Consumers are looking for convenience and flexibility when it comes to payments. That is why having a diversified payment option is so important for businesses. Offering these payment options helps customers feel secure and comfortable while making purchases, and can also increase customer loyalty.
This is especially true for online businesses, where customers need to be able to trust that their payments will be secure and processed quickly. As such, having a range of payment options such as credit cards, debit cards, online wallets, digital currencies, and mobile payments can make all the difference in driving sales and customer satisfaction.
In what follows, we break down some of the fastest and more secure methods that emergent businesses can incorporate into their operations in 2023.
Credit and debit cards
Visa and Master Cards are two of the most widely used and well-established means of transacting online. They are reputably safe and secure while being accessible worldwide. Virtually all businesses accept credit and debit card payments, from brick-and-mortar establishments (storefronts, restaurants, etc) to online retailers and professional services.
This payment option offers a convenient, secure and fast way to pay for goods and services. Additionally, they can be used as a tool to manage finances better by providing an easy way to track spending.
Credit cards, specifically, also provide an avenue for building credit history which is important when applying for loans or mortgages. On the other hand, debit cards are great for individuals who don’t want to get into debt or those who want to keep their spending in check.
Digital Wallets
There are numerous options available for online digital wallets. One of the most popular and recognised is PayPal, which allows online business transactions to occur in a safe and secure platform. In general, digital wallets have been able to provide swift means of transacting through the use of minimal information. These require the use of just an email address to process payments.
Digital wallets—from PayPal to Skrill and Venmo—have long dominated the e-commerce landscape. In 2021, about 25% of e-commerce transactions were carried out via e-wallets. By 2028, this percentage is expected to grow by 18.9%. Millions of stores, including Best Buy, Bose and Vineyard Vines, accept these types of payment options.
Major gaming companies, especially within the iGaming industry, have also started to implement the use of electronic wallets to improve their payment offerings. Reviews of gambling sites will typically detail the platforms’ unique features while specifying which types of e-wallets are available.
Cryptocurrency
Cryptocurrency uses have been growing in popularity as they provide the latest in digital transacting security with anonymity. Well-known are Bitcoin and Ethereum—with many more available for use. Nowadays, major companies such as Twitch, Norwegian Air, Express VPN, KFC, and Starbucks accept crypto payments.
Customers can protect their personal information when using cryptocurrencies while transacting in a platform that provides instant deposits and withdrawals. They can transact in a single currency without bank fees or taxation considerations.
There are numerous cryptocurrencies on the market, yet Bitcoin is the most favoured in Australia.
Conclusion
With multiple payment options available, emergent businesses can reduce the risk of fraud and minimize processing times. Additionally, by offering different payment methods, businesses can appeal to a wider audience and increase their customer base.
Customers expect to be able to pay with their preferred payment methods and companies must provide them with the same. With an array of payment options, customers can choose the one that works best for them and it also helps reduce customer churn.
