One of the best things about running a business online is that you can attract customers from anywhere on the planet. Unfortunately, the flip side of this is that you are also in competition with a whole world of other businesses across the globe. That means that you have to work much harder to raise yourself above the competition, not only by offering the best products at the best prices but also the best service, too.
With so much choice, your potential customers will not hang around if things aren’t quite how they want them to be. There will always be another online store that will be right for them. So, if you want to keep a hold of your customers, then it is up to you to make their buying experience as simple and stress–free as possible, from the initial welcome they receive to their final payment options.
These days, the biggest fear for online shoppers is fraud. According to one recent report, global fraud costs over $4 trillion every year with identities stolen, credit and debit cards misused and banks accounts cleaned out before the owners even know what has hit them. As a result, many online shoppers are reluctant to give their personal financial details when making a purchase, even if you can demonstrate that you have top–level, encrypted payment software installed.
If you want access to your customers’ cash, then you need to offer them ways to pay that make them feel safe and comfortable. These days, providing boxes for their credit card number and promises that their data is safe are not enough; you need to give them real alternatives, or they will go elsewhere to find them.
PayPal and Other eWallets
One of the simplest, safest, and most trusted ways to pay is via PayPal or other eWallets such as Skrill. These payment systems allow customers to pay for goods without revealing their bank details because PayPal acts as an intermediary, processing the payment privately on their behalf. PayPal operates worldwide in 202 markets, has over 260 million customers, and processed an eye-watering $163.65 billion in the last quarter of 2018 alone. This size and scale build trust and confidence for your customers, encouraging them to spend with you when they may otherwise have been reluctant.
Another advantage of eWallets such as PayPal is the anonymity of the spending. You can use the payment system everywhere from eBay auctions to PayPal casinos, without it showing up on your bank account. So, whether you’re buying a secret present for your other half or don’t want the world to know if you’re winning or losing at the poker table, your spending via PayPal remains entirely your business.
Once the domain of computer nerds and tech heads, cryptocurrencies such as Bitcoin have become a major currency in the modern marketplace, and many online retailers can no longer ignore them. Cryptocurrencies are often favored in international transactions since they are not subject to the same variable exchange rates as a normal transaction. That means that the price they see is the price they pay, regardless of what happens in the political landscape or other world events that may strengthen or weaken individual currencies.
Bitcoin and other cyber currencies offer all the safety and anonymity of eWallets, as customers do not need to reveal their bank details or even their identity when making a purchase.
It can be quite complicated to set up cryptocurrency payments, but once established, you will have a major advantage over competitors who do not offer this service.
The Biggest Choice Means the Biggest Sales
Of course, many customers will still be happy to pay in the traditional way, using credit and debit cards, and you should never abandon these in favor of the new technologies above. Perhaps the best strategy is to offer as many payment routes as possible so that everyone can pay in the way that they feel the most comfortable and confident. It may be a little harder to administrate, but there are worse problems for a business to have than handling too many payments!