The incorporation of efficient Magento 2 payment methods is the secret behind the success of many stores. The payment page of an online store is one of the most important element and it is extremely important to integrate a secure and fast checkout process. While you have successfully attracted customers to your store and they’ve decided to buy a product, trouble arises when your payment system becomes a hurdle.
To make sure your customers convert, it is important that you know about Magento 2 payment methods and successfully establish a trustworthy relationship with your visitors. There are various payment methods for a Magento 2 store, but the fact of the matter is that you might need something more than the conventional payment method to make the whole checkout process efficient. In fact, most Magento hosting providers offer the payment extension facility in collaboration with a payment provider. Another option is to search for top Magento payment extensions on Magento store. In both cases, the end purpose is the same: getting efficient payment methods.
In this blog post, I will talk about the payment methods of Magento 2, exploring their benefits individually.
PayPal
PayPal is famous for its simplicity and vast adoption. The payment processing company is one of the leading and most trustworthy companies in the industry. With Magento 2, you can use PayPal Payments and Express Checkout to accept payments via credit cards. With PayPal as Magento 2 payment methods, you can give access to a variety of customers. This not only attracts customers but also brings in the element of trust.
Similarly, you can use Braintree, a PayPal company. It provides various payment methods in one service including credit and debit cards. This is another convenient method of receiving payments from customers on your Magento 2 store.
Cheque/Money Order
Setting check/money order means that you can accept only payment your desired countries and set the range of order value too. You’ll also be required to provide customers the information regarding the name and address where they should send the payment.
Bank Transfer
You can allow customers to shop and transfer their payment from their bank account to the merchant’s bank account. With this procedure, you will need to mention some instructions including the name of banks and other related information.
Cash on Delivery
Cash on delivery is one of the most simple payment methods of online shopping. Obviously, there are both pros and cons of the method. Just like check/money order, you can set the maximum order value and allow them to pay for the product when it is delivered.
Purchase Order
With purchase order as a payment method on your Magento 2 store means that you allow customers to authorize and issue a Purchase Order in advance. After generating the invoice, the buyer processes the payment and pays for the product.
Zero Subtotal Checkout
After using a gift card or coupon, the customer’s total invoice might come to zero. In this situation, the customer does not need to pay anything in order to process the order.
Authorize.net
With Authorize.net, customers don’t have to leave your Magento 2 store and can finish the payment process on your checkout page only. All the data and information is transferred through a secured gateway and payment is transferred to your account without the need for any additional requirements.
Conclusion
When you’re a Magento 2 payment method or a payment gateway, you need to make sure that you pick the ones that are simple and meet the requirements of your business goals and are in line with your objectives. You can even expand these payment options with the help of integrating third-party extensions.
While there are many options that allow you to receive money from the customers easily, it is essential that you keep your checkout page simple and easy in order to avoid cart abandonment. Keeping the checkout process simple and fast ensures that you improve your conversion rate and get returning customers. At the same time, it is important that you ensure smooth integration of the payment methods on your Magento 2 ecommerce store, avoiding any errors.