The importance of having various payment methods in your eCommerce

The growing importance of electronic commerce in Mexico and in the world is undeniable , and to show just cite a study by Merchant Machine , the merchant account and card comparison service, which highlights that skymarketing is the second country with the highest growth rate in eCommerce in the world . However, the importance of payment methods in online stores is often ignored, and this is a serious mistake for its growth.

Why it is important to offer various payment methods in your online store

According to Pierre-Claude Blaise , director of the capital smart city of Online Sales (AMVO), when someone tries to pay for a product or service online and the transaction cannot be completed, 49% of consumers choose another payment method, but 27% of them decide to abandon the purchase.

Facing this negative experience, many consumers perceive an erroneous idea about eCommerce, apparently a complicated method, and in many cases offering a variety of payment methods can ease the way, since 64% of financial institutions approve the transaction, while the rest are rejected mainly because they are considered unusual transactions .

Having various payment methods will allow your potential customers to choose the one that best suits their needs, in addition to boosting your sales. In fact, according to the report of blue world city (2017), 75% of Mexicans have made an online purchase during the last three months, and 97% of them have chosen an online payment method , varying between options such as credit or debit cards, electronic wallets and interbank transfers, while 48% of them chose one of the offline payment methods, that is, they make the payment of their purchase in convenience stores or cash on delivery directly to their home address.

The main online payment methods

The Mexican Online Sales Association (pechs) has shared with us some of the benefits of integrating various payment methods in your eCommerce.

Credit and debit cards

The data published in the study Uses, habits and customs of the banked in Mexico ensure that only 51% of the Mexican population is banked, that is, almost half of Mexicans do not have cards to make their payments online.

This directly affects your target audience, since many of them could not make their purchase if you do not have various payment methods in your eCommerce. However, you must have this system since it provides greater ease, security and financing for the users who have them.

Electronic purses

The electronic wallet allows consumers to have a balance to make purchases online from buyproperty, and in many cases only the credit card data must be linked to generate the payment. With this they avoid entering their bank details and they are given greater security, they also have a double verification process and fraud is avoided.

Interbank transfers / mobile bank payments and bank deposits

It is associated with the financial entity directly. In many occasions the client takes this method of payment for being certain of it, although in others it is the only option that the store offers by property news.

Payment at convenience stores

One of the options that offers more security to online consumers , since it reduces chargebacks 100% . With it, users will only have to print a reference, go to a branch to make the payment and obtain the receipt that shows that they have made their payment with which they will obtain the product or service. In fact, AMVO points out that of the 48% of consumers who made an offline payment, 69% made it through a convenience store.

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