5 Best Payment Methods For Your eCommerce Business
Having a variety of payment methods is important for your e-Commerce business. It gives your customers a variety of payment options to choose from.
Here are 5 Best Payment Methods For Your eCommerce Business.
1. Bank Transfer
Bank transfer is a popular payment method.
It involves the direct payment of cash from one account to another. Which in this case is from the customers account to your business account.
Businesses replace card payment with this method of payment based on their customer’s requests. Most times, bank transfers might be a bit hectic. This is because both parties need to confirm receipt and debit alerts, which is why most businesses avoid this payment method.
Bank transfers can be made either with the use of USSD code or an internet banking app from the sender.
Although its hectic, it’s still in use.
2. Cash on Delivery
Cash on delivery is also a payment method.
This payment method works well for businesses that have physical stores. Businesses without physical stores also make use of this method of payment
Cash on delivery simply means a payment made on delivery or payment after an order has been received. Customers prefer this method of payment because its a proof that they aren’t being scammed. And secondly, its often preferred because customers get to see what they ordered before making payment for it.
This payment method does not involve making payment online. Payment on delivery is done either with cash after the order has been delivered, or with the use of POS.
E-wallet means an electronic wallet or a web treasury.
This payment method allows customers to have an online wallet with cash in it.
With e-wallet, your customers get to create online accounts, receive free online wallets and fund it. Virtual money stored in that wallet can only be used on your website. Furthermore, the purchase fee of your customers will be deducted from that wallet.
E-wallet is an easy and fast method of payment.
Cryptocurrency is gradually becoming a popular payment option.
With crypto payments, businesses get to widen the payment options for customers. Additionally, with this payment method, payment will be made easy for customers without cash.
Businesses often shy away from this payment method. What they fail to realize is, this payment method doesn’t hinder them from getting fiat currency. To get fiat currency, the crypto should be traded for cash on a crypto exchange agency.
Unlike other payment methods, cryptocurrency does not allow refund.
5. Online (Card) Payment
Online payment is the most popular website payment method among businesses.
To make use of this payment method, you need to have integrated a payment gateway on your website. Payment gateway is a trusted third-party company that processes payments and provides increased security, speed, and efficiency. With online payment gateway on your website, payment is more guaranteed than transfer.
This payment method is often chosen because it’s less stressful.
Read more on the 5 best payment gateways in Nigeria https://www.backdesk.ng/blog/5-best-online-payment-gateways-in-nigeria/
Giving your customers a variety of payment options to choose from is essential for the growth of your e-commerce business.
Find out the best payment method for your business and implement it today!
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