Innovations in payment processing technologies minimized the need for cash payments. Statistics even show that 81% of all POS transactions in 2020 consisted of credit cards, debit cards, prepaid cards, and mobile wallets. As a modern-day merchant, you have to adapt to the market’s shifting needs.
All eCommerce stores should accept credit and debit card payments, no matter how new they are in business. Once the sales start rolling in, consider expanding to alternative payment methods, such as prepaid cards, peer-to-peer (P2P) payment apps, and cryptocurrency wallets. Note that you might have to set up multiple payment gateways.
Here are the payment methods that most eCommerce shops should add to their checkout process:
While offering multiple payment methods might help you expand your target market, do not rush the process. Acquiring new payment processors costs money. Only bolster your checkout process with multiple gateways if your profit margins will cover the extra fees. Otherwise, your decision might do more harm than good.
Can your business afford a payment gateway? Processing Card can help you do the math! Use our brief comparison review of the top online processors and what they charge as a starting point.