Editor’s note: This is a guest post by Scott Ragin, a senior marketing expert at AussiEssay.
With the growth of online industries, people slowly transfer some of their payments in the online world. They purchase all kinds of stuff from Internet stores, pay their bills, and order different services, from writing assistance to accounting.
Online payment technologies are more innovative than ever. They are becoming more user-friendly and support the growth of new ecommerce projects. Some people still doubt the effectiveness and safety of online payment systems.
- Can they charge more money?
- Will I get robbed?
- Will someone steal my credit card data?
- Will they help my business grow?
- Will I need to make a large investment to make online payment possible for my customers?
These are only few of the many questions both users and merchants have. Today, we’ll drop some light to 5 most common myths surrounding online payments. Instead of wandering around the Internet to find your answers, you can simply read what follows.
Myth 1: Online payments will bring offline payments to an end
It’s true; the trend of online payments is growing at a fast pace. Some people are hardly thinking about getting outside their homes to shop for the things they need. They order shoes, clothes, food, cosmetics, and everything else they need from online stores.
Busted: Regardless of the popularity and growth of online payments, they will never replace the good old cash. Let’s face it: you still need to go to the doctor, you go to restaurants, and you still love the mall, don’t you? All types of businesses provide online payment methods, so their customers can get the convenience they are looking for. Still, the traditional payments with cash and cards will remain effective, simply because people need them in many situations.
Myth 2: “We offer 200+ payment methods”
When you are trying to pay for products and services online, you are after great convenience. That usually means that you want to pay with the payment method you prefer. Whether it’s PayPal, Skrill, Visa, American Express, or any other method you’ve used before, you want it to be available as an option you can rely on.
Busted: 200+ payment methods? Are you kidding me? Payment processors do provide all sorts of options for the customers, but some of them consider every single type of credit and debit cards as a separate payment method, when it’s not. In short, the customers can use credit and debit cards, online wallets, bank wire, checks, invoices… well… that’s about it. When you count each type of card as a payment method, they add up to a number that seems impressive.
Among all these payment methods, digital wallets are the most prospective ones. They simplify the checkout procedure, especially for mobile users. A digital wallet already contains your credit cards, debit cards, loyalty and gift cards. PayPal is the most popular eWallet, but you have other options, too: V.me by Visa, MasterPass by MasterCard, Allied Wallet, QIWI wallet, and few other options.
Myth 3: It’s too expensive for a business to implement an online payment system
Let’s face it: it’s an advanced technology that has to be extremely secure. The maintainers of these systems constantly work on updates and improvements. That can’t come with a cheap price tag. Or can it?
Busted: Online payment systems are very affordable, especially when they are hosted by the provider. This means that the business owners put minimal effort to set up and maintain the payment system on the website. As merchants from all around the world continue to embrace Magento, Shopify, Opencart, and other ecommerce store development solutions.
If a business implements an online payment system, its owners have the option of eliminating their eftpos machine. In such case, the online payment system won’t be an additional expense; it will be just a replacement of the previous payment system.
Myth 4: A small business doesn’t need an online payment system
You own a small flower shop or boutique and you’re not really interested in providing the option of online payments to your customers? Who needs this additional effort when you can simply run your business the usual way?
Busted: The old-school payment methods are still going strong. Of course you can run your business without implementing the online payment system. Will that be a smart thing to do? Absolutely not! It doesn’t matter whether your company is large or small; you need to raise the authority of the brand by providing an excellent customer service.
If you promote your products and services online (and you should definitely do that), then you need to allow your potential customers to place orders online and pay for them through an online payment system.
Myth 5: People aren’t really buying through mobile devices
Mobile devices are mostly used for research. It’s great to have all information at the tips of your fingers. You check out the things you want to pay for, and they you use your computer to complete the process.
Busted: Well, that’s not really the case. According to BI Intelligence report, mobile commerce is expected to make up 45% of the total eCommerce. That’s $284 billion when translated in sales. So yes, people are already using their mobile devices to make online payments, and the trend will continue growing.
The logic behind this bust is simple: it’s really easy to use your mobile device to buy something quickly. If, for example, you’re out with your friends and you have a sudden idea to go see a movie, you can easily buy the tickets.
If you have a business and you’re wondering whether or not to make mobile payments possible, there’s no question about it: making your site mobile friendly will make your customers happier.
Are You Ready to Accept the Reality?
The myths about online payment options are slowly, but surely getting busted. Business owners and the users of online businesses understand that online payments are the most convenient way of getting what they need.
If you’re interested in online shopping, but you’re afraid about the safety of these methods, you should make an attempt. The process is extremely easy, but it’s also very safe. If, on the other hand, you’re a business owner, you shouldn’t think twice before letting your customers to make online payments for the products and services they get.