Consumers have high expectations for businesses when it comes to providing an efficient, seamless, and easy to use payment processes. Unbeknownst to them, this matter is not as easy as it seems especially now that it has become an urgent must-do for businesses due to the fact that countless of people that use mobile devices when shopping online continues to increase. Many smaller companies are still on the negative side regarding the adaptation of digital solutions. And these businesses frequently encounter issues with their not-so-dependable systems and their lack of right e-commerce software. Needless to say, there will always be those that are not so keen on adapting to the latest trends and lag behind in the digital world.
There are actually numerous things to consider if you decide to build an e-commerce channel and among the grave decisions to make is choosing the right payment system. In fact, one of the top reasons why people abandon their shopping carts is because of the lack of a frictionless experience. That said, it is about time for your business to make use of the digital solutions we have today. Here are the four factors that will help you decide on how e-commerce factors right in into your business.
- Customer’s preference
There are several payment methods and solutions that you can choose to provide for your e-commerce store. However, if you wish to support every method available, then this may cost you much more than you have budgeted for and is really impractical, if I may add. The solution here is to choose the methods that are frequently used and are preferred by the majority of your customers. This could be based on their geographic locations like Paypal for the United States, Alipay for China, DragonPay for the Philippines, and even cash-on-delivery for some parts Asian countries. You also have to consider the financial capacity of your audience, so if you’re mostly catering to working-age customers, then they would have access to credit cards and bank accounts.
- Developing technology
Another factor to take into account is the ever-developing technology that we have. Today, people are looking into cryptocurrencies such as Bitcoins and Ether and are using them as payment methods. However, you have to seriously think about the challenges of supporting this kind of payment. For instance, cryptocurrency values are liable to fluctuations. Bitcoin, for one, could tale double-digit swings in just one day. Fortunately, there is currently a developing “stablecoins” being made that will hold the value of the coins regardless of any crypto market fluctuations, hence, making them more reliable for e-commerce use.
- Security of payment transactions
Security is the top concern of consumers when it comes to things that involve money and personal information. Naturally, payment services providers are the ones who work on complying with the security standards. It is up for you to check if the provider you want to work with has adhered to the industry standards. To put on another layer of security, you can partner with providers that offer fraud prevention and chargeback protection, but they usually place extra charge for these services.
- Ease of use
With the advancement of technology, customers are now used to websites and online stores that offer excellent user experience and fast and convenient interfaces. Your job is to figure out if your preferred payment solutions will enhance your store’s checkout process. The fewer the pages and clicks customers have to make, the better it will be. Furthermore, you also have to consider the ease of use on your end. Check if the experience is easier or foolproof for you or your staff to manage.