Choosing the right payment solution for your eCommerce business can be a difficult decision. There are now so many different solutions to choose from, and you need to weigh the pros and cons of each before settling on one.
Some of the best features of eCommerce platforms are that they allow you to customize your page, process payments securely, offer fast checkout times, and integrate with other apps or programs that you already use. You’ll also need to decide if you want to accept international orders, which is where some platforms shine. If not, there are still many other options available for you.
The following article will give you an overview of some of the most popular payment solutions offered by eCommerce platforms today. You’ll learn what makes them great and where they could use improvement. After reading this article, you’ll have all the information necessary to make an educated decision about choosing a payment solution for your eCommerce store!
Picking the Right Payment Solution for Your eCommerce Store
Picking the right payment solution is a tough decision. There are so many options, and it can be hard to know which one is best for your eCommerce website development. Deciding on the right payment provider is a very important step in the process of building an eCommerce store. It is important to research and compare different providers to ensure that your business will be able to accept payments from around the world. You also want to be sure that you’re choosing a solution that is easy for your customers to use and understand.
Deciding on a good payment solution for your eCommerce store is one of the most crucial decisions you’ll make in business. And not just because it can be one of your largest expenses. The right payment solution can help ensure that your business succeeds, while the wrong one could spell disaster.
Choosing an eCommerce Platform
As you’ve just learned, picking the right payment solution for your store can be a difficult decision. With so many platforms to choose from, it can be difficult to find one that offers everything you need. To help you out, here’s a list of eCommerce platforms and what makes them great.
Shopify is an eCommerce platform that has all the features that are necessary for anyone looking to start an online store. One of its best features is the fact that Shopify integrates with other apps seamlessly. As part of their service, Shopify manages your inventory automatically and helps you manage orders more effectively by letting you customize order forms, shipping labels, and packing slips. The system also offers easy access to customer insights, so you can see what products are selling well and which ones aren’t doing as well.
BigCommerce is another great option for anyone seeking an eCommerce platform because it integrates with popular third-party apps like UPS or MailChimp for shipping labels, or Google Analytics data export. BigCommerce has built-in SEO options so all your pages are optimized. It also has unlimited storage capacity, so there’s no worry about where to store all your products! Finally, BigCommerce will even take care of generating sitemaps automatically to make sure Google knows about all the content on your site!
Understanding Payment Solutions
Before you can choose a payment solution for your eCommerce store, you need to consider what they offer. Here’s an overview of some of the most popular payment solutions available:
PayPal is one of the most popular and well-known payment solutions for your eCommerce store. It’s a secure platform and offers shoppers protection against fraud and identity theft. One downside to PayPal is that it can charge higher transaction fees than other platforms. One way around this is using their “express checkout” option, which helps minimize fees. PayPal offers free integrations with many apps you may already use such as Magento, Shopify, BigCommerce, and more.
You can use Stripe to accept Visa or Mastercard, which makes it ideal for companies that want to start accepting international orders.
The following are some pros of using Stripe:
- It’s easy to set up an account, and you only need the bank account number of your business
- You can quickly add a checkout page with a few lines of code
- Payment processing is quick and secure
- There are no hidden fees, unlike other platforms
Square is a popular payment solution for eCommerce stores because it’s easy to set up and use, they offer discounts on hardware, and they don’t charge merchants processing fees. One of the drawbacks of Square is that they do not accept international orders.
Credit Card or Bank Transfer
Some eCommerce platforms only allow you to accept credit cards.
There are many benefits to accepting credit cards, including the fact that you can use them internationally. If you don’t want to accept international orders, though, this will be a drawback for you. A major drawback of accepting credit cards is the high fees charged by some payment processors. You may also have to pay your bank transaction fees as well.
On the other hand, some eCommerce solutions offer bank transfers as an option for payment, which is convenient because they are low-cost and don’t have any processing fees associated with them. There’s no need to worry about currency conversion or additional costs incurred if paying in a foreign currency, either. This may be the best option for you if you want to limit your business’s exposure to exchange rates and fluctuations in currency values.
Cash on delivery
Cash on delivery (COD) is a popular payment option among small businesses because it’s easy to set up, there are no fees involved, and customers can pay for the products as they’re delivered. COD is also one of the easiest payment options to process.
However, this option doesn’t offer many benefits for large businesses with high volumes of orders. For example, if you have thousands of orders coming through your eCommerce store each day, you would need to hire more people just to accept COD payments. If you choose COD as your payment option, be sure to include an agreement in your terms and conditions that states the customer pays for any missing items once they receive their order, along with a shipping charge.
With so many payment options, it can be difficult to know where to get started.
Payment solutions for your eCommerce store can either be an integral part of your eCommerce platform or an add-on service. It’s important to know the difference to make the best decision for your business.
Keep in mind, as well, that not all eCommerce platforms are the same. Before picking a platform, focus on the features that are most essential for your business—such as inventory management, mobile commerce, digital wallet integrations, customer service, and more.
Once you have all of this information in hand, you’ll be able to make a well-informed decision about which payment solution will work best for you.
Christopher is a Digital Marketing specialist, Project Manager and Editor at Find Digital Agency and a passionate blogger. He is a devoted and experienced author who loves to pay attention to quality research and details. Focused on new digital trends and voice distribution across different channels, he starts the day scrolling digest on new digital trends while sipping a cup of coffee. In his free time Christopher plays drums and Magic: the Gathering.