Alternative Payment Methods: Boon or Bane?
Alternative Payment Methods:Methods that are used as an alternative to credit card payments. It is also referred to as CNP (Card Not Present) situations. The card and single mode of payment on your checkout page will not help you, only rob you of your customers by turning them down for the payment.
Let’s take an example
Situation 1 (Without alternative payment methods)
So, John is on your checkout page, he has already selected your product.
He tries to pay by his credit card.
Error: Card Declined. Please contact your bank for more information.
Retries.
Error……
John abandons the order and goes away.
Situation 2: (With alternate payment methods.)
John tries and retries. Failed…
The third time, his eyes spot Pay using PayPal/Amazon option and he decides to go for it.
Before you know, the payment goes through.
Your new customer is equally proportionate to more revenue.
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Why you should really consider Alternate Payment Methods?
Increased Sales:
The customers just need their product they want to check out very quickly and seamlessly, due to the competition you can lose your customer if you do not have a quick gateway or alternate payment method.
Take PayPal for example, the Express Checkout feature and cutting-edge technology have gathered wide popularity for PayPal as well as the merchant. Now, the PayPal has become a widely known alternate method of payment for most of the merchants.
Increased market around the globe:
The Payment services as Amazon pay and PayPal and many more of them are globally recognized.
If any merchant needs to initiate the transaction globally without any hassle they make it happen over the alternate methods.
Trusted:
Nowadays, everybody is not comfortable to enter the card details on the of websites. As different types of payment methods have gained popularity in recent days, they are wildly known and trusted to make payments.
If you have a similar question or more, get an expert at Merchant Stronghold at the toll-free number +1 (727) 330 – 3944. We also provide other merchant processing services and high-risk merchant services.
