Wanna know one of my pet peeves?
It’s when you go to pay for food at a restaurant or a food court and they tell you they only accept cash.
Every time this happens (and it seems to happen a bit) I think to myself, “Are we still in the 20th century”?
I don’t like to ever carry cash and ALWAYS pay for everything by card.
And I know I’m not the only one either.
99% of brick and mortar businesses accept cards these days, so why do some business owners make it so hard?
Funny thing is, it’s a similar story online with e-commerce merchants.
Many of them only offer one method of payment… the method that suits them best.
For example if you offer only PayPal as a payment method, that is great for people who like to use PayPal. But what about all the other people who don’t? For them, it’s annoying and it creates friction.
In fact, that’s the biggest mistake merchants make. They set up their payment options to suit themselves, without thinking about what their customers want.
The answer is to offer as many common payment options as possible.
Some classic examples being:
- Credit card
- Bank deposit
Obviously, there are more. But these are the most common off the top of my head.
It’s true it may be a pain in the ass to set up some of these, but you have to consider it as a major tactic to reducing shopping cart abandonment.
Plus, it is much easier to double the amount of sales from customers already on your site, than it is to double the amount of visitors to your site. That’s a no-brainer.
And if you’re still not convinced…
A UK based market researcher, YouGov, discovered that half of consumers who shop online regularly were abandoning their orders if their preferred method of payment was not an available option. Plus, 40% of the people surveyed indicated they were far more likely to trust a retailer who offers multiple payment methods.
The point is you have to accept your customers have varied preferences when making online transactions, and the more you offer the more sales you’ll make.
Speaking of making more sales, why not book in for your free e-commerce site review? We’ll go through your site together with a fine-tooth comb, and you’ll end up with a ton of recommendations you can start implementing immediately.
Then here’s where to go: