Your e-commerce payment solution by E-Complish for example plays an important role in converting visitors into sales. Payment concerns are one of the underlying reasons why 81% of customers abandon their shopping carts. Customers are discouraged by payment security issues, poor payment methods, and high fees when shopping online.
Choosing the right e-commerce payment solution improves your store’s conversion rate. It’s also crucial to consider a payment processor that integrates well with your e-commerce platform. In this guide, you’ll learn about the six criteria to look for in an e-commerce payment solution.
Six Things To Look For In Ecommerce Payment Processing Solutions
Here are six crucial criteria to consider when choosing an e-commerce payment solution:
- Terms Of Payment
The payment terms of an online store vary according to its business model. For example, B2C transactions often require prepayment before goods and services are provided, while B2B transactions have other terms such as:
- Advance payment
- Net payment terms
- Payment by installments
When choosing your payment system for e-commerce, consider the payment terms your business offers to its customers, as most payment platforms only support prepayment and also 6 Top Payment Trends Making Their Mark in 2023.
- Methods Of Payment
Another important thing to consider when choosing an e-commerce payment solution is the number of payment methods it supports. The different choices of payment methods encourage customers to buy and also make it easier to accept payments.
Like payment terms, business models also influence the type of payment methods your e-commerce site accepts. For example, B2C transactions are carried out at the point of sale using the:
- cash
- credit cards like Visa, MasterCard, and Discover
- debit cards
- digital wallets like PayPal, Apple Pay, and Google Pay
On the other hand, B2B transactions are often based on the following:
- checks
- bank transfers
- credit notes
- an automated clearinghouse or electronic funds transfers
When choosing payment methods, consider all associated costs. For example, the following charges will all be added to the final invoice total:
- initial costs
- transaction fees
- monthly fee
- foreign currency conversion fees
- Security
Due to ever-emerging security and privacy threats, payment information security must be a top priority for merchants and e-commerce customers. The ideal e-commerce payment solution should include security measures, such as firewalls and SSL certificates, to encrypt data. Choose an e-commerce payment solution that renews its PCI certification annually. Thus, you will enjoy this security without paying the additional cost.
By choosing a provider of integrated and complete solutions, you automate the payment process and serve customers faster while saving time and avoiding costly errors.