Often, the payment methods available on an online store play a crucial role in a user's decision to make a purchase; therefore, the more options offered, the greater the chances of increased sales. Want to know which ones are essential for your e-commerce site? Check out the list we've prepared.
The usual methods
1. Debit and credit cards
We absolutely had to start with these two payment methods, which could easily be considered essential for all online stores. Simply implementing them will be a sure way to attract customers, as they are a very practical and quick payment method; in a matter of minutes, their order is secured with the charge to their chosen card.
Furthermore, thanks to “tokenization” (a process by which sensitive data is replaced by mere references to it), users can feel safe from fraud or information theft, although in Mexico, unfortunately, it remains a problem.
It's worth noting that if you ever plan to have your business accept transactions from other parts of the world, keep in mind any potential fees and add them to the final cost of the order.
2. PayPal
One of the most popular and reliable platforms for those seeking a convenient and secure payment method. According to Statista , 6.2 billion transactions were processed through PayPal during the third quarter of 2023.
It's easy and convenient to use, as it allows you to link multiple cards and accounts regardless of the bank. The downside? The fees can be a bit high, and at least in Mexico, not everyone has a PayPal account. So why is it in second place?
PayPal may not be the most widely used payment method in Mexican e-commerce, but its availability inspires user confidence by providing a name recognized by at least the majority. Furthermore, the platform offers a degree of protection for both the buyer and the business.
3. Cash deposits
Its operation is simple: e-commerce provides a reference for the buyer to visit an establishment and pay the total amount of the order.
The method is perfect for customers who prefer to be more careful with their data or who are making their first online purchases.
Although it's not exactly a fast method due to the involvement of an intermediary, it's a favorite option for many people, so it shouldn't be overlooked. Furthermore, it's a very simple anti-fraud method, as it's much harder to detect.
4. Interbank transfers
It's somewhat similar to cash deposits, as the user is given a reference to make the payment; however, it doesn't necessarily have to be at an establishment, they can also choose to use the app of their preferred bank.
It's important to remember what was mentioned earlier: the involvement of a third party (a business or bank) can delay payment. However, just like cash deposits, it can be a very effective and simple fraud prevention method.
At Shopify, we call these last two methods "Manual Payments," because in order for the order to continue with its fulfillment process, you must manually check that the payment has arrived in your account, and categorize it as "Paid" in the Orders section of the Shopify Admin once it has.
The newest methods
5. Digital Wallets
Digital wallets, or e-wallets , have gained popularity in recent years because they offer customers a simpler and more secure way to pay through an app installed on their phones. Currently, thousands of online stores have already incorporated them as a payment method, especially in the United States with Google Pay, Apple Pay, and Amazon Payments, which users can even access via Alexa using voice commands.
The bad news is that in Mexico this payment method is still very new, and the options for Shopify are quite limited. However, it's definitely a payment method you should keep on your radar, as it's expected to become a huge hit soon, and being among the first to implement it will be a major advantage for your brand.
How would you like to be sitting in the comfort of your living room and ask your Alexa to take care of completing the purchase of a product that you left pending hours before?
Conclusion
What do you think of the payment methods we've shown you? Ultimately, it's your decision to increase the options you offer today; however, it's worth considering your customers' experience when buying your products and how you can improve it, while also taking into account your business needs. Always remember to put yourself in your customers' shoes to give them the experience they're looking for!
