Is there a limit to the number of digital payment methods a business should offer? No. Are there any negatives to a business offering multiple digital payment methods? Well, technically, I’m sure it increases the risk of data breaches, but the risk is minimal. And the research I found was conflicting. Some studies said half of customers want more payment methods, other studies said too many payment options can confuse customers.
In my opinion, I don’t think it matters. And I’m here to talk about the benefits, not the negatives.
Read on to find out more.
Expanding Your Customer Base
Expanding your customer base is one of the main benefits of accepting numerous digital payment methods – it just makes sense
Integrating diverse payment methods like Apple Pay, Google Wallet, and various cryptocurrencies wasn’t just a technical update; it was a strategic move to embrace more customer preferences and lifestyles. It’s something I’ve noticed online casinos doing well. For example, an astropay casino online allows people to deposit money using multiple methods. And it just makes sense for the brand. The more ways you can deposit money, the more consumers you’ll attract.
This inclusivity wasn’t just about keeping up with payment trends. It was about acknowledging and respecting the varied ways people choose to manage their finances – I know I have multiple ways of managing my money and multiple accounts. I even have a Revolut and Monza account that I don’t use, they sit there waiting for money that never comes. I think it also works for people who don’t have many options. For example, by accepting cryptocurrencies, brands can tap into the market of the illusive unbanked
Apparently, 1.4 billion adults worldwide are unbanked. Not all of them are using cryptocurrency, many will prefer the decentralised nature of transactions. I notice that this works well in online casinos. In fact, cryptocurrency casinos are becoming more popular.
Enhancing Customer Convenience
The pursuit of convenience in the online shopping experience is relentless. Every second counts – the ease of transactions can significantly sway customer decisions
By diversifying payment methods, brands undoubtedly enhance consumer convenience. I effectively streamlined the checkout process, reducing potential friction and making spontaneity a part of the shopping experience. Sometimes, if you’re limited to payment options, it slows down the checkout experience. And research shows that 69.82% of shopping carts are abandoned. The quicker I can make my payments, the better
Whether it’s a one-click purchase via a digital wallet or the straightforward simplicity of a mobile payment, these methods resonate with the ‘instant gratification’ expectation of modern consumers. Well, the instant gratification of me, anyway. But if you research it, there’s a lot of science (or I should say psychology) about consumer instant gratification needs.
Building Trust and Security
Trust and security was a tough one for me to write about. Technically, and almost obviously speaking, the more payment methods a brand offers, the more risk, right? Surely, if a brand stores more consumer data through payment methods, there’s a security risk. On the other hand, I don’t think that’s the responsibility of the website. It’s the responsibility of the payment method
Still, the encryption standards of digital wallets to the anonymity offered by cryptocurrencies are good – most of the time, a security breach is unavoidable. More payment methods won’t influence this
And did I forget to mention – that the consumers are as much to blame? Password security and more can be a massive influence on online security. But if you’re anything like me, you won’t update your password and have the same password for everything
Staying Ahead of the Competition
A brand’s decision to embrace numerous digital payment methods is a strategic move that works. They’re aimed at accommodating customer preferences and distinguishing brands in a crowded market. And as a customer, I know I’ll choose the business that lets me pay with multiple options
Buy Now Pay Later is one example – if I’m comparing two products on different websites and it’s the end of the month (I’m crawling to payday), I’ll pick the business with the Buy Now Pay Later option.
I think it demonstrates an awareness of and responsiveness to the evolving digital landscape. And if you’re anything like me, the digital landscape is evolving too quickly to keep up with.
I also think competitors may linger in the comfort zone of conventional payment methods. Some businesses are a beacon for those seeking a more contemporary, flexible, and user-friendly shopping experience.
Payment Systems brands can use to stay ahead of the competition are:
- Boku
- AstroPay
- PayPal
- Google and Apple Wallets
- Klarna
- ClearPay
There are more, the list would be too long.
The benefits of accepting multiple payment methods outweigh the negatives. And if there are negatives, they are loose ones. If consumers are getting confused when a business offers multiple digital payments, that’s their problem, in my opinion. Even with numerous options, surely you’d still only pick the option you want?
