With ecommerce on the rise in the US, it is imperative that businesses accept credit cards. As a small business owner, you may assume that if you accept credit cards through your ecommerce site, you are covered. However, this is not always the case.
Even though you may accept credit cards, you may not be accepting the right ones. For instance, if you only accept credit cards from Visa and MasterCard, you may be missing out on the more than 35% of online shoppers who prefer American Express.
The rise of ecommerce has resulted in a shift in the way that consumers shop. They no longer want to be restricted to local stores and are instead able to shop from the comfort of their own homes.
It has also resulted in an increase in online fraud and chargebacks. As a result, ecommerce businesses need to be able to accept payments online and offline. This means that they need to allow shoppers to pay using a variety of methods.
The most popular payment methods are credit cards and debit cards, but businesses also need to accept alternative payments such as PayPal, Apple Pay, Samsung Pay, and Android Pay, to name a few.
Most eCommerce businesses are well-versed in the basics of payments technology, so they’re not usually the first to jump on board with emerging solutions.
However, two of the biggest emerging payments technologies, both of which promise to streamline the checkout process, are now being adopted by mainstream eCommerce businesses. (Used together, they could potentially revolutionize the entire eCommerce experience.)
If you are an online merchant and your customers are constantly buying products from you, a payment gateway is the first thing you need. And it’s no secret that the whole idea of running a successful business is to get money from your customers.
ATM switch: Payment technologies that ecommerce companies should adopt
Therefore, most e-commerce businesses are successful because they offer their customers a fast payment method that accepts payments through multiple channels. This makes it easy for buyers to pay, making the whole buying process faster and easier for them.
Here’s a list of the benefits you can expect from an innovative payment method for your growing e-commerce business. Let’s get started:
No restriction on the method of payment
As mentioned earlier, e-commerce customers are always looking for ways to speed up payments. Paying by mobile phone or through internet banking is already a thing of the past.
Now your customers are looking for something even faster. By using ATM switching technology, you offer your customers the ability to make payments at different financial institutions (FIs). This means that your customers are no longer dependent on a specific bank to buy from you. When you offer your customers the convenience of an ATM center, they can make payments with any FI they know.
This way, you eliminate the limitations your customers may face when paying.
Attract more customers to you
As the owner of an e-commerce business, you should be aware of the rapidly increasing competition in this industry. Suppose you don’t offer your customers faster and more convenient ways to make a purchase. In this case, you are allowing your competitors to capture your prospects.
This is why the online payment experts at HPS-Worldwide.com believe it is important to offer their customers a multi-channel payment method. So it is more than necessary for your company to offer such a solution to your customers today.
By using a multi-channel payment solution you also offer your customers a safe, fast and easy way to make international payments. That’s why you not only get customers in your own country, but also in foreign markets.
Save time and effort
The world of technology is always looking for ways to save time and effort. And if you’re an online retailer, you don’t want your customers to have to pay a second more for a product they bought from you.
But with conventional means of payment, this will remain only an unfinished dream. On the other hand, your customers will spend as little time as possible paying through a fast payment gateway. All they have to do is enter their debit or credit card number and they’re done.
By allowing your customers to save time and effort, you turn them into loyal customers. To summarize. If you have an e-commerce business, you need to ensure that your customers have a user-friendly shopping experience.
With ATM switching technology, you can provide your customers with an enhanced shopping experience so they can complete their transactions without much hassle. The result is that you become the owner of a successful e-commerce business.
As we have discussed in our previous blogs, you have to make sure that your business has the right tools and software in place to keep running. But when it comes to technology, you need to make sure that you are using the right tools and software too.
And one of the most important things you need to do to make sure you are making the right decisions is to figure out which of the different payment processing systems is right for you..
Read more about electronic payment system in e commerce slideshare and let us know what you think.
Frequently Asked Questions
What technologies are required for e-commerce?
While e-commerce is an effective way for companies to sell their products and services to consumers, it isn’t without its challenges.
Merchants need to make sure they have the right technology to create an online presence, accept payments, deliver products and communicate with customers, while protecting customer information. Many businesses still rely on traditional payment methods, like cash or credit cards, that are expensive and inconvenient for customers.
Although the Internet has made it easier than ever to pay for items online, it’s still not very easy for customers to pay the way they want to. The technologies required for e-commerce are many and varied, but one of the most important is payment.
Whether you are a seller on Ebay or an online vendor of wine, you will need a payment processor to handle the financial transactions that occur on your website. Payment is not only one of the most important aspects of e-commerce, it is also one of the most complicated, and there are numerous factors to consider when choosing a payment processor.
Which electronic payment system is required for e-commerce?
These days, it seems like everything is online – from your grocery shopping to your banking, and your entertainment to your work. For electronic commerce to thrive, customers need a safe, convenient method to pay for what they buy online.
There are countless options, including cash, checks, credit cards, direct debit and electronic funds transfer. Today, the most popular option is a credit card payment, but what makes a credit card so popular?
Here are a few of the biggest benefits: Whether you’re an online store owner or web developer, you’ve probably heard about electronic payment options like PayPal or even credit card payments, but no doubt you also know that neither of these is perfect. (In fact, PayPal recently had a major security breach.)
Fortunately, there is a solution that is both more secure and more convenient: electronic check processing.
Which payment methods are of interest for e-commerce?
E-commerce has gotten a lot easier over the years. You can simply take a picture of anything you are looking to sell, and instantly have a product ready to buy.
For example, let’s say you have an old iPad you want to sell. You can take a picture of it, and instantly have a listing ready to post on Craigslist for example. This makes selling your old stuff online a lot easier. A few years ago paying for goods and services online was unusual. However, today it is increasingly popular, so much so that consumers expect to be able to pay for goods and services online.
It is also a fact that the growth of e-commerce has had a major impact on the way in which consumers shop today. One of the reasons for this is that people are becoming increasingly comfortable with paying for goods and services online.
As a result, online payments are now more popular than ever.