Why Are Multiple Payment Options A Must For Your Business?

Elly Team
March 9, 2022

We humans are a motley bunch sometimes. Each of us has our unique way of seeing and doing things. We generally have different interests and tastes. But one thing we all have in common is a craving for convenience. And this is not about just being lazy. It's much more about being unwilling or unable to deal with complicated or unpleasant tasks.  

In this respect, the internet has both helped and hindered us. Everything is just so much easier nowadays. While on the one hand, we can accomplish things so much more efficiently, we have also become a little spoiled, and we've developed high expectations. And then we must consider the added effect of a pandemic that prompted social distancing measures and restrictions on our mobility. 

The result has been a significant shift in consumer behavior, whether by choice or by circumstance. This shift is great for the customer but maybe not so much for a business. Offering online shopping, home delivery and multiple payment options no longer differentiate a business. They are now critical to survival.    

What are multiple payment options?

Advances in technology have enabled service providers to customize their offerings so that they can cater to all consumer preferences. The last decade or so has brought us digital currencies. There are now more than 2,000 digital currencies in the world. This is compared to less than 200 mainstream traditional currencies. This certainly puts the need for offering multiple payment options into some perspective.  

Another fun fact: there are more than 25,000 banks in the world. Many of them offer their own branded payment systems. Granted, a lot of these banks work through the recognized card payment networks like Visa, MasterCard and American Express. But nevertheless, there are still quite a mind-boggling number of permutations out there.     

What are the most used payment options in 2022?

With so many banks, card payment networks and currencies, consumers have come to expect multiple payment options. There is no room for complacency in this space as technology continues to advance. Let’s take a brief look at which payment systems are currently dominating this market. 

  • Thanks to the Covid-19 pandemic, contactless payment has become one of the first choices for many consumers. Near field communication provides much improved processing times.  In parallel, blockchain technology and dynamic encryption make transactions very secure. All-in-all, this has allayed the fears that many customers may have had regarding online shopping.
  • Peer to peer (P2P) payments are ever popular. From a global market turnover of just under $2 billion in 2020, this market is set to grow to more than $9 billion by 2030. PayPal is one of the first and best-known players in this space. Several other major platforms have been created over the last decade. Some other notable names include Google Pay, Apple Pay and Venmo. P2P allows people to send and receive money using only an email address, telephone number or QR code. It doesn’t get much easier and most P2P platforms are free. 
  • QR codes are increasingly gaining traction. Modern mobile technology has allowed us to carry a super-computer in our pockets. Digital banking and near field communication technology also mean that we can securely and conveniently process financial transactions through a phone. This is a growth area to watch.
  • Although the popularity is decreasing, credit and debit cards are still very common among the multiple payment options. This is not an area to be ignored for the foreseeable future, especially if crypto becomes accepted as mainstream currency.           

More options, more clients?

This sounds so logical that it seems unlikely. But the logic does work. As we have mentioned, with so many options available to customers we need to cater for many more preferences. Cart abandonment is one of the most important metrics in online sales. An estimated 70% of online sales never progress to completion.

One in ten of these carts are abandoned because the user’s preferred payment method is not catered for. It’s basic arithmetic. If you can accept multiple payment options at the checkout, you’re likely to retain a few of those incomplete transactions. In the competitive world we live in, a lost sale may end up being many lost sales. 

Customers don’t often come back after a negative experience. As many as a third of consumers would switch brands due to a bad experience. Customers are also much more likely to speak about negative experiences than positive ones, so there is a knock-on effect. It’s just so much simpler to just offer a range of options.  

How can you upgrade to multiple payments?

Offering multiple payment options is a lot easier than people would think. Technology makes it very easy to integrate different software and hardware solutions. The payment processing industry has also evolved quite significantly. Many payment platforms are now independent. In other words, they’re not linked to any institution. 

Nowadays, if you’re unable to accept payments from a particular financial service provider or even from a particular country, you expose yourself to lost sales. Diversifying your payment options may carry some cost, though. It’s worth spending a little time to investigate the most popular payment methods and fee structures. 

Whichever way you look at it, is the cost of lost sales worth more or less than the cost of retaining them? Customers have become accustomed to having choices and that will not change much in years to come. To hold on to the customers you have and to have any chance of gaining new customers, you need to find a partner that can provide you with a simple and flexible payment platform.     

Elly is the best multiple payment option on the market

To keep pace with changes in the payment industry, you need a dynamic partner. With Elly, you will always be at the forefront of digital payment technology. Elly offers multiple payment options, a range of digital and fiat currencies and advanced blockchain security protocols.  

All of this comes on one single handheld terminal. And, you also get the Elly Merchant Dashboard. This integrated application gathers all your point of sale statistics and provides intuitive analysis and reports that allow you to adapt to changing customer needs.

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