How to Select the Best Payment Options for Your E-commerce Business 


Congratulations! All of your marketing strategies have been successful. Your targeted audience loves your product and is ready to purchase. (If you’re not quite there yet and you need some more creative ideas for marketing, read this.) But you’re not at the finish line yet, because you still have one more thing to consider, and it’s possibly the most important:


How will you get paid?

With hundreds of options to choose from, you must consider the best payment options for e-commerce. There are several factors to consider since you need to look out, not just for your client’s best interests, but also for your own. You want to make the process as swift and simple and possible to ensure the best possible results. 


Safety First

First and foremost, safety is the number one priority. Your customers need to be sure that their payment is going to the right place and the right people, and that they are protected in any circumstances. So, you’ll want to make sure you consider fraud protection. Unfortunately, online frauds have become complex and sinister. Most e-commerce companies allow their members the opportunity to save their payment options for future purchases. Without proper protection, this can be dangerous since it puts people at risk for unauthorized purchases, or even worse, identity theft. 


Identity theft can steal the information saved by your customers, such as passwords and usernames and sell that data to a third party. If this happens, you can be held liable for the loss of security and you don’t want to be responsible for the repercussions. You can also be made a victim of chargeback fraud, which occurs when a customer asks for a refund, claiming the product they purchased was never shipped. Thankfully, there are some techniques for taking precautions that prevent these kinds of fraud in your payment options. 


Safety Payments Seller's Choice


You can authenticate your customers by asking them for information such as a PIN or security questions. When these are required at payment, it matches up the facts provided with their saved credit card information and reduces the likelihood of unauthorized purchases. You can learn more about client authentication here. Another solution is through an address verification system, which checks the address provided by your client with the address recorded in their bank information, linked to the credit card provided. Click here to understand address verification better


Keep it Simple

The main reason most people shop online is convenience and efficiency. No one wants to go through an extensive, time-consuming process just to purchase an item. If you want to ensure the maximum number of sales possible, you need to create a simple and easy-to-navigate payment system. One way to make this happen is by not requiring your customers to create an account. When purchasing something at a store, they do not have to create an account, so why should they have to when making online payments? If they arrive at the payment page and see that an elongated, time-consuming process is evolved, they are likely to give up and go through a site with better options. 


You also want to make sure they can complete their payment on the same page. In other words, don’t redirect people. You want your e-commerce business to be the best authority on your topic, on your field, on anything that you are offering. So don’t make the customers leave your site to pay. The advantage of keeping your payment options on your site is that you get to design it to match your brand. Ask us about strategies for effective design. That means you have an extra opportunity to enhance your reputation and make your business memorable. If you’re not sure about the quality of your branding, read about how to make yourself visible online. That’s just one more step to becoming the best.


Reduce Fees

An additional fee at the end of a purchase is like a slap in the face. No one wants to be surprised by an extra charge, including you. If you’re going to charge anything extra, such as service or handling fees, make sure you disclose them in the beginning. After all, your business is all about building trust for recurring purchasing. So, honesty is the best policy when considering payment options. 


You also need to consider the best options for reducing your fees. There are different pricing options when it comes to dealing with credit card companies. You can choose from a flat rate, tiered pricing, or interchange pricing. With a flat rate, you pay the same fee, no matter how many credit card transactions you run. At first glance, this could seem like the best option, but you don’t have the option of looking closely at negotiating a cheaper percentage for varying types of payment. While your business is still growing, you could end up being charged much more than if you select something like tiered pricing.


"No one wants to go through an extensive, time-consuming process just to  purchase an item. If you want to ensure the maximum number of sales possible,  you need to create a simple and easy-to-navigate payment system."  -Click to Tweet-


This option can place you at a specific level that matches your volume of sales directly, ensuring that you don’t overpay in fees. However, you can often incur a sizeable markup, so you’ll need to examine that carefully before signing up. With interchange pricing, you pay directly to the credit card companies you are partnered with. Many e-commerce businesses have claimed that this is the best option for transparency in payment processing fees. As an example, you can see what companies like American Express have to offer in their partnerships


Variety Will Make or Break It

When considering the best payment options for e-commerce, variety makes a difference. Don’t limit yourself or your customers to just one payment option. They need to have as many choices as possible to ensure that the method fits their needs. Of course, it won’t be possible to include every conceivable payment option available online, but customers are likely to bail right at the payment page if they do not have a convenient payment method. 


So, make sure you do your research and find out what payment method your target audience is most likely to use. The U.S. Commerce Department is a great place to get started. If you haven’t established a target audience yet, now is the time to do so. The benefits of personalization in e-commerce are astounding. Ask yourself questions about your customers. What age are they? What is their gender? What is their job description? What are their hobbies? It can be a complex process to find this information. To get the best results, you can ask our team at Seller’s Choice for help. 


Let’s revisit the main reason your customers are buying through e-commerce rather than in a physical shop: Convenience. This is why the best payment options offer flexibility during checkout. Often, customers abandon their e-commerce shopping cart because they just don’t have a credit or debit card handy. They need to pay immediately, and if they don’t have a card handy, they’re not going to be able to accomplish that. So consider going beyond the outdated, traditional credit or debit card only policy. 


Another reason buyers may want to avoid payment through credit cards is the problem of high debts. Credit card debt has encumbered the vast majority of individuals of all ages. You can read about its effect on millennials from Goldman and Sachs. This is a contributing factor to the reluctance toward traditional e-commerce payment options. Because of this, some of the best options are through other mediums. Of course, if your clientele is directed toward millennials, you don’t want to miss these ideas for social media marketing.  


Payment Options Seller's Choice


Concrete Examples 

Now that you have considered many factors that go into selecting the best payment options for e-commerce, it is time to look at some of the leading methods available.



The advantage of using Paypal in e-commerce is its wide market and the high likelihood that your customers are using it. They are available in 200 countries and accept 25 currencies, so it is accessible to a global market. The site has over 254 million users. You can read their stats here


Amazon Pay

Many users love Amazon Pay because they can automatically use any payment methods already associated with their Amazon account, and can even complete an order through Alexa. If you are an Amazon seller, this can be an advantage for you, since your clients can complete the purchase all in one site. Another benefit is that they offer protection against unauthorized purchases. So, if your customers run into any fraudulent problems, Amazon Pay will handle it. 



WePay is great for small businesses because they have installed their capability so that it is already embedded in many merchant platforms so that e-commerce sellers do not have to deal with additional software platforms. So far, they are mainly limited to US and Canadian based merchants. However, if your target audience is a younger generation, it is rapidly growing among a young, entrepreneurial clientele. 



Payoneer is another global-friendly payment option and is especially popular in countries like China and Japan. Many freelancers and small businesses are using Payoneer, so if that is your targeted clientele, you may want to consider it as an option on your e-commerce site. Unlike We Pay, they also partner directly with merchants, so the ability to embed it directly on your site can be a big draw. It is not just used by freelancers or small businesses, but even by large enterprises, so if you choose to use it, you will not be limited to a small age group or business size. 


Hopefully, these examples will help you in your search for the best payment options for e-commerce. As an e-commerce business owner, you are like an athlete. You’ve worked hard, you’ve run the race, just make sure you don’t slow down before you reach the finish line. Make sure your payment options are seamless and efficient to ensure your customers do not abandon their shopping cart at the last minute. If you’re just getting started or are not quite there yet, you can watch some marketing basics for your new e-commerce business. If you get stuck, just let us know how we can help. e-commerce tech stack ebook



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