Offering many payment methods
There is a certain advantage related to offering many payment methods to your customers. This is true especially if your business is international. Most e-commerce business owners prefer using the most common payment methods such as mastercard and visacard. These are two of the most popular online payment methods. However this doesn’t mean that everyone around the world has access to these payment methods. For instance a person in Mainland China might have access to unionpay. Union pay offers the same services as mastercard. However it is more common in the East. If you intend on attracting customers from this part of the world you need to offer this payment method.
Offering many payment methods through third party payment gateway.
Third party payment gateways are payment gateway companies who process payments. If you are unable to offer many payment methods you need to consider using third party payment gateways. These third party payment gateways tend to have many payment methods. One payment method that has rose in popularity over the past few years is crypto currency payment. There are now hundreds of million payments that are conducted through crypto currency. The main reason why crypto currencies have grown in popularity is the fact that it is simple to transfer funds from one place to another without going through government channels. It takes at least 48 hours to transfer $50000 USD from the United States to China through swift. However it take only 15 minutes to transfer the same amount of money from the United States to China through Bitcoin.
Attracting customers through offering many payment methods
There is a high chance that your customer might not have a certain payment method. Therefore offering many payment methods will attract many customers to your e-commerce store.