The importance of the eCommerce business has manifold due to the changing times. Due to this, the competition has also increased to a great extent. Therefore to increase your customer base and retain them, it becomes essential that you provide excellent customer satisfaction to your shoppers. Offering the best eCommerce payment methods is one of the primary requirements when you talk about the customer experience.
There are various benefits of an eCommerce purchase. The buyers have started to shift their buying preferences to online shopping because of these, for example, it provides choices from various places, gives options, can shop from wherever you want, etc. To add to this and to complete this experience, providing the best checkout experience with various eCommerce payment methods is highly essential.
Read: 7 Tips for a Smooth Ecommerce Checkout Process
The eCommerce Payment Methods on Your Website
Modern technology namely the payment gateway makes it easy and effortless to offer multiple eCommerce payment methods. You can offer all the possible online payment methods in India as well as outside of the country with the payment gateway technology. Thus, on the basis of the location of the targeted customer, you may include their preferred payment methods, the ones that meet your business requirements.
PayKun provides 120+ domestic payment methods including credit card, debit card, mobile wallets, net banking, UPI, and QR code. And international customers can make card payments with it. Integrating the PayKun payment gateway to your eCommerce website is how you can enable a swift and secure payment checkout with multiple eCommerce payment methods.
Cart abandonment is one of the major issues when we talk about eCommerce shopping. The lack of the preferred payment method is one of the reasons why the customer may abandon the cart.
Read here to know more about the cart abandonment rates and how multiple payment options of PayKun increases business revenue
The list of popular eCommerce Payment Methods
As we discussed earlier providing the best customer experience is the key to win the competitive advantage. Though cash on delivery is one of the eCommerce payment methods, the cash payment option has declined with the entry of various online payment modes which are convenient and fast to use.
Let us discuss the prevalent online payment method options trending among the customers.
Credit Card and Debit Card
Card payment is a popular payment option. A credit card is included among the most preferred eCommerce payment method options. The debit card is also in the line of popularity. While making the eCommerce card payment you would require the card number, CVV, expiry date, and the OTP/Password to authenticate the transaction. The 3D payment gateway requires 3D authentication and enables a secure transaction.
Net banking and bank transfers are also popular online payment methods in India. These are secure modes of payments that require login and OTP authentications to complete the transactions. After you select the net banking payment method, you are taken to the secure bank login page and you may log in to the account securely to proceed with the transaction. In order to complete the same, you require the OTP/Password and for the bank transfers, you may also need the debit card grid numbers. For the bank transfer, the payee bank account details are required.
An e-Wallet is like a physical wallet with a fund balance. It is also possible to make bank payments with it through a linked bank account. It is a convenient mode as it does not require bank account details or card details.
You just need to log in to the wallet and approve the transaction. It is among the preferred modes of payment for many customers. Examples of wallets include Paytm, Mobikwik, Ola Money, Freecharge, Jio Money, PhonePe, Amazon Pay, etc.
UPI and QR code
This is preferably the most opted option among the customers due to its convenience. It enables a direct bank to bank transfer in the easiest manner with no requirement of additional bank or card details. It is possible to make a payment directly through the UPI mobile application such as BHIM, Google Pay, etc.
UPI payment can be made with the virtual ID known as the UPI ID. To authenticate the transaction you only need a UPI PIN which is set by you. QR code scanning is another easy way to pay. You just need to scan the QR code with the UPI-enabled application and proceed with the transaction.
UPI and credit cards are the most preferred online payment methods in India.
PayKun Payment Gateway
PayKun would enable a smooth eCommerce checkout experience with the above-mentioned payment modes for domestic transactions. It also provides the facility to accept international card payments in multiple currencies. It is PCI DSS compliant and also follows various security compliances and standards.
Using PayKun on your eCommerce website is affordable and reliable due to its lowest transaction rates and excellent customer service. You can use its payment links for social commerce which are also secure and offers all the payment mode options in the payment checkout.
Get started with PayKun now and offer various secure online payment methods!