During the last few years, when people have avoided in-person shopping, e-commerce has never been more beneficial and popular. e-Commerce has witnessed exponential growth aided by digital payment solutions. Today the trending payments solutions for e-commerce are e-wallets, online bank transfers, credit or debit cards, and the newest e-payment solution – cryptocurrency.
Typically downloaded onto smartphones, e-wallets link to specific credit or debit cards or bank accounts. These are very convenient and secure for customers. However, not all retailers accept payments from e-wallets. And when they do, they may accept some but not all e-wallets, which is inconvenient for customers. Some wallets also have transaction fees charged on both the customer and the vendor.
Credit and Debit Cards
These are the standard payment solutions widely used around the world. The problem with credit card and debit card payments for e-commerce retailers is the potential high transaction and interchange fees. Processing fees could ramp up an e-commerce retailer’s expenses. Still, credit and debit cards are an essential aspect of digital payments. Therefore, a payment service provider with low fees on credit card and debit card payments is the way to go.
Online Banking Transfers
When customers do not opt for credit or debit card payments, they usually have an online banking account for shopping online. The problem here is that cross-border transactions can be expensive and slow. Online banking may not offer the facility for multi-currency transactions. Businesses should choose a payment service provider that offers immediate and effective solutions for these problems.
As the world awakens to the power and convenience of crypto, more and more e-commerce businesses are realizing how crypto and e-commerce are a match made in digital heaven.
Cryptocurrency payments have lower fees than any other e-payment solution. It eliminates the exchange rate fees on cross-border transactions. This helps e-commerce businesses to cater to a larger global market more easily than ever.
The transactions themselves happen in real-time, and even better, transactions are secure. For businesses, crypto payments are a boon as transactions cannot be reversed without the business’s explicit consent. This lowers the chance of e-commerce businesses facing fraudulent transactions.
Crypto runs on blockchain technology, which makes it a decentralized system. Blockchain technology also makes crypto payments highly secure and instant.
But how does one accept cryptocurrency payments? The best way is to choose a crypto payment gateway that allows your business to receive cryptocurrency and all other forms of payments. Your crypto payment gateway essentially becomes a one-stop e-payment solution. An online payment service provider allows your e-commerce business to accept all forms of payment for the products and services rendered. Therefore, your business can receive payments from credit and debit cards, e-wallets, and online bank transfers. Further, it allows you to accept payments in multiple cryptocurrencies.
With a crypto payment gateway, your e-commerce business will appeal to a range of customers, from the traditional who prefer using online banking transfers or credit cards payments to those seeking to explore the convenience of cryptocurrency.< Next post - Six Security Tips for Businesses That Accept Online Payments in 2022 Prev post - Five Technologies You Should Include in Your Organization’s Business Growth Strategy >