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Don't Let Customers Stray, Give Them More Ways to Pay | SVA

Don't Let Your Customers Stray, Give Them More Ways to Pay

Double click, face ID, and order. What?! I need to type in my credit card information?!

Come on, people! I’m finding a new site.

Yep, you read that right. If I had to manually type in my credit card information at checkout, I would leave and find a similar product on a different site; one that offers Apple Pay. And I’m not the only one. According to an Avionos Study, 85% of B2B buyers would turn to a competitor if their eCommerce needs were not met.

The truth is, whether you’re a B2B or B2C merchant, at the minimum, your eCommerce site needs to meet your customers’ expectations (and remember, these are constantly changing).

For consumers, digital wallets such as Apple Pay, Google Pay, PayPal, and Venmo are quickly becoming the norm for eCommerce payments. According to Forbes, over 50% of consumers are using digital wallets more often than traditional payment methods.

sva-consulting-im-afraid-your-customers-have-a-bad-case-of-checkout-indecision-02 1Insight: I'm Afraid Your Customers Have a Bad Case of Checkout Indecision

For businesses, these expectations tend to expand to include automated clearing house (ACH) payments, purchase order (PO) invoicing, and more.

No matter what the expectations are, your site needs to accommodate them. When your site begins to fall short of your customers’ expectations, you’re going to lose sales. It’s as easy as that.

Keep reading to learn how you can get customers to go the last mile and make the purchase. Spoiler alert, this one is super complex!

Purchasing Sweet-Spot: Payment Methods + Options

Now this one seems like common sense, right? Offer enough online shopping payment methods on your site to accommodate your customers’ expectations and preferences. So then why are so many sites still struggling to offer this?

The truth is, many eCommerce platforms aren’t built to accommodate advanced payment methods, and even fewer are built to accommodate the payment preferences for both consumers and businesses.

With native and pre-built integrations with more than 130 leading payment providers, BigCommerce, the modern eCommerce platform, allows for both. B2C merchants can easily offer advanced payment options to customers including Apple Pay, Amazon Pay, Venmo, PayPal, Bank Deposits, Buy Now Pay Later, (you get the point), while B2B merchants can offer additional payment options like PO and ACH payments.

In studying different types of BigCommerce merchants over a two-month period, Incisiv, a digital transformation insights firm, found that merchants who offered PayPal and Apple Pay on their sites saw almost a 10% higher conversion rate than merchants who did not.

This shows just how powerful a single payment method can have on your conversion rate. Now imagine how high that conversion rate would be if they leveraged all the different eCommerce payment capabilities that BigCommerce has to offer.

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BigCommerce: Payment Methods Conversion Study

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Authored by: Cailee Hanson

Authored by Cailee Hanson

Cailee works as a Business Solutions and Pre-Sale Consultant at SVA Consulting. She collaborates with prospects and clients daily to grasp their needs, leverage technology to align with their business objectives, and identify opportunities for organizational growth. Cailee plays a pivotal role in driving the success of numerous eCommerce, CRM, and digital transformation projects for clients. Cailee's understanding and identification of ever-evolving industry trends assist her in providing quality service to clients to help them reach Measurable Results. With a degree in Entrepreneurship from the University of Wisconsin-Madison, Cailee infuses each project with an entrepreneurial perspective to drive success for all stakeholders involved.

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