Best Payment Methods for Your eCommerce Store

Best Payment Methods for Your eCommerce Store

In this article of Bright Plugins, we are going to review the Best Payment Methods for Your eCommerce Store

An eCommerce site is one of the fastest-growing business models today. There are many ways to sell items, but which payment method should you choose? This article will brief you on the best payment methods for your eCommerce.

 One of the best practices for eCommerce would constantly be monitoring and making changes to your website to maximize its functionality and increase sales opportunities. To make these changes, you must have a secure payment system to accommodate these fluctuations. It would help if you switched between payment processors to see what works best for your eCommerce.

 The website listed in this article is an excellent example of how constantly evaluating your payment options can increase sales. After switching from a merchant account to Simplify Commerce, the site sales increased by over 133%. It was discovered that Simplify Commerce saved the business about $1,000 in fees per month and allowed them to accept payments from customers worldwide. They also had excellent customer support and provided the merchant with an unlimited number of products without any monthly fees. They also gave the merchant a 30-day money-back guarantee if they did not like the service. All these benefits led to greater efficiency and higher profits for the enterprise.

 Another excellent example of changing payment options to get better results is the online marketplace GoDaddy. GoDaddy started with a third-party payment processor, which charged a higher fee and often did not process payments promptly. Due to this, GoDaddy developed its in-house payment system, Flexible Payment Solutions (FPS). It helped them reduce their costs by 60%, saving $180 million annually. It enabled them to reduce their website’s prices while maintaining profit margins.

Download our Deposits for WooCommerce PRO Version plugin! 👈

Best Payment Methods for Your eCommerce Store

  • PayPalPaypal one of the Best Payment Methods for Your eCommerce Store

 PayPal is a widely known and trusted online payment processor. It is one of the Best Payment Methods for Your eCommerce Store.

Paypal can accept credit cards, debit cards, and bank transfers. Since PayPal allows you to take payments from domestic and foreign customers, it is an excellent way for eCommerce businesses to expand their customer base. PayPal also has a “no lock-in” policy; the merchant does not have to stay with them forever if unsatisfied with their services. There are no monthly fees or setup costs, which helps save money in the long run. PayPal provides excellent customer support and security features such as encryption technology and web address verification that keep your personal information safe while using their service. These payment method options and customer support make PayPal an excellent payment method for your eCommerce.

 They also offer a business solution for your eCommerce store that can save you money and facilitate payments for your customers. Instead of paying PayPal fees of 2% + 30¢ per transaction, you can use the PayPal Credit option, which charges only 2.9% + 30¢ per transaction. You would pay less than half the fees when a customer purchases from your eCommerce site with credit cards. It is not to say that it is better to use credit cards over debit cards because there are many reasons why debit cards are better than credit cards.

  • Stripe

 Stripe is an online payment processor that you can use to accept credit cards and debit cards. There are no setup costs, and it does not require a monthly fee. It also provides the merchant with both US and European Union security standards. Stripe makes it easier for you to accept payments from customers in different areas of the world. It is trendy in the United States, Canada, and Europe, so it is considered one of the most reliable payment processors (as well as one of the most expensive). Their service also allows for customized invoices that include all kinds of details about your products, such as shipping information and forms if you want to sell them via a Shopify plugin or do some customization.

  • Amazon Payments

 Amazon has a unique approach to online payments. The service allows customers to pay on the website using their Amazon accounts. It will enable them to use any of the funds in their Amazon account to purchase items on other websites, not just on Amazon. For example, suppose a person has $50 in their Amazon account and wants to buy something from your site. In that case, they can do so with three clicks instead of writing down your credit card details or creating an account just for that purpose. This feature also saves you time as a merchant because you don’t have to re-enter all of your customers’ information in case they want to buy from your site again in the future. 

  • Paymate

 Paymate is similar to PayPal in that it is safe and secure, but it has a few extra features for the merchant. For example, Paymate’s global reach allows you to accept payments from virtually any country worldwide. It also requires a small fee, sometimes taken off your sales depending on your service type. Paymate also provides good customer support and allows you to keep track of your incoming payments as well as outgoing payments. This payment method offers you peace of mind and security while your business is active.

  • Skrill

 Skrill is a payment processor that has been around for several years. It differs from PayPal because it does not have a fixed fee, and you can also use it for escrow payments, which PayPal does not provide. For example, an escrow payment may be used when purchasing an item from another website and would like to send the money before receiving the product. Skrill provides you with their services at no cost, so you do not have to worry about additional costs that may occur with some of the other services on this list. This payment method is perfect for travelers.

  • Check Payment

 You can accept Check payments using a merchant account. A merchant account makes getting payment methods from customers easier since it allows you to process credit cards without dealing with credit card companies. You can also use a merchant account for other things, such as accepting bank transfers. However, you must note that you will have a fixed rate of 2% when taking checks. Most eCommerce merchants only accept credit and debit cards, so they can avoid paying these high transaction fees. If you decide to use a merchant account, be sure that the company is trustworthy. Your customer information could get stolen or hacked into by unauthorized people. It can cost your business money and damage your reputation in the marketplace.

 These eCommerce store processors are some of the best and safest options. They provide excellent service, security, and support.

As a business owner, you will want to compare different payment methods and choose the one that works best. You may even have several options and may be able to use several depending on the type of products you sell; or where your customers are coming from.
However, the payment processor you choose is essential because it will affect your customers’ experience and the degree of trust they will have.
Ecommerce owners should know their options. How the different services work and how they will affect the success of their business.
As you continue to expand your eCommerce and want to gain more customers, take advantage of all the payment options out there.
Consider the Bright Deposits for WooCommerce PRO Version plugin, which allows you to accept deposits for your products, giving your customers more options and flexibility over their payments.

It will make selling and accepting payments simpler for you.

Download our Deposits for WooCommerce PRO Version plugin! 👈

Conclusion – Best Payment Methods for Your eCommerce Store

Deposits-for-WooCommerce-bp

A Deposits for WooCommerce PRO Version could be an excellent option for you! It allows you to accept deposits for your products, giving your customers more choice and flexibility over their payments. You can offer them the option to make a deposit in advance or let them make one payment and then another payment later. As the seller, you can vary the amount the customer needs to pay upfront and alter the interim payments. That means you have complete control and can change the part-payment amounts as and when you choose. It also means you can more easily take advantage of peak sales times like Black Friday! Try it now.

We at Bright Plugins are big fans of the Woo Subscriptions plugin. We think it is a handy tool for anyone with an online store. If you’re looking for great plugins for your WooCommerce, why not try ours? You can pre-order it here!

Pre-Orders for Woocommerce

4 Models
Get Presales
in a Comprehensive way

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