Consumers now have a wide range of payment methods to choose from, although they can still pick their option based on their habits. Electronic and mobile payments are becoming increasingly popular in general. A simple invoice can be a convenient bridge from the physical world to the digital one thanks to the abundance of payment methods it offers.
Online payment methods
There are plenty of ways to pay online today, and the most basic of these is a simple bank transfer. Not the traditional, “analog” one, mind you, but the one done via the bank’s website or app. You don’t even have to fill in the entire form, most of the details are already included automatically. All you have to do is just confirm the transaction with a code that you usually receive via a text message. Card payments are also becoming more and more popular. Just fill in the form with your card’s details, confirm the transaction and wait for a response from the settlement center. Modern forms of payment, such as mobile payments or virtual wallets are also gaining more supporters. They are fast, convenient and safe. They meet all the requirements of e-consumers.
Ideal payment system features
Such payment systems should meet the needs and expectations of both sellers and customers. The main criteria for choice are a wide selection of payment options, system security and the ease of use. The costs, which are dependent on the supplier, are also important. With the rising popularity of mobile payments, it is necessary for systems to adapt to these types of transactions.
Due to its size and maturity, there is a wide range of payment methods on the American market, ranging from classic checks to voice payments. Preferences reflect how generations differ. It’s interesting to notice that consumers are reluctant to changing their habits.
Here are some key numbers from the report conducted by ACI Worldwide and Aite Group.
- 56 percent bills are paid online by websites of service providers or banks;
- by 10% in turn, the percentage of people using electronic payments increased, including card payments significantly;
- 72 percent online payments are made through the websites of service providers
- only every third account has a fixed transfer set up, the remaining 68% are paid individually each time.
Why do consumers prefer to use local payment methods?
Adoption of local currencies
Local payment service providers are more likely to cooperate with local acquiring banks. This is very important when it comes to the currencies accepted on your website, as they depend on the ones processed by the acquiring bank. It is very beneficial to set up a trading account in one of such banks that work with your suppliers. This will allow you to accept payments in local currencies, making the lives of your customers easier.
Ease of communication
Local providers can communicate with you in your language, which is beneficial to both your customers and yourself. As a salesman, you will be able to express your business needs more comfortably and precisely. You will also be able to easily communicate with the customer service team without cultural, language or time zone barriers.
Knowledge of local, preferred payment methods
Local payment service providers know which payment methods are liked by local customers the most. They will also have all these methods integrated with their payment platform to help you increase customer satisfaction. They are also aware of widespread local fraud, if there is any.
The development of technology creates new opportunities for daring entrepreneurs and means that nothing stands in the way of expanding your operations to new geographical areas. And while serving customers from all parts of the globe is still a challenge, processing international online payments has never been easier. The most advanced payment brokers offer solutions thanks to which customers from every market can make online purchases even in stores located on a different continent.
What are your thoughts?