The most important payment methods that must be linked to your store and the advantages of multiple payment methods

Sahl Saturday,12 Aug 2023

introduction

If you own an online store, you know that one of the most important factors for the success of your project is to provide an easy, secure and flexible payment service to your customers. Payment is the final and crucial stage of the buying process, and if the payment service is not in line with your customers' expectations and needs, you may lose a valuable selling opportunity, or even lose a lifelong customer.

Therefore, as an online store owner, you must bear in mind the importance of providing multiple payment options for customers, in order to increase the likelihood of completing the purchase process, increase customer satisfaction and loyalty, increase the geographical coverage of the market, and increase the competitiveness of the project.

But what are the different payment methods that should be associated with your store? And how can you choose the right payment methods for you and your customers? How can you activate payment services through your store?

In this article, we will try to answer these questions, review the most important payment methods that must be linked to your store, and mention some of the advantages of multiple payment methods. We will also provide you with some useful resources and tips to help you improve the payment service in your online store.

What are the different payment methods available for activation in your online store?

Payment methods are the means that customers use to complete the purchase and payment process through your online store. There are different types of payment methods, which differ in the level of security, ease, popularity and cost. Broadly speaking, payment methods can be divided into four main categories:

- Payment on receipt: It is a traditional payment method that allows the customer to pay the value of products or services upon receiving them from the delivery company or from a specific point of sale. This method increases the customer's confidence in the store and facilitates the purchase process, especially if he does not have a bank card or an electronic account. However, this method carries some risks for the store owner, such as the possibility of canceling or rejecting the order by the customer, delaying collection from the delivery company, or high delivery costs.
- Payment by bank cards: It is a common and secure payment method that allows the customer to pay the value of products or services using a credit or direct debit card linked to his bank account. This method facilitates the purchase process for the customer, increases the speed of collection for the store owner, and increases the geographical coverage of the market. However, this method requires an electronic payment gateway to perform the financial transfer process securely and quickly, and this may increase costs and procedures.
- Payment with prepaid cards: It is a new and innovative payment method that allows the customer to pay the value of products or services using prepaid cards that he buys from selected points of sale, such as shops, stations or malls. This method provides the customer with privacy and security in the purchase process, and does not require a bank account

- Payment through the services of payment companies : It is a modern and advanced payment method that allows the customer to pay the value of products or services using an electronic account that he creates with a well-known payment company, such as Paypal, Vodafone Cash, or Valeo. This method provides the customer with comfort, speed, and security in the purchase process, and allows him to pay in different currencies, and protects him from the potential risks of paying with cards. However, this method requires the customer to register and verify with the payment company, and may incur some fees or limits.

How do you choose the right payment methods for you and your customers?

There is no fixed rule for choosing the right payment methods for you and your customers, it depends on various factors, such as the type of products or services you sell, the market you target, the budget you have, and the goals you pursue. But in general, you can follow some of the following steps to choose the appropriate payment methods:

Research your target market : Be sure to know your potential customers' payment preferences and behaviors. What payment methods do they most commonly use? What payment methods do they trust? What payment methods suit their needs? You may use questionnaires, surveys, or analytics to collect this information.
- Compare different payment methods: Learn about the advantages and disadvantages of each payment method in terms of level of security, ease, popularity and cost. He also reviewed the terms and procedures for each payment method in terms of registration, verification, collection and return. You can use trusted sources or consult experts to get this information.
- Choose the payment methods that suit you and your customers: Based on the results of your research and comparison, choose the payment methods that you believe will increase the likelihood of completing the purchase process, increase the satisfaction and loyalty of your customers, increase the geographical coverage of the market, and increase the competitiveness of the project. But don't forget to take into account your budget and goals, and try to provide multiple payment options for customers, to give them freedom of choice.

How can you activate payment services through your store?

After choosing the appropriate payment methods for you and your customers, you must activate the payment services through your store, so that they are ready to use. This requires you to take some of the following steps:

- Choose an electronic payment gateway: An electronic payment gateway is a service that facilitates the financial transfer process between the buyer and the seller via the Internet. It provides you with security and speed of collection, and compatibility with various payment methods. There are many electronic payment gateways available in the Arab world, such as PayFort, HyperPay, or Fawry. You must choose an electronic payment gateway that suits your needs and budget, and compare the advantages and disadvantages of each gateway in terms of costs, fees, limits, security, and conditions.
Register with the electronic payment gateway: After choosing the electronic payment gateway, you must register with it as a seller, and send some required documents, such as a copy of your ID or passport, a copy of your business license, or a copy of your bank statement. You must also accept the Payment Gateway Service Terms and Conditions.

- Link the online payment gateway to your online store: After registering with the online payment gateway, you must

You can link it to your online store, so that you can receive payments from your customers. This requires you to add specific code to your website, which allows connection to the payment gateway and the sending and receiving of financial information. You can get this code from the payment gateway site itself, or by using ready-made add-ons or modules that are compatible with your online store platform.
- Test the payment service before launching it: Before you launch the payment service in your online store, you must test it well, in order to ensure its safety and effectiveness. You can test the payment service by making mock payments, using test cards or test accounts provided by the payment gateway. You can also test the payment service by asking for the opinion of trusted customers or experts in the field, and benefit from their feedback and suggestions.

What are the advantages of multiple payment methods in your store?

If you choose and activate different payment methods in your store, you will get many advantages that contribute to improving the performance of your project and increasing its revenues. Among these advantages:

- Increase the conversion rate from visitor to customer : If you offer your visitors multiple payment options, you will increase the likelihood that they will become your customers, because they will find a payment method that suits them and does not constitute an obstacle or difficulty for them. According to a study conducted by Payfort, 40% of consumers in the Middle East and North Africa prefer to shop from websites that offer different payment options.
Increase customer satisfaction and loyalty: If you offer your customers multiple payment options, you will increase their satisfaction with your service and increase their loyalty to your store, because they will feel respected, cared for and trusted. According to a study conducted by PayPal, 83% of consumers in Saudi Arabia say that having different payment options makes them more willing to shop again from the same site.
- Increase the geographical coverage of the market: If you provide your customers with multiple payment options, you will increase your geographical coverage of the market, and reach new customers in different regions, because they will find a payment method that is compatible with their habits, culture, and laws. According to a study conducted by HyperPay, 50% of consumers in the United Arab Emirates prefer to pay in UAE dirhams, and 29% of consumers in Egypt prefer to pay in Egyptian pounds.
- Increasing the competitiveness of the project: If you provide your customers with multiple payment options, you will increase your competitiveness in the market, and stand out from other similar projects, because you will provide your customers with a unique and customized buying experience that meets their needs and achieves their satisfaction. According to a study conducted by Value, 75% of e-commerce merchants in Egypt believe that providing different payment options increases their competitiveness.

Conclusion

In this article, we have tried to review the most important payment methods that must be linked to your online store, and to mention some of the advantages of multiple payment methods. We have also tried to provide you with some useful resources and tips to help you choose and activate payment methods that are right for you and your customers.

We hope this article was useful and interesting to you. If you have any comments or questions on this topic, feel free to write it in the comments