Payment options might not be the first thing that comes to your customer’s mind when you ask them about the most important aspect of placing an order online. But when it comes down to it, offering a wide range of online payment methods actually affects the customer and their final call of making a purchase.
Offering a number of ways to make online payments provides a lot of benefits to both the customers and businesses alike. Read this article to understand how offering multiple online payment methods can help you boost your customer acquisition.
Benefits to the customers
Easier checkout experience
Complicated checkout can instantly make your customer take a U-turn, to never return back again.
Imagine a situation where you have added items to your cart and you are about to place an order but you realise the business does not offer your desired payment option. Chances are that you might just cancel your order. (and get frustrated too!)
The same happens when your customers do not find his/ her desired payment option on the checkout window. Hence, offering a wide range of payment options can help you stay with the customer until the end.
Convenience in terms of payments
Every customer likes to have options. At any point, if your customer’s experience is limited due to the shortcoming on payment front, it needs urgent attention from you. Offer your customers the convenience they deserve, so that they keep coming back to you!
Pro-tip: Use payment mode intelligence to understand your customers so that you offer their first choice the next time they visit you.
For example, if your customer chooses to pay via American Express for an order that was worth more than Rs 20,000, than offer the same payment option when they have a similar order value going forward.
Little things like these enhance the customer experience by 10x or more!
Satisfaction on your platform
As mentioned above, having diverse online payment methods gives the customers the chance to choose which option do they want to use and this, in turn, gives them a feeling of satisfaction.
When they add items to the cart, they just expect a simple card checkout but when they see a variety of options, they will likely feel more valued!
Benefits for your business
Increase customer base
Your customers are more likely to come back to you if you leave them with a smooth experience.
A research report suggests that 8 percent of 1,799 respondents said that they abandoned a shopping cart during checkout due to lack of payment options.
What does this mean for your business? Much larger reach!
When running an e-commerce business, you might be targeting your local area or a country as a whole. But you know that you have the opportunity to get customers from all over the world!
The key is to enable international payments. Razorpay allows you to accept payments in nearly 100 foreign currencies!
Start accepting international payments with Razorpay today!
Higher chances of calling customers back
As mentioned above, the fact is, if you make your customers happy throughout the process, there are high chances for them to come back to you. Offer multiple online payment methods and never lose out on a customer.
PS: Offering diverse payment options is the key to call your customer again and again!
Stay ahead of the competitors
The most important benefit of offering multiple online payment methods is that it will help you set your brand apart from competitors. If a number of your competitors are offering a single or a few-mode of payment options, adding a range of options on your website will directly fetch you more customers!
Offering diverse online payment methods make a lot of difference than you might think, for both the consumer and for your business growth.
How about considering to add multiple payment options, if you already have not? Here’s a list of payment options you can offer to your customer through Razorpay:
- Credit & Debit cards
- Wallets etc.
While you focus on your business growth, leave all your payment worries to us!