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What is the importance of the different payment methods in the eCommerce checkout process?

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The ecosystem of the digital economy has been facing a series of changes in recent years; changes driven by both technological advances and the global situation of the Covid-19 pandemic. This has resulted in a broad change in the consumer profile, which now puts payment and shipping facilities before other aspects of the purchase process.

In this way, more and more companies are beginning to offer new and alternative payment methods within their gateways, in order to adapt to the demands of these new 2.0 consumers. However, beyond the preference that consumers may have, this new trend also offers benefits to companies, helping in their optimization.

Payment methods: a key strategy for the growth of eCommerce

Adyen, one of the leading payment platforms in Spain, recently launched its Report on Payment Methods 2022. In this, the company shows how 1 out of 3 Spanish companies consider it important to ensure that they offer all the payment methods that their customers want to use. . But how do companies benefit from these extensive catalogs of payment options?

Firstly, a greater variety of integrated payment options makes it possible to reach a larger audience according to their preferences; something that in fair measure can help boost business conversion rates. Likewise, it is a medium that makes the digital transition process more enjoyable, taking into account the strength that digital payment methods such as wallets are gaining.

On the other hand, in addition to different payment methods and platforms, there has also been a proliferation of new payment solutions. Among these, deferred payments and “take now, pay later”, BNPL for its acronym in English, are the ones that have generated the most traction. Both propose a solution focused on favoring the consumer and improving the shopping experience; although at the same time they give stores the opportunity to increase the value of their average ticket and increase sales. In this way, by having these options that allow them to dilute expenses, consumers have the tendency to make purchases of greater value that they would not otherwise be able to. Thus, we can see that having different payment methods and solutions is closely related to the optimization of the eCommerce check-out process.

Security and payment methods

On the other hand, these tools are also key factors in guaranteeing the safety and trust of buyers during their purchase process. We must keep in mind that one of the main problems in electronic commerce is still the probability of being involved in fraud. Which usually inhibits some consumers from proceeding with their purchases.

In this aspect, the means of payment come into action, because by having a means of payment with which buyers have experience of using it, it is possible to boost their trust. Thus, 9 out of 10 Spaniards prioritize security when choosing a payment method for their purchases.

Similarly, many alternative payment methods, such as wallets, incorporate new and improved functions designed to guarantee the security of transactions. Everything from a digital plane, which allows minimizing the risks of fraud. Also, due to their specifications, they minimize the use of consumers’ personal data, limiting the chances of being victims of identity theft. In this way, this trend, which is expected to continue growing in the coming years, proposes a safer and frictionless digital shopping ecosystem.

Image: Depositphotos

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