The 11 best payment methods for eCommerce
Making it easy for users to pay is always a good idea. The simpler the check out process is and the faster the payment is made, the more likely your eCommerce will be to retain customers and increase repeat purchases.
Therefore, if you are thinking about opening an eCommerce or expanding or modifying the payment methods of your current online store, we want to explain to you which are the 11 best payment methods for eCommerce and what are their benefits and disadvantages so that you can evaluate which ones. They are the ones that best suit you for your online store.
- Virtual POS – payment with credit or debit card.
- Paypal
- Bizum
- Bank transfer
- Cash on delivery
- Financing: Cetelem, Aplazame, Sequra,…
- Apple Pay
- Google Pay
- Amazon Payments
- Gift vouchers or bonuses
- Bitcoins
This is undoubtedly the payment method par excellence in electronic commerce.
According to data from IAB Spain, it is the most used in eCommerce, up to 85% of users choose it. These payment gateways have high security parameters against online fraud that give customers confidence, such as tokenization
Process that protects sensitive data, replacing it with non-sensitive equivalents, popularly known as tokens. When tokenization is activated, an algorithm generates a random and unique value that replaces the buyer's account number or PAN number. These tokens pass securely through the network to make payment without exposing banking details.
Another of the options most chosen by online store users due to its level of security is Paypal. This platform, already present in small eCommerce and large Marketplace platforms, allows customers to pay online, with QR codes, by phone or by email.
It is a type of payment that users like because it protects them from eCommerce in case of claims, fraud, delays,... thanks to encryption technology. Additionally, if you decide to return a purchase, you can request a refund of the return costs.
This young payment method has won the hearts of many customers and with just a couple of clicks on your mobile you can make a payment or claim money.
And its popularity has spread so much that there are now many banking entities that offer this service and more electronic businesses that have incorporated it as a payment method.
If you want an eCommerce with Magento you should know that there is a module to have this payment method and, therefore, you could use it without problems.
Although it is no longer very popular, there are customers who prefer to make a transfer from their bank account to make a purchase in an eCommerce.
we do not recommend it as a preferred method in a B2C eCommerce (but it is a good option in a B2B eCommerce ) because it slows down the order completion process , since the customer must wait for the store to receive the transfer until they can “ “block” the products and ship and in some cases, depending on the banking entities, it may take up to 48 hours to be reflected.
There are those who are very distrustful of online stores and do not believe that they are completely reliable or that their products do not arrive correctly after transportation (broken or damaged). Most of these people prefer to choose cash on delivery to place their orders.
It is a method that is rarely used globally, since it implies that the carrier receives and collects the money for the order and, therefore, it implies having the money later and a transfer of money from the logistics company to the eCommerce company.
Are your products or services expensive? Does your target audience fit with the target that splits payments? Why not facilitate payment with a financing platform?
Today there are dozens of platforms such as Cetelem, Aplazame or Sequra that, when integrated with an eCommerce, allow the customer to make a purchase, receive it instantly but pay for it in easy installments.
Most of these platforms are easy and quick to use, precisely to “hook” the user and not lose their sale.
Its configuration is quick and its use is beginning to be widespread among Apple users . And with Apple Pay you can add the card to Apple devices to make payments in applications, in physical stores or in e-commerce without wasting time, in a very agile way.
For cybersecurity, when you make a purchase, Apple Pay uses a device-specific number and a unique transaction code so that the card number is never stored on a device or on servers.
Furthermore, one of the positive points of this payment method in physical stores is that it is not necessary to touch any external terminal, simply your own smartphone.
Like Apple Pay, Google Pay allows payment by credit card without having to physically have the card. Online purchases can be processed in an eCommerce with your smartphone very easily, just by pressing a button.
And furthermore, this payment method is liked by its consumers for the high degree of security it offers. A way to pay that only offers advantages.
Amazon has been one of the latest giants to offer a new payment method in which their website account is used to verify themselves as customers. This way, users do not have to create a new account or enter their credit card information in another eCommerce.
As an innovative system, Amazon Payments encourages voice purchasing.
This method generates conflict for us, because by not having the customer's data, it is more difficult to retain them and convert them into a recurring customer. But it is a good way to generate greater immediate turnover.
Although it is not a recurring payment method, we do believe that it is very interesting that you give the possibility of applying discounts, bonuses, gift cards , etc. Since it is one more way to build user loyalty.
Without a doubt, it is not the most common method nor the most appropriate if you sell medium or low price products in your eCommerce. But it can be an alternative if your business offers high-priced products or services.
Keep in mind that cryptocurrencies are on the rise and that more and more people are investing in these virtual currencies . Why not offer them the possibility?