.
Bank transfers or EFTs
EFTs were once the go-to option for online shopping and though they may have lost some of their popularity, they still remain one of the safest online payment options.
The customer doesn’t even require a card to make payments, all they need is an internet connection to make transactions. A process that has been made even more accessible with smartphone apps and even safer with two-factor authentication in the form of OTPs.
E-Wallet
One of the up and coming online payment trends gaining popularity is e-wallet. In 2020, 17% of all online shopping transactions were paid via e-wallet and the numbers are expected to grow due to its one-time registration as well as storing details for multiple accounts and banks for a single customer.
How Payflex Can Help Your Online Payment Strategy
For customers to make online payments on your website, you need a payment gateway. That’s where Payflex comes in! As one of South Africa’s leading online payment gateways, Payflex can make the process of buying online seamless for both you and your customers. Not only do we guarantee simple, secure online transactions but our interest-free payment plan drives up order value, repurchase rates and increases overall sales. Learn more about our payment gateway and become an online payment pro in no time!
