Choosing the Right Mix of Payment Methods for Your Online Store

Cart abandonment has increased since 2014, reaching an all time high in 2013. It reaches 70.22% in 2026. There are a number of reasons for the increasing number of abandonments, which include having no customer preferred best payment methods for ecommerce, lack of trust in the payment services of the store, an integrated, complex checkout, etc.

If the cart abandonment continues to increase, it may affect a company’s operations, or this critical problem may cause you to shut down any online store in the end. Online businesses require the right solutions, whether it is a merchant’s own platform (website or mobile application) or a third party solution like reliable payment gateway services.

This blog discusses the top reason why you should be getting started with the right mix of payment methods for your online business.

Let’s dive into it!

Image source: Statista

What Is The Best Type of Payment Method for an Online Store?

It depends on your customer preference, what they are familiar with. Here, a company needs to understand what is going on in the market, what their competitors are offering to the customers, and what fits best for them.

All these considerations may help you make an informed decision and get started with the right and best payment method for ecommerce company.

How to Choose the Right Payment Method?

In order to choose the best payment method for ecommerce or any online store for the purpose of increasing sales. You need to determine and get into your customer’s shoes before you get started.

This consideration will help you a lot, make informed decisions, and improve the success rate of your company’s online payments.

1. Know Your Business Customers’ Preferences

Be clear that you are selling to your customers, so you need the best payment method for ecommerce or your online store or business that they prefer. If you do not meet their requirement, you will lose by having an increasing drop off of your converted customers at the checkout options.

2. Be Updated within Your Niche

You should be updated within your niche and know what your competitors are offering to customers, what payment options are most used, how they engage, and more.

This will help you understand and help you drive a connected experience that lets your customers complete the order immediately. This will help you engage with your customers and offer the option they are looking for.

3. Attract Customers

What could be the best strategy for you to attract your customers?

• Can it be the cashback on high value products or services?

• Offer some vouchers for the latest movie show, dinner out, and shopping on discount on your platform.

• Coupon code.

All these could be some strategies for your company by connecting with the right payment gateway service provider. It means you, as a business, can change the game from your customer’s preferred payment method to yours.

For your company, you can go with the customer preferred payment gateway methods or start with the one that you want your customers to choose.

Significant Reasons: Why You Should Go With a Mix of Payment Methods for Your Online Store

Evolving fintech technology left no choice but to have a mix of payment methods for online stores. Walking over through the payment mix, whether that’s cards vs UPI vs wallets, netbanking, or other.

This may cause your company to face an increasing churn rate, customer cart abandonment, trust issues, etc. Still, there is a way to get rid of the increasing customer churn rate and improve the conversion rate.

Let us find out how a mix of payment methods will help your company!

1. Improve Conversion Rate

The right mix of payment methods will help your organization’s customers pay using their preferred payment option. What payment method your customers are comfortable with, you can not predict that.

Therefore, you should go with a mix of payment methods, so they can complete the purchase instantly. Your business customers may be familiar with Unified Payment Interface (UPI), credit card, debit card, or netbanking.

Note: If there is no customer preferred payment method available on your platform. They are likely to leave without making a purchase.

2. Attract Buyers

You can attract your business customers with payment gateway methods like credit cards. Using the credit card payment method, you may offer discounts over high value transactions. However, such strategies have helped companies a lot to attract customers with the offers and buy immediately.

You may have experienced buying an expensive product or service with a credit card discount. Ex. -> You went to a store to buy a laptop, and the offers on all payment methods are all different. On UPI payments, it was 2% discount, netbanking 2.5%, and on credit cards, it was 7% discount. What payment option will you choose? Absolutely, the credit card, right?

This is how you can attract the buyers, make a quick conversion, and let your customers make a purchase.

3. Alternate Options

What if one payment option does not work at the time of checkout? There is no alternative option that a customer can use to pay. This is the reason you often experience a lower online payment success rate.

The time you would have multiple payment options for your organization, offered to your customers. It will help your customers to make a purchase at your store and not lose the customer at all.

4. Standout in the Market

If you want to stand out in the market and leave your competitors behind. For that, you need strong strategies. Whether it is your company’s mix of payment method options, or to retain your customers, etc.

Explore what else you can offer to your customers that your competitors are not providing. You can fulfill that gap and provide your business customers with options that your customers are seeking.

You can offer discounts, coupons, coin collection on every purchase, and more, over different payment options. This will help your organization a lot and let them get the connected experience they want.

5. Build Loyal Customer Base

You can build a loyal customer base. The online payment service providers or payment processors help merchants like you to offer your customers with attractive cashbacks to your customers. Strategies like cashback will help you build a loyal customer base.

When they are likely to make their next purchase, they will definitely once think of you to buy from you. So, having multiple payment options and offering attractive perks like instant cashback, collecting coins for the next purchase makes them definitely.

6. Improved Checkout Experience

Multiple checkout options will improve your business customers’ experience. It lets your customers choose any of their preferred payment methods and make a purchase. Once a customer finds their preferred option. It increases the chance of letting your customers buy immediately.

However, the best payment methods for ecommerce in India, like UPI, have helped companies a lot. It is easy to use and one of the most used payment options after online payments. It does not require a customer to fill out an entire form, including payment details, as they are prefilled and require users to pay instantly without affecting their experience.

7. Drive Leads

You can generate significant revenue as multiple payment methods available on your business platform will enable your business customers to buy quickly without any second thought. It is one of the top and most effective options you can leverage for your company.

The payment mix will help your company with various options, including:

• Offer payment options with customer preference.

• Enhance your customers’ checkout options experience.

• Drive revenue with a significant success rate.

Discover the different types of payment gateways in India and how to choose the right one.

Why Choose Wonderpay as Your Online Payment Service Provider in India?

Wonderpay is the top online payment gateway service provider in India. It offers merchants a comprehensive service of payment infrastructure, which is Payment Card Industry Data Security Standard (PCI DSS) compliant and regulated by the Reserve Bank of India (RBI).

Additionally, you get a rich payment gateway dashboard, which will improve your experience with online payments. It offers you a comprehensive dashboard that visualizes everything from all payment data to managing everything in a few clicks, like reconciliation of payments, improving your internal team’s productivity, and more.

If we come to the best payment methods for ecommerce stores or any business like yours. You can use all the payment methods, whether it is cards vs UPI vs wallets, netbanking, and more. It means no headache of not supporting a particular payment method. It provides your store with all the online payment options, with all the rich features your organization requires.

Final Thoughts

Hope it is clear to you how important it is to have the best payment methods for ecommerce or any business. If your payment gateway or payment service provider does not meet your business customers’ requirements, such as their preferred payment methods. There are higher chances that your customers will leave you immediately and buy from your competitors when they feel valued, saving their time.

It is a critical issue that you must address as quickly as you can, as it could directly affect your business revenue.

If you are in search of a reliable payment gateway that offers multiple payment options, improves your business customers’ experience, and supports your business’s daily operations. Connect with Wonderpay right now and get the service that aligns with your company and provides you with a rich experience with all your online payments, whether it is to accept or disburse online payments for any purpose at any time, 24/7.