Advantages of diversifying electronic means of payment and mobile payments
The globalisation of the economy removes barriers to trade. This means that your customers can be anywhere in the world, which in some cases can be a challenge. Particularly in the implementation of payment methods in your e-commerce. Why?
People have different preferences when paying their bills. In addition, there are payment methods that can slow down the checkout process, resulting in users abandoning your website or their shopping cart.
Therefore it is essential to choose the right payment methods. Especially if you want to grow your business and increase your customer base .
That said, in this article we will look at the advantages of diversifying payment options. So you can make the decision that best suits your business.
The rise of electronic means of payment today
With the advent of the internet, the evolution of electronic payment systems has advanced considerably. However, with mobile devices, innovative means of payment, such as e-wallets, have emerged.
E-wallets have grown in popularity in recent times because they help businesses meet the demands of their customers and address unbanked consumers.
One of the advantages of the new payment methods is that companies can include it as a payment button on their websites. In this way, they can have an omnichannel payment process.
These initiatives improve the ease and efficiency of accepting and processing transactions and generate higher revenues for merchants.
However, this upturn and constant advancement of payment methods increases the risk of transactionality. Therefore, users' data must be protected and kept up to date with technological changes.
Payment solutions like PAGO46 can help eliminate security concerns. By not storing customer information, ensure a secure transaction and boost your sales growth.
The advance of cashless payment methods in Latin America
As we have already seen, increased connectivity and digitisation is changing the means of payment in Latin America. Different methods such as digital wallets and mobile cash payments are gaining prominence in the region.
Digital wallets have already been widely adopted around the world, including in Latin America. The reason? Consumers are more comfortable using their mobile devices to make transactions.
Another means of payment that has gained prominence is cash payments in digital transactions.
In many Latin American countries, there are a large number of people who do not have bank accounts or cards. Therefore, making transfers online is not an option for them.
Customers move from the payment page to the cash payment solution with quick and easy redirection.
Some options even allow the customer to pay cash for e-commerce purchases. The best thing is that the payment confirmation is in real time.
When a consumer user chooses to pay cash via mobile applications, there is no need to worry about chargebacks. The benefits are diverse for both the consumer and the merchant.
Advantages of offering diversity in payment
Diversifying payment options can be beneficial not only for your customers, but also for your business. Here are the reasons why:
For the consumer
- The payment process becomes much easier and faster.
- It can satisfy your payment preferences. Everyone has their own preferred method. For example, many customers like to make mobile payments because they are more convenient and agile.
- It is ideal for those who do not have credit cards or prefer not to use them for online shopping. In fact, some payment methods replace cards.
For your business
Offering different payment options increases the chances that your customers will complete the purchase process. The result is a noticeable increase in sales.
Did you know that shopping cart abandonment is one of the most frequent problems in e-commerce? The latest estimates put the abandonment rate at over 75%.
Although there are many reasons for leaving the "cart", problems with payment methods are one of the main causes.
Consequently, the more payment options you provide, the more customers you will attract. Basically, it all comes down to integrating a secure and fast payment solution that helps the customer.
PAGO46: the most reliable and simple means of payment
PAGO46 is a payment method that has been widely accepted in Latin America. It is an option for a huge segment of the population that is unbanked and does not have access to e-commerce.
PAGO46's solution is innovative. It aims to help people pay their bills using cash, i.e. without credit cards, debit cards or bank transfers. The best thing is that they don't need to move from their location.
Conclusion
Having a business and users not buying from you does not make sense. If this is happening you should review your payment process as this may be one of the reasons.
Remember that not all your customers have the same preferences. If possible, offer them different payment methods to increase the conversion rate.
Mobile digital wallets such as PAGO46 are gaining popularity. It is easier for customers to use this payment method, as it is reliable and simple. It also allows them to pay their bills in cash.
How many payment methods do you offer your customers? Do you want to diversify your payment methods? Contact us.
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