The role of e-commerce revolves around achieving good financial returns, which means success working within the online store, so it is important to provide all possible payment options so that customers do not face any issues during the payment process and are highly encouraged. Sales within an online store, and an online store contains payment methods available to all segments of society, it enjoys a strong customer traffic, so one of the best ways to improve customer service is to offer payment methods, knowing the main and preferred payments of customers of an online store The method is important and there are various payment methods, so I will provide you with the types of payment methods and their benefits for online stores.
The main and most popular payment methods in e-commerce
1. Payment method upon delivery
In it, the process of collecting the amount due for the service or product shipped to the customer is postponed until the process of receiving the product or service from the representative of the shipping company is completed. All kinds of e-shops offer cash on receipt service, especially in Arab countries, because when a customer receives the product or service he requested from the online shop and then pays, he feels more at ease and therefore more confident and to a higher degree Security because he does not share credit card information with other sites, he will not be subject to fraud and theft.
2. Bank electronic payment method
It is a different form of basic payment operation in which a financial amount is transferred from the customer’s account to the payee’s account of the owner of the product or service provided, and this method is done through bank accounts and its types include Civil transfers, checks, direct cash withdrawal instructions and card payments.
– Civil transfers are an easy method when two customers have a paying account and the bank needs to transfer the amount from one account to the other, as opposed to their case where the payer withdraws the cash amount and deposits it to the payee Accounts that do not require physical movement of funds, they include the basic civil transfer process of moving an amount from a payer’s account to a payee’s account, including settlement of transfers between two banks.
Direct withdrawal depends on the authorization of the payer to the payee. The payee has the right to deduct money from the payer’s account. The payee will send the direct withdrawal procedure to his bank, and the bank will transfer it to the payer’s bank to deduct the amount , generally the payee needs to notify the payer in advance, and can send a separate notification, or directly debit the invoice.
Authorization is an important part of the direct withdrawal process and banks may require the recipient to obtain an original authorization if they are concerned about fraud. The developed version of the debtor authorization process is to use an electronic authorization with an electronic signature, attached to each direct withdrawal procedure, or sent through an electronic authorization independent of the payer’s bank, which is one of the most secure methods for the payer’s bank, to ensure that the payer has provided the necessary authorization to the payee.
– Card payments, which are permanent checks and are used for electronic transactions. The feature of the card is to protect the identity of the customer. Vending machines have also developed self-service transaction programs. However, they are still vulnerable to fraud, so customers have to decline the way of payment by card, and because of fraud, the types of premium card services, namely: credit cards and civilian cards.
Credit card credit card bank accounts are directly credited, and merchant bank accounts are directly debited. As for civilian cards, they are generally issued by private credit card companies and provided to rights defenders.
3. Telephone electronic payment method
Compared with previous payment methods, payment through mobile devices is a newer payment method, which refers to the payment service of transferring funds between buyers and sellers through mobile phones, and consumers can use mobile phones to make multiple payment methods . Services, Digital Goods, Fixed Goods. There are electronic wallets on mobile phones, customers can enter the amount, can buy any product and pay through the mobile wallet, although there is a long history of using non-bank system cash currency systems, the technology to support these systems is not yet available on a large scale, except in the twenties In the 1900s, digital currency platforms and wallets appeared for entering amounts, and the owner could transfer money to any party he wanted to pay for services or purchases electronically.
The importance of multiple payment methods and the benefits of an online store
1. Larger target audience
Provide multiple payment methods to attract more customers to the online store and increase customer confidence in the online store as it provides the safest method for customers as each customer has a preferred and safe method that suits him , and customers also prefer the comfortable payment method.
2. Speed of closing transactions
The old check-based manual payment method had problems with insufficient funds and long verification times, so we found that the electronic payment method guaranteed the immediacy of all transactions and the verification speed was fast.
3. Save time and effort
Digital payment methods are efficient because they save more time than going back and forth at the bank, and they also record electronic payment transactions instantly, and you don’t need to keep old account histories to track payments.
4. Avoid fraud and theft
Electronic payments are more secure and reliable, you can block transactions from suspicious countries or addresses, fraud and theft can be easily reduced with the help of special programs that distinguish between humans and fraudsters using bots, there are programs that provide tests that rely on recognizing a set of lowercase letters and numbers, and the ability to receive funds through an electronic payment gateway before completing the purchase process, reducing the hassle of counterfeiting or bounced checks or damaging banknotes. Adding a variety of electronic payment methods to your online store allows you to protect your business and keep customers happy. Loyalty, and increase your website’s credibility in e-commerce.
5. Increase buying opportunities
The variety of payment methods enhances product marketing within the online store, thereby increasing sales.
Using various payment gateways in eCommerce is the most important way to keep you in the market, enable you to compete strongly, give your customers more confidence in you and find comfort and security in the payment process.