What Methods of Payment Should I Accept When Selling Online

What Methods of Payment Should I Accept When Selling Online
by Arthur Williamson

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.

Payment Methods That Your eCommerce Shop Should Accept

Here are the payment methods that most eCommerce shops should add to their checkout process:

  • Credit and Debit Cards: Credit and debit cards rank among the most popular online payment methods. No eCommerce business will survive without them.
  • Prepaid Cards: An increasing number of financially savvy shoppers use prepaid cards for online purchases. Most of them dislike the responsibilities that come with a credit card.
  • P2P Payment Apps: P2P payment apps like Venmo, PayPal, and Apple feature fast, hassle-free systems that allow real-time money transfers.
  • Cryptocurrency: Blockchain wallets are steadily popularizing, so a future wherein people use crypto to pay for everyday purchases isn’t far off.

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.

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