Payment methods: How to choose for your Magento eCommerce site

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Your payment gateway processes and transfers money from your customer’s account to your account. It’s a crucial part of any Magento stores. As an open-source eCommerce platform, Magento fully supports resourceful payment methods. You can offer your customers different types of payment flexibly: either payment through the bank, the cash collecting agencies, PayPal, Amazon or Google, nation-wide or overseas. Some specific types of payment to list out:

Cash on Delivery (COD)

The most straightforward way of paying: you collect cash right upon the receipt of the products. To implement COD, you may have to ship on your own, build a network of transportation and/or have a third-party service to delivery and collect cash for you.

Bank Transfer Payment

Bank transfer payment method is safe for both your customers and your eCommerce Magento site. However, it is kinda costly as the bank transfer cost is quite high. Also, sometimes it may take 3-5 working days for funds to reach your account, which is quite time-consuming.

Paypal

PayPal can be considered as the most popular payment processor nowadays for any eCommerce site. The fees for PayPal is fairly lower than most of the banks’ transferring costs and Customers can make payment through PayPal with their own credit/debit card OR with their PayPal account immediately and directly to your account.

3D Secure Validation

Besides payment methods, payment security is something that you should also consider to use. Here we are talking about one of the security service: 3D Secure Validation. 3D Secure Validation is a security gateway to add one more level of safety for the transactions with credit cards. 

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Payment methods for Magento eCommerce site – Arangi theme 

When it comes to managing online stores, there are many things to consider: from determining your target audience to setting up your products and starting to sell. Most importantly, you have to establish a trustworthy relationship with your customers. And the only way to do that is by ensuring safe payment methods. So how to choose some great payment method for your eCommerce website? This article can help you decide which one is most suitable for your needs, by providing you with notes on how to make the selection.

1. Consider how many payment methods you choose for your business

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The number of payment methods that a business can choose and make profit

The most popular payment methods worldwide in recent years are credit cards, e-payment services (PayPal and others), debit cards, and direct bank transfers. In Vietnam, it’s mostly open account, letter of credit, cash in advance, documentary collections, at least as far as the interface is concerned. However, if you plan on expanding your international presence, your store might need to accommodate more payment methods in order to increase the conversion rates and boost sales universally. In short, the scale of your business and the popularity of payment methods can affect your number of payment methods you choose. Choosing wisely will definitely have a positive impact on your business.

2. Relate to Magento store edition of your eCommerce website

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Magento store edition optimized by Supro – a Magento 2 Theme

The edition/type of your Magento store is one of the things that affect your payment methods choice. Magento Commerce and Magento Open Source offer different functionality and features. The Commerce platform is a premium product that requires more investment at the start, but with much more features than the Open Source platform. However, by having less features helps the Open Source platform become a costless type for you to choose. You need to consider the purpose of your eCommerce website in order to choose an appropriate Magento store edition, because this will affect your payment methods a lot in the future.

3. Consider having a secured transaction interface

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Payment methods have secured transaction interface for the customer

The problem of cyber-criminal in this decade is becoming one of the major issues for online users. Customers now want to feel safer so you need to be careful about the payment form and the included security steps. In other words, as a smart and quick-witted store owner, you need to protect your Magento eCommerce store from frauds (both criminal fraud and illegal chargebacks) during the checkout process. According to some professional surveys, 37% say they have abandoned an online purchase because they did not feel their payment would be secure. This is where you need some safe and easy secure payment methods that will protect your customers from fraud as well as your business from losing money. The payment methods should be immune against all payment frauds.  

4. Check the processing payment fees

 

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Processing payment fees for your chosen payment methods

Check the processing payment fees that your chosen payment methods can cost as a form of payment is a key step for your Magento website to grow. After all, you likely pay for most of your own expenses with your payment fees, and you should let your customers do the same. But learning how to accept the processing payments at your point of sale or online can get complicated, and you’ll need to understand the various business processing fees involved in this process. That being said, choosing the right payment methods can make a huge difference in mitigating your own processing fees. The result is more affordable, clearer transaction fees across the board—a win for any business that uses the right payment methods for your Magento eCommerce site.

5. Watch and learn your customer experience

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Customer experience that affect your payment methods

Your customer experience may have a huge impact on your chosen payment methods. That’s when you must configure those for bettering the service. If anything goes wrong with your payment methods, double-check is necessary. Update and set up new payment methods can vary the customer’s choice, which will skyrocket the experience. After all is said and done, a great payment gateway gives your customers a streamlined and enjoyable experience. It offers an easy check-out and the interface feels and looks safe. You may enable auto-fill and saved payment info for your customers’ convenience. The benefits of quick and easy payments in the end that your customer experience will also boost your site to the fullest.

That may sum up some notes to choose payment methods that are suitable for your Magento eCommerce website. All you should do is consider the factors introduced above and draw some chosen methods in your mind before selecting and implementing the right payment solution for you. By doing it sensibly, you can improve your customer’s experience, boost your brand’s affinity and increase revenue. We – MageSolution offer tons of themes and extensions that have the most suitable and easy-to-use payment methods for your eCommerce store. For more information, you should check it out at: MageSolution

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