Hello Magento Folks,
There are a few things that pop into the mind of most individuals when they think of the word eCommerce. Usually, it is a battleground between PayPal and bitcoin but, what they don’t understand is that there are a lot of different options out there, each having its advantages and disadvantages. There are a variety of payment options, each of which is designed to ease user satisfaction and accommodate his buying experience. The world is going through a massive technological transformation, and you need to adapt yourself accordingly if you want to benefit from it. So, in this article, I am going to highlight the essential pros and cons of all the popular eCommerce payment options so that you can determine which one suits you the best.
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Credit Cards
The most widely used and the most popular way to handle online purchases is none other than with the help of credit cards. As of a recent survey, there are about 189 million American adults who own at least one credit card, and at one point in the United States, there were at least 1.5 billion active credit card users. As they are so widely accepted, these are the most preferred payment option for many as you can use them to make impulse purchases or use your PayPal account in place of it. If you are running a business and you are not giving the user the benefit of paying with his credit card, you are losing more money than you know. If you want to streamline your business and need a solution to this problem, you can get more information here. However, we all know that there are a lot of scammers and hackers out there, and if you are not careful when making transactions, you are going to regret going with credit cards later on.
Google Wallet
Another popular method of online payment in most countries is using google wallet. With a lot of Google+ users, Google introduced its wallet system. All you need to do is sign up using your account, enter payment information, and you are never going to need to pull out your credit card ever again. As Google has made a name for itself as one of the most trusted companies out there, users don’t find it much difficult to share their information and don’t have a lot of security concerns. But just like every other payment system, it is prone to identity theft, and you have to be careful when giving your information.
Amazon Payments
When it comes to online purchases, Amazon is a giant. With the biggest working online marketplace, it is no surprise that Amazon soon started its payment system to assist these purchases and selling. As the fees for using this third party payment system is relatively low, users don’t have much trouble when it comes to paying. But, the downside of being a huge marketplace is that you create a name for yourself in a particular place. Most people don’t even know that Amazon has its payment system, and it diminishes the product name by introducing a payment system that contains the same name as your marketplace.
Bitcoin
Regardless of what you might believe, Bitcoin is still one of the best digital currencies out there. The one thing that you have to keep in mind is that the price of Bitcoin is never stable. It is the most volatile digital currency, and you to be very careful when going for this payment option. If you use this payment method in your eCommerce business, you have to be ready for its consequences. Also, another problem related to Bitcoin is its security. Bitcoins are hackable, and you have to ensure that you use modern security protocols to keep them safe.
Stripe
This payment gateway is very beneficial for businesses as it is one of the fastest and quickest methods of transactions. The best part about stripe is that it accepts most of the other primary payment methods such as Bitcoin, Apple Pay, Android Pay, Alipay, etc. Another benefit of using stripe is that you won’t be redirected to any other website as it enables users to stay on a similar site and do everything. You will also be able to offer discounts and coupons and the whole setup is very easy. In today’s world, it is the best alternative to PayPal, as there is no set-up fee, monthly fee, and no card storages.
Authorize.net
Where it might not be one of the cheapest payment methods out there, it still offers the users almost everything in one place. It is the perfect one-stop-shop for users as you can even process your credit cards with it. Moreover, Authroize.net allows you to save your card information and data for later use, so you don’t have to go through the trouble of putting it again and again. However, businesses that want to process with Authorize.net must be based out of certain areas such as the United States, Canada, Europe, or Australia.
Over to You!
So, in conclusion, these are few popular Ecommerce payment options out there. Some payments methods have great advantages over others and do the required work efficiently. Moreover, If you are using Magento for your Ecommerce store, then our certified Magento developers can help you with Integrating Any Payment Gateway to your Magento Ecommerce store you wish to choose.
It was helpful when you explained that users need to be allowed to pay with a credit card due to the sheer number of people in the US who ha e one. My brother told me he just started looking for an open banking API to help him accept payments for the consulting business he’s starting next month. I’ll pass along this info so he can more thoroughly discuss his payment opinions with whatever payment service he ends up choosing!