The Best eCommerce Payment Options for Online Sellers
If you own a business that sells products online, a diverse range of payment options is essential to your site’s success. Since consumers want to use their preferred payment method while shopping online, ecommerce businesses need to offer a variety of payment methods. As you look for payment processors to partner with, you’ll likely want to know the best online payment options for businesses.
The 3 Best eCommerce Payment Options
With around 9% of consumers abandoning their online shopping carts due to there not being enough payment methods, your ecommerce business can likely increase sales by offering multiple popular payment methods. Learn more about the top three types of ecommerce payment methods below:
1. Digital and Mobile Wallets
Based on data from Statista, digital and mobile wallets were the most popular way of paying online in 2021. Since digital and mobile wallets make up 49% of all worldwide ecommerce transactions and 29% of those in North America, they’re among the best payment methods you can offer on your site.
Many consumers prefer mobile wallets for their speed and simplicity. Once a user links their bank account to a mobile wallet, they can pay for products almost instantaneously. Instead of having to key in their credit or debit card information to purchase a product, they’ll typically only need to enter their mobile wallet’s password to complete a purchase.
As you consider adding a digital wallet payment method to your site, you’ll want to include the most popular mobile wallets available. One study from CivicScience asked U.S. adults about the digital payment platform they most commonly use. Based on their study, the following statistics represent the primary digital payment platforms U.S. adults rely on for purchases:
- Paypal - 36%
- Apple Pay - 20%
- Venmo - 16%
- GooglePay - 11%
- Samsung Pay - 3%
- Other - 13%
With so many users using PayPal, Apple Pay, Venmo, and Google Pay as their primary mobile wallets, you’ll likely want to offer all of them as payment options on your site.
2. Credit and Debit Cards
While mobile wallets are the most popular worldwide payment method, credit and debit cards are still more popular in North America. In fact, debit and credit cards account for over 50% of all ecommerce payments in North America, with credit cards making up 31% of ecommerce sales and debit cards 21%. Due to the popularity of credit and debit cards in North America, they’re an essential payment method if you sell to consumers in this region.
Like the need to accept multiple mobile wallets, it’s also important to use an ecommerce payment processor that supports the most popular debit and credit cards. Based on the 2021 Nilson Report, the most popular debit cards in the U.S. include:
- Visa (54.42% market share)
- Mastercard (22.14% market share)
- Domestic debit cards (15.54% market share)
- Private label cards (7.56% market share)
- ACH cards (.34% market share)
Alongside evaluating the most popular debit cards, the Nilson Report evaluated the popularity of credit cards. Based on a credit card’s market share by purchase volume, the following credit cards are the most popular in the U.S.:
- Visa (50.05% of market share)
- Mastercard (21.60% of market share)
- American Express (17.85% of market share)
- Discover Credit (4.99% of market share)
Due to Visa having over half the market share for debit and credit cards, a payment processor that doesn’t offer Visa could impact your business. Additionally, you’ll also likely want to use a payment processor that accepts the other major cards listed above to ensure your customers can pay the way they want.
3. Buy Now Pay Later
Buy Now Pay Later (BNPL) payment methods only account for 3% of worldwide sales and 4% of those in North America, but they’re projected to grow in popularity. Essentially, BNPL payment options are short-term, interest-free installments that allow consumers to break up the costs of a purchase. This ability to split a purchase into multiple payments gives consumers payment flexibility that aligns with their budgets better. Typically, BNPL platforms, like Affirm, Klanara, and Afterpay, break up the cost of a purchase over four payments.
Due to the greater payment flexibility BNPL offers, RBC Capital Markets estimates that offering BNPL services can increase a retailer’s average order value by up to 50% and raise their sales rate by 20% to 30%. You can harness these benefits and ensure you’re staying up to date with the latest payment methods by offering BNPL payment processors on your site.
How SamCart’s SamPay Gives You Access to the Best Payment Options
At SamCart, we know how important payment flexibility is to consumers, and we’re proud to offer SamPay to our clients. Rather than being a payment processor, SamPay is a conversion-driving bridge that allows you to connect your customers with payment processors like PayPal and Stripe. Once your preferred payment processor is integrated, your site can accept all the best and most popular online payment options for businesses.
SamPay also supports integrations with all major credit and debit cards while offering integrations with mobile wallets, like GooglePay and Apple Pay. Additionally, SamPay features BNPL tools, meaning you can easily integrate payment processors like AfterPay, Affirm, and Klarna into your checkout process.
Sign Up for a Free Trial of SamCart to See What SamPay Can Do for You
As an ecommerce platform that supports easy integration with top payment processors, SamCart is ready to improve your site’s payment processing ability and assist with other aspects of your ecommerce site. Since SamPay supports integration with so many payment processors and allows you to accept multiple types of payment options, it can help you boost conversions and provide customers with payment flexibility. You can also use SamCart’s many features to assist with sales page design, tool integration, revenue optimization, and core commerce management.
If you’re interested in giving SamPay a try, sign up for our SamCart free trial today.
What makes a payment option best for online sellers?
The best eCommerce payment options for online sellers are secure, convenient, and user-friendly. They should offer a variety of payment methods, including credit/debit cards, digital wallets, and other online payment solutions, ensuring that every customer can make a purchase easily and securely. Low processing fees, fast transactions, and reliable customer service are also crucial for an optimal experience for both sellers and buyers,
What makes a payment option best for online sellers?
The best eCommerce payment options for online sellers are secure, convenient, and user-friendly. They should offer a variety of payment methods, including credit/debit cards, digital wallets, and other online payment solutions, ensuring that every customer can make a purchase easily and securely. Low processing fees, fast transactions, and reliable customer service are also crucial for an optimal experience for both sellers and buyers