Technology is rapidly changing the way businesses operate. There has never been a better hour for an Ecommerce business owner. If you’re thinking of starting an e-commerce store, one of the most important decisions you’ll need to make is choosing the payment methods for it.
There is no doubt that the shopping industry has been hit by the pandemic. And customers didn’t have a choice but shop online. But let’s not forget that apart from the pandemic topic, there are a number of reasons people prefer to shop online. The experience of shopping online is much more comfortable and convenient as compared to physically going to a store and buying the product you need.
E-commerce also offers many jobs, which can be done from the comfort zone of your home or with the help of coworking space software or from the office.
1. Credit card payment
In 2016, 58% of online shoppers used credit cards to pay for their purchases. There are two types of credit cards: plastic and electronic. Using a credit card means people can easily pay for things without having to carry cash with them everywhere they go. CVV is the short three-digit number that appears on the front or the back of your credit card. CVV numbers are unique to each other and can be used to detect fraud. This can help you retain customers because they can trust your payment management software system. Shoppers can use credit cards to buy things and also get discounts on their purchases.
2. Debit card payment
Debit cards allow you to spend money that is already in your account. When you make a purchase from your debit card, the funds are transferred immediately from your bank account to the store. When you make your payment with a credit card, the payment is actually made at the end of the billing period. The average American household owes 10378$ in credit card debt. Credit cards have lower limits than regular credit cards.
3. Payment with cryptocurrency
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new ones. Cryptocurrency is the emerging technology that allows transactions to be made without the need for banks or financial institutions. Altcoins are cryptocurrency that is not Bitcoin, with which you are undoubtedly familiar.
Keep in mind that if your business accepts payment in cryptocurrency, the information about that should be mentioned prominently on social media accounts and the website of the brand. You can even advise them to check the best crypto exchange on Reddit to know the best deals of conversion before the purchase in your online store.
Online shopping is a huge industry and is going to grow larger in the future. According to an eMarketer, the global online shopping market will be worth $2.28trillion by 2022, an increase of nearly 27% this year. The growth will come from an increase in spending on smartphones and other mobile devices, as well as the adoption of new technologies such as augmented reality and artificial intelligence.