How to choose payment methods for your online business?

Commercial message: The e-commerce industry has grown tremendously over the past decade. Due to its advantages such as saving time, access to better product alternatives and simplifying the purchasing process without leaving your home, millions of people have started to prefer online shopping over in-store shopping.

Merchants are very well aware of this great sales potential and want to make the most of it. Therefore, the number of online stores is growing rapidly. But how can you stand out from thousands of e-shops and attract customers? The best way to do this is to provide your website visitors with the best shopping experience and a smooth checkout process. And the right payment methods for your business will help with this!

The cashier makes the decision

Completing an order at the online checkout is a critical step in your sales success, as it is at this stage that conversion takes place, which is the goal of your entire business. This is where you get paid and your visitors eventually become your customers. Making your customers' shopping experience as easy as possible is crucial to increasing sales opportunities at this step. Therefore, you should offer simple, secure and diverse payment methods in your e-shop.

When deciding which payment methods to offer, consider the needs and habits of your target audience, as habits vary across cultures, countries, continents, and demographics. Offering a variety of online payment methods will help you avoid high cart abandonment rates and lead loss.

Why should you offer different payment methods?

You will definitely increase your business success by offering your customers a list of payment methods they are used to or choosing ones that are popular. In the past, there were few options; most online payments were made through money orders, checks or bank deposits. Today though payment methods in Czech e-shops many!

Thanks to advanced technology, there are various online payment methods that shoppers can use. Since different payment systems have different fee rates and unique payment processing mechanisms, they may affect different groups of customers. Providing alternative payment services allows you to do business with mixed demographics in different geographies and have the largest possible target audience. Working with different companies and offering their products as payment methods for your e-shop will also help increase awareness and trust in your brand.

How to choose the best payment method for your e-shop?

Choosing how to accept online payments can be frustrating. Before deciding which electronic payment methods you will offer, you should define your target group or consider the type of product you provide. In the Czech environment, bank transfers and cash on delivery are still very popular, but the number of transactions made using payment cards and payment gateways is also increasing. Try to diversify your selection, covering traditional and popular methods as well as some less novel ones, but make sure you have enough choice. It will definitely please customers.

What are the most popular payment methods in e-commerce?

If you have an internationally operated e-shop, the most commonly used payment types will be credit and debit card payments. However, there are plenty of other payment methods that may be used to varying degrees in different parts of the world. For example, electronic wallets, cryptocurrency payments, or various prepaid cards are on the rise.

Given that, according to surveys, the Czech customer still prefers security, bank transfers also remain at the top of the popularity rankings for online payments.