5 Mistakes to Avoid When Selecting Online Payment Providers for Your E-commerce Site
5 Mistakes to Avoid When Selecting Online Payment Providers for Your E-commerce Site
In the modern world, e-commerce has become a way of life. As a result of it, the global e-commerce market is expected to reach 3,573,386.4 million USD by 2023, according to ECommerceDB. The same source suggests that the market is expected to grow at an astonishing 11.2% CAGR in the upcoming four years. In a world where online purchasing has become integrated into people’s lifestyles, it is for sure would be a safer option to enter the business arena with. Therefore, if you have similar thoughts and are looking to start your e-commerce venture, you will need online payment providers to facilitate your business with online payment processing services. Because every online business requires a payment processor to make online transactions, and in a business that is based over the internet, it is inevitable to consider an online payment provider.
But selecting a payment provider is not an easy task. As a merchant in search of a payment service provider, you have to consider a lot of factors according to your business requirements. However, there are some universal errors that the majority of newcomers in the e-commerce sector make while selecting online payment providers. In this writeup, we will highlight those mistakes that you have to avoid when selecting a payment provider online.
Mistake No.1: Overlooking the checkout procedure
The very first and most common mistake that every merchant makes while choosing online payment providers for their e-commerce website is overlooking the checkout procedure. It may not sound as harmful as it could be to your business if not taken seriously. According to Forbes Advisor, extra costs are the most common reason why the majority of buyers abandon their online cart. However, the same report says that 17% of the buyers abandon their carts due to a complicated checkout process.
Mistake No.2: Not considering multi-currency support
Always keep in mind multi-currency support. If you are in search of a payment provider online for e-commerce payment processing, because if customers do not find the desired product in their local market, they turn their attention to the international market. In this case, online payment providers with multi-currency support prove to be the best payment service providers, as they provide customers with the option to pay in their preferred currency. According to a research report, 57% of online shoppers report shopping from international e-commerce sites.
Mistake No.3: Not preferring mobile compatibility
Never underestimate mobile compatibility while searching for a payment provider online for your e-commerce venture. Because mobile is the biggest source of making online purchases, according to Statista, mobile commerce makes up 60% of all e-commerce sales around the world. Now, you can easily understand the consequences of choosing online payment providers that are not compatible with mobile interfaces.
Mistake No.4: Casual response towards online security
In 2022, the global e-commerce market lost 41 billion USD due to online fraud, and the number predicted for this year will be 48 billion USD. According to a Juniper research report, losses from online payment fraud will exceed 362 billion USD across the globe in the upcoming 5 years. Therefore, you cannot afford a casual response towards online payment-related data security while selecting online payment providers for e-commerce payment processing.
Mistake No.5: Ignoring payment trends in the operating market
Being an e-commerce merchant, you have to consider the payment options your buyers usually prefer to pay. Always choose an online payment provider that supports the payment options available in your target markets. But also consider a payment provider online that provides payment options according to global market trends to accommodate both domestic and overseas buyers.
Last few words
These are the most common mistakes that you have to avoid while choosing online payment providers for your e-commerce setup. However, apart from these ones, there is another severe mistake that you have to avoid: not choosing PayCly for e-commerce payment processing. By choosing PayCly you can automatically avoid the above-mentioned mistakes in selecting online payment providers. Because PayCly provides your e-commerce setup with a seamless checkout procedure, support for more than 100 currencies, a mobile-friendly interface, a robust fraud prevention mechanism, and all of the trending payment options in the e-commerce market with more than 100 alternative payment methods. And all with one of the lowest processing fees. PayCly is your single solution for every e-commerce problem. So, what are you waiting for? Make an informed decision and avoid mistakes that can impact your business.
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