Alternative payments options, a way to boost start-up businesses

Business, e-Commerce, Finances, Start Up

Having an ecommerce site as part of your business online is a great step to make to help you move your business forward. But, if you are not flexible in terms of payment options then you could be alienating certain customers from using your business or making that purchase. It is important to be diverse and to be flexible when it comes to payments, and also being more clued up with modern day alternatives that your customers may like to use. With that in mind, here are some of the ones to consider. 

Image source – pixabay – cco license

Samsung/Apple Pay

A popular way for people to pay for things, especially right now with contactless being a preferred option in stores because of Covid-19 is Samsung or Apple pay. This is where people have preloaded their card details into their phones, and then use them as a contractless form of payment. In most cases there is no limit on how much you can pay on your devices, making it a seamless and easy option. You can enable this on your ecommerce site and it would allow payment to be made by your customer with a click of their passcode or Face ID. a much easier and convenient way to allow them to pay for things. 

Paypal

Paypal has been around for a long time now, so you may already know that people prefer to use this option as it gives them greater protection when shopping online. Having it as an option for payment on your site not only gives convenience to your customers, but within Paypal they now have two other options that would help them pay for their purchase. Paypal now offers a three payment term or paypal credit which can help people to utilise more flexible options. Especially when it comes to making bigger purchases online. 

Forgeign currency or money transfers

You may not always be dealing with people in the same country as you, so this is where you might need to open up your ecommerce site to foreign currency payments or money transfers. This can also help you as well in terms with dealing with trade on a global level. Whether that is a money transfer to India, a payment to Indonesia or dealing with companies in the USA, having the flexibility to do so opens up your business to more potential customers than ever before. 

Flexible credit

Finally, could your business offer credit? There are now platforms that will take care of credit checks and offer your customers a payment plan of 3 -6 months. This could work especially well for you if your business has high priced items for sale. Having this option gives greater flexibility to your customer, but also doesn’t mean that you have to take the heat or worry of the debts. These platforms have the contract with your customer, so while you offer the service you still get paid straight away. 

Let’s hope these tips help you when it comes to looking at alternative payment methods for your ecommerce store. 

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