August 14, 2019 | Louise Basse
Let’s say you just launched an online shop with a stunning checkout page.
All the brains and pains you put in to attract new customers are finally starting to pay off.
They found your website, searched around, and even clicked a few times on your big shiny “add to bag” buttons. Your job is done!
David, the prospect you acquired from the latest newsletter, would much rather pay using his e-wallet or instant bank transfer. But unfortunately, you don’t support that.
And Maria from the Baby Boomer generation doesn’t feel safe about sharing her credit card details because she believes everything online is a scam.
It’s awful. It hurts.
So. How do you improve your checkout game?
Say hello to alternative payment methods aka more revenue.
Instead of being tied to one specific payment model, merchants with alternative payment options can meet consumers’ demands, regardless of their payment habits.
Here are the 3 golden reasons why it makes perfect sense to spoil your customers with alternative payment methods.
Today, shoppers want user-friendly, fast, and smooth checkout solutions that fit their wants and needs. Put simply, they don’t want to be restricted by traditional credit card payments and the hassle involved in lengthy payment flows.
Luckily, financial technology figured out the secret sauce to a more seamless payment flow:
Building alternative payment methods directly into the merchants’ payment flows on both desktop and mobile devices allows you to limit the number of clicks, information, and payment details.
Rethinking your checkout options will speed up the checkout process and help you increase revenue on mobile sales.
As more and more consumers do online shopping on a mobile device, that’s a win-win for both businesses and consumers.
Not all consumers are the same. Therefore, they don’t necessarily prefer the same payment options.
The more flexible and convenient payment choices you offer, the more likely it is that your customers will find an option that suits them.
Still not convinced?
According to ACI Worldwide, 55 percent of all online transactions in 2019 are expected to be made with alternative payment methods, such as digital wallets, real-time bank transfers, or crypto currencies.
Just like Maria, a lot of people don’t feel comfortable using their credit cards to pay online.
But with a well-known alternative payment method, your customers will feel more safe because their money are kept within a space they already know and trust.
Let’s take an example with real-time bank transfers in which your customers use their bank account details to make immediate payments.
In this case, merchants will be able to initiate an instant payment transaction directly from the customer’s bank account to the merchants bank account — and skip the expensive card transaction fees.
Both merchants as well as the customers don’t have to sign up to any payment service providers. An online bank account is all they need.
Did you know? Instant bank transfers are predicted to become the second most popular payment method globally by 2021.
Go ahead. Make friends with alternative payment methods and increase your revenue today!