In 2020, credit cards were the most popular payment method in the United States, comprising 38% of POS payments. For businesses thinking about opening an eCommerce store, the top digital payments leaders include Visa and Mastercard. However, debit and credit aren’t the only options out there today.
Depending on your target market, eCommerce platform, and specific goals, you can choose between other innovative payment methods for online shopping including bank transfer, app payments, cryptocurrency, and digital wallets. This enables you to target other audiences in various regions, increasing your number of conversions.
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For some individuals, paying via credit or debit card may feel unsafe. Because of this, businesses can choose to accept bank transfers online through secure platforms that can cater to those with this tendency.
ECommerce stores can also take advantage of integrated app payment systems that allow customers to make purchases directly on their mobile phones. Having a “buy now” button in-app can lead to higher sales volumes due to greater ease of use.
The rising popularity and value of cryptocurrency make it an attractive form of payment for online shoppers. Growing numbers of eCommerce stores are choosing to accept this form of payment online that comes with lower fees than average.
Electronic wallets enable users to purchase goods without entering their credentials repeatedly. You can link your bank account to a digital wallet or top it up with cash, which is then protected with a password. This makes it easy to complete a payment in several clicks.
Read on to learn more about the top online payment processors for your business and other payment options at Processing Card!
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
