Choosing payment processors for your online store can be a daunting task because there so many to choose from. And you don’t want to not add one or more because maybe a customer won’t buy an item from your store because you don’t accept their favorite way of paying. How can you combat this? I’ll give some tips I use when I chose the payment processors for my online store.
Here’s Why Choosing Payment Processors For Your Online Store Is Daunting
Doing a quick search on Google I found a list of 20+ payment processors that will help you accept your customers’ payment. Here’s a short selection from that list:
With all of these processors how do you decide which ones to add to your ecommerce store?
Choosing Payment Processors For Your Online Store: Go With Popularity
For my online store I chose PayPal because it’s one of the most popular payment processors. Thus, many potential customers probably already have a PayPal account.
In addition, a popular processor most likely has their customers’ trust, and those customers will trust your online store when they go to buy something. Although online shopping is very popular now, some people are still a little leery of new or lesser-known online stores either not being secure or may steal their payment info. Hence, it’s good to use a popular payment processor to alleviate those fears.
For my store, I chose to go with PayPal because I’ve used the service personally for years and in my previous businesses. I know how it works so there wasn’t a big learning curve for me.
Choosing Payment Processors For Your Online Store: Use The One Included With Your Store’s Software
The two biggest ecommerce platforms that many online stores use are Shopify and WooCommerce, and both come with payment processors built into their software. Thus, I recommend you use those since they will work without issue.
Shopify has Shopify Payments and WooCommerce has WooCommerce Payments. However, both platforms give you the ability to use other third-party payment processors like PayPal, Apple Pay, Google Pay, and more. You just have to elect to use them through their settings.
Since I use WooCommerce to power my store, I use WooCommerce Payments which uses Stripe to process everything. This is in addition to accepting PayPal on my site.
Consider Accepting “Shop Now, Pay Later” Providers
While many customers are happy to enter their credit card details online, many are interested in using “shop now, pay later” providers. And I’m considering electing one or more of these providers to use on my store.
The most popular vendors in this space are Affirm, Afterpay, Klarna, Sezzle, and QuadPay, and all offer the same basic service: Allowing your customers to split up payments on their purchases.
I’m considering this for my store because it can:
- Attract new customers.
- Bring in more sales because customers can order without having to pay for the entire purchase up-front.
- My customers can spend more money on my products because they can split up the payments.
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