E-commerce: what popular payment methods should you choose to improve the user experience ?

User experience (UX) has become a key success factor for online businesses. One of the crucial elements of this experience is the payment process. Choosing the right ones payment methods can not only increase the conversion rate but also increase customer loyalty. Here are the most popular payment methods, and how they can transform user experience on your e-commerce site.

The importance of payment methods in e-commerce

The choice of payment methods plays a decisive role in The online shopping experience. A study reveals that 70% of consumers generally abandon their shopping carts. A phenomenon that therefore represents a significant loss of income for e-retailers.

In response, offering a variety of payment methods can not only help reduce this Abandonment rate, but also improve customer satisfaction and strengthen loyalty. Above all, consumers are looking for convenience and security when they make online purchases: by offering several payment options, e-retailers meet the diverse expectations of their customers and thus increase their chances of conversion!

Depending on the different customer segments, payment preferences indeed vary greatly. For example, young consumers may prefer solutions like PayPal Or e-wallets, while others may prefer credit cards or bank transfers. Understanding and meeting these preferences is critical to capturing the entire target market.

The main payment methods to consider

1. Credit and debit cards

Credit and debit cards remain the payment methods the most popular in the e-commerce world. They offer a combination of convenience and safety that consumers value. Acceptance of major cards such as Visa, MasterCard and American Express is essential for attracting a large customer base.

By integrating advanced security technologies such as Tokenization And the 3D Secure, e-retailers can minimize the risks of fraud and protect their customers' sensitive data.

2. Electronic wallets

Electronic wallets, such as PayPal, Apple Pay and Google Pay, are rapidly gaining popularity among consumers. These payment solutions allow users to pay for purchases without having to enter their card details for each transaction. A simple click or biometric authentication is enough to perform a secure payment.

One of the major benefits of e-wallets is their ability to speed up the payment process, reduce purchase time and the risk of cart abandonment. Moreover, these solutions are particularly popular with mobile consumers, who represent a growing proportion of online shoppers.

3. Split payment solutions

Split payment solutions, like Klarna or Scalapay, allow consumers to divide the cost of their purchases into multiple payments. This option is particularly appealing for high-value purchases, making products more accessible without imposing an immediate financial burden.

For the e-retailers, offering split payment options can Increase the average basket and encourage customers to buy more often. In addition, these solutions are often associated with a low fraud rate, as they involve a customer credit check.

4. Instant bank transfers

Instant bank transfers, offered by services like Sofort, Trustly, or iDEAL, allow consumers to pay directly from their Bank account. These methods are particularly popular in Europe and offer a high level of security and reliability.

Instant bank transfers have transaction fees often lower than credit cards and reduce the risk of chargebacks.

5. Cryptocurrencies

The acceptance of cryptocurrencies like Bitcoin, Ethereum or Litecoin is becoming more and more common in the e-commerce. While these options are not yet massively adopted, they allow for fast transactions, lower transaction fees, and enhanced security thanks to technology. Blockchain.

For online retailers, accepting cryptocurrencies can attract a tech-savvy customer base and increase international reach, as cryptocurrencies are not subject to the same constraints as traditional currencies. However, it's important to note that cryptocurrency volatility can be a challenge for some traders.

6. Gift cards and loyalty programs

Gift cards and loyalty programs are powerful tools to improve The payment experience and strengthen customer loyalty. Gift cards offer additional flexibility to consumers, allowing them to buy products at their convenience or to offer them to others.

Loyalty programs, on the other hand, keep customers coming back by offering rewards for their purchases. These programs may include discounts, loyalty points, or exclusive offers. By integrating gift cards and loyalty programs into the payment process, online retailers can increase customer satisfaction and encourage repeated purchases.

Integrate payment solutions effectively

To ensure a smooth user experience, these payment methods as well as providers must be integrated in an effective manner. Payment orchestrators play a key role in this regard by allowing e-retailers to easily manage multiple payment methods from a single interface. These platforms offer several advantages:

1. Simplicity and efficiency : Payment orchestrators centralize all transactions, making it easier to manage and reconcile payments. This reduces operational complexity and improves efficiency.
2. Optimizing transactions : With advanced features like intelligent transaction routing and retry, payment orchestrators can increase the success rate of payments, reducing failed and abandoned carts.
3. Flexibility and adaptability: Orchestration solutions make it easy to add or remove payment methods based on customer preferences and market trends, without requiring complex technical changes.

Purse is a SaaS payment orchestration platform which makes it possible to design, orchestrate and manage memorable payment experiences across all digital journeys, whether online or in store. Thanks to its unique interface, Purse integrates more than 80 payment partners, local and international, and offers advanced features such as intelligent transaction routing, retry, and simplified bank reconciliation. By choosing Purse, retailers benefit from a robust and flexible solution that optimizes The conversion rate, reduces costs and ensures the security of customer data, while providing a frictionless and highly personalized payment experience. Do you want to make up your own mind?