{"id":1363069,"date":"2021-12-07T08:36:39","date_gmt":"2021-12-07T13:36:39","guid":{"rendered":"https:\/\/www.practicalecommerce.com\/?p=1363069"},"modified":"2022-08-30T11:03:57","modified_gmt":"2022-08-30T15:03:57","slug":"expand-payment-options-to-convert-more","status":"publish","type":"post","link":"https:\/\/www.practicalecommerce.com\/expand-payment-options-to-convert-more","title":{"rendered":"Expand Payment Options to Convert More"},"content":{"rendered":"

Essential features for many online stores in 2022 include enhanced chatbots for high-end customer service, virtual product sampling, and real-time order tracking. But what happens once shoppers reach the checkout page is equally important. Plenty of issues can interrupt the process, driving cart abandonment.<\/p>\n

One such obstacle is limited payment options. The ecommerce sophistication of post-pandemic consumers lit the pathway to single-page checkouts that convert in seconds.<\/p>\n

And those checkouts must accommodate how shoppers want to pay.<\/p>\n

Buy Now, Pay Later<\/h3>\n

Buy now, pay later is booming, with nearly a third of Generation Z (ages 15 to 35, roughly) reportedly preferring it. The popularity of BNPL skyrocketed in 2021. And the lack of risk \u2014 most providers (i.e., Klarna, Affirm, Afterpay, many more) pay merchants upfront \u2014 makes up for the slightly higher fees.<\/p>\n

To boost sales, incorporate BNPL options<\/a> on product pages and at checkout.<\/p>\n

Mobile Payments<\/h3>\n

Mobile payment options include wallets such as Apple Pay and WePay as well as “contactless” payment apps such as Venmo, PayPal, and Zelle. All offer benefits to both consumers and merchants, especially for checkout speed and security, as the payments rely on passwords and single-use tokens, eliminating a customer’s need to enter a credit card number for each transaction.<\/p>\n

Nonetheless, merchants should still utilize fraud protection services for mobile payments. Moreover, minimizing fraud and keeping consumers safe calls for up-to-date shopping carts and order processing systems.<\/p>\n

Accepting alternative methods<\/a> requires a processor that supports mobile payments. Most merchant account providers manage at least a few, and many shopping carts include plugins for the most popular options. Stores running on Shopify can also implement Shopify’s own Shop Pay, which finalizes payment using a customer’s email address.<\/p>\n

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Monos, a luggage retailer, uses a single-page checkout that supports Shop Pay, Apple Pay, and PayPal.<\/p><\/div>\n

Cryptocurrency<\/h3>\n

Consider accepting cryptocurrency if you’re eager to serve loyal, tech-savvy consumers. While there are risks<\/a>, most can be thwarted by managing crypto’s volatility and conversion into fiat money.<\/p>\n

Cryptocurrency has advantages over standard credit card and mobile payments processing:<\/p>\n