How to Make Sure the Customer Pays?
The general tendency of the customers, for them to trust the website is the multiple trending payment methods. People want to have choices in everything today, especially when there are so many available. So you should always think of how you can give the alternatives and make sure the customer pays. A customer will go through the whole process of purchasing, searching, selecting, modifying, reviewing, etc but if at the checkout he finds out that he won’t be able to pay because he does not have his wanted payment options then he would simply close the window.
This article is specifically dedicated to the idea of how the options of the preferred payment methods could affect the sales, abandonment of the checkout, and ultimately the growth of your business. This will help the planning and approach of the business towards its growth and the development of customer relations.
Facts and Figures to understand the Importance of Multiple Payment Options:
There are certain studies giving a clear overview of the effects of the availability and the non-availability of the presence of the payment options. When everything is perfect then also, the fewer payment methods available mean higher the possibility of the shopper leaving without paying and purchasing.
23% of the online customers abandon the Shopping cart because of the lack of payment methods and as they could not trust the site with their credit card information. The other 4% abandon as the Credit Card was declined at the checkout, as per the Abandonment Rate Statistics. In the words of the Vouchercloud study of eCommerce Psychology, 59% of interested customers for purchasing the product will abandon the transaction if their preferred payment method is not there. According to the data of the Statista survey, 20% abandons due to the preferred payment method not available. All in all, among the many aspects of the potential buyers leaving the payment window, the lack of payment option does play an important role. No business can afford any kind of loss and that too because of the totally solvable reason.
The most preferred payment method as per the Statista survey has been a Credit Card. Worldwide, 42% of the buyers would prefer that option. With regard to India, the first place has been taken by Unified Payments Interface as the most preferred payment method as per the volume next came the debit cards, IMPS, and the credit cards, as per a report in February 2020. The transaction volume of UPI was at 10.8 billion in 2019, as per the report from payments company Worldline India (WI).
“UPI is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016,” said the “India Digital Payments Report 2019”. So it is clear that the mentioned payment methods are popular but that does not mean that other payment methods like Wallets, QR code, NetBanking, etc would not be required by the customers trying to make the payment.
PayKun Payment Gateway with Multiple Payment Options:
There are some aspects to discuss before going to the types of payment methods offered by PayKun Online Payment Gateway.
Cost:
Generally, merchants would wonder that many payment methods are resultant to more cost of payment. However, this is not true with PayKun. The fees and charges of providing multiple payment modes to your customer are not affected by how many payment options you offer to your customers. There is only a per-transaction fee, the lowest in the market price. Apart from that, there is no setup fee or maintenance fees. Also, there no hidden charges levied. A flat fee is charged to the merchant on the payment made by the customers.
Security:
With the online fraud prevailing of all types, hacking, stealing, and the compromised data, it is essential that the payments made by the customers are safe and secured. This can be a huge loss for the finances as well as the reputation of your business. You need not worry about the security aspect, in fact, integrating PayKun is the best decision for a seamless payment collection from your customers.
PayKun is PCI DSS compliant as well as follows the AES Encryption standards. Also, it is SSL certified. These are also the strictest security standards made mandatory as per the RBI rules and regulations for the payment gateways.
Types of Payment Methods by PayKun
PayKun offers a safe, secure, cost-effective, and easy way of collecting payments with numerous payment methods. It has integrated with various banks and financial institutions to make sure that your customers have their preferred payment mode. It includes credit cards, debit cards, wallets, Net Banking, QR codes, UPI, etc integrated into one checkout system.
Card Payments
Debit/Credit cards like Master Card, Visa, Diners Club, Amex, Rupay, etc are available at the PayKun checkout. Card payment is one of the most commonly used payment methods. They come with various features and benefits such as security of payments, convenience, etc. At PayKun the 3D authentication checkout enables secure payments e.g with secure PIN and OTP.
UPI
It is the most used payment method these days due to its fast and easy processing and a direct bank to bank transaction. PayKun provides BHIM, Paytm, PhonePe, Whatsapp, Google Pay, and Other UPI.
Net Banking
Almost 80+ Net Banking options are available with PayKun with a safe and secure passage to the Net Banking login page. Even if the customers do not have a Card handy they can use this payment option and make the payment easily.
Wallets
PayKun provides all major Wallet options including Paytm, Mobikwik, JIO Money, Freecharge, Ola money, Phonepe, etc and working on adding more and more. Wallets also eliminate the use of Cards with its feature of storing money the same as the physical wallet. People have been increasing the use of eWallet payments for online transactions.
Single QR Code
This is the easiest payment mode that one can experience. PayKun currently provides BHIM, Paytm, Phonepe, Whatsapp, and Google pay QR codes payment options. The scan and paid, is fast and requires minimal efforts.
PayKun Payment Links and Master Links
What if you do not have a website or mobile application?
The answer is payment links.
These are like normal links to be generated from the PayKun merchant dashboard and copy, pasted and sent through email, WhatsApp, Messenger, etc. So there is no website/app needed.
Master Links are the same as the Payment Links just can be explained well with the tagline as “Let the customer pay what they want and for what they want”
Thus,
With eCommerce and Mobile Commerce becoming more widely used, these payment methods are just what the customers need to purchase without wasting any time in a convenient manner. SIgnup PayKun today and test the payments to see how easy it would be for your customers and also make sure your customers pay.
