5 Payment Methods your E-Commerce Business Must Have

5 Payment Methods your E-Commerce Business Must Have

It’s no secret that e-commerce is on the rise. Millions of individuals began to prefer online shopping to traditional retail stores because of its benefits, including time savings, access to better product options, and ease of purchase without ever leaving home. Now, you need to stand out among everyone else. So it’s no surprise that more and more businesses are turning to online sales as their primary source of income.

A wide range of payment options is essential for an online business. Your customers need to be happy and remain so as long as they have choices.

What are payment methods, and why does my business need them?

When people shop online, one of the things that can be frustrating is not being able to complete purchases right away because they don’t have the proper payment method available. Payment methods are the different ways you can pay for goods and services. Many other payment methods are available to you, and each has its own advantages and disadvantages.

Here are five payment methods you should include on your e-commerce website:

1. Cash on Delivery

Many customers prefer to pay for their purchases in cash instead of using a credit or debit account. However, this is an excellent option for customers who want to avoid dealing with banks and credit card companies. You can also use this payment method to attract customers who don’t want to use online payments. Accepting cash on delivery gives them a convenient way to pay for their purchases without having to deal with other payment options.

2. E-wallets

E-wallets are becoming increasingly popular, especially in developing countries. They allow customers to store their money in an online account and then use it to make purchases. E-wallets are a great way to attract customers who don’t have access to credit cards or PayPal accounts. And since they’re becoming more popular, customers can choose from several different e-wallet providers. In India, customers can use providers like Paytm, Google Pay, and Cashfree.

3. Bank Transfer

Transfers are a standard payment method many e-commerce websites use. The transaction happens between the merchant’s bank account and the consumer’s bank account. The advantage of this method is that it’s secure and easy to send money directly from your bank account to the e-commerce site. The disadvantage is that it can take a few days for the funds to reach the e-commerce site, but nowadays, there is such a thing as instantaneous transfers, which allows banks to process these transfers in minutes, if not within 24 hours.

4. Credit Card Processing

If you’re running an e-commerce business, you must accept credit cards as payment. Paying via card is one of the most common methods customers use, and it’s a great way to keep them happy. You can use an app like Stripe or PayPal to allow your customers to process their credit card payments on your website securely.

5. Payment Gateways

A payment gateway is an online system that authorizes a payment to be completed between an e-commerce website and a payment processor. It accepts payment information from a customer and sends it to the payment processor for approval and processing of the payment.

Many e-commerce websites use payment gateways because they provide a more secure way to process payments than just processing them through a regular bank. Another advantage of using a payment gateway is that they offer fraud protection which helps protect buyers and sellers from credit card theft. Some disadvantages include higher transaction fees than regular bank transfers and the inability to conduct instant transactions through real-time payment systems.

When accepting payments on an e-commerce website, you want to ensure you offer customers various options. You also want to ensure that you are always keeping security measures in mind. With these 5 payment methods we’ve listed, you can now have more insight into their differences and which are the most suitable for your existing & potential customers.

Cash on delivery is the first method of payment we mentioned. With a logistics partner like Borzo, cash on delivery is made easy when you book our service– our trusted couriers will collect your customers’ payments for you, and remit straight to your e-wallet or bank account within 24 hours. Learn more by talking to our sales team who are more than happy to help you with any questions you might have. 🥰

Book a Borzo courier via our website (available on desktop or mobile browser) or via our app!

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