Unlocking the Power of Alternative Payment Methods: A Guide to Boosting Online Retail Sales

Alternative payment methods have taken the online retail sector by storm over the last few years and the trend certainly looks set to continue. Read on to learn more about the top alternative payment methods available and why they’re so popular with customers.  

Let’s start at the beginning. The rise of alternative payment methods goes hand in hand with the emergence of online payments – for shopping, services, gaming etc. When we paid face-to-face we reached for cash or a card; when we moved online, cards or direct debits were the main payment options; but then alternative payment methods started to appear. And it wasn’t just in the UK – the same trend was gaining traction in other countries too. The rise of smartphones was also a major contributory factor which further boosted ecommerce and, at the same time, added to the increasing popularity of alternative payment methods examples.  

Today, consumers are offered a large list of alternative payment methods  – basically anything that enables payment without the direct use of cash or a card. From Paypal, Apple Pay and Google Pay to Klarna, GoCardless and Alipay: the options are endless. Consider also the various types of alternative online payment methods now available such as digital wallets, prepaid cards, and buy now pay later. No matter where individual consumers are located around the world, they are all enjoying increasing levels of choice when it comes to paying for the goods and services they need or want.  

All of this makes a big difference if your online business is still primarily focused on credit or debit card payments. You could be missing a trick when it comes to ecommerce payment methods.  

What are the advantages of alternative payment methods for shoppers? 

1. Reassurance: Consumers understandably want to feel complete confidence when they’re making payments, especially if purchasing from a site or provider they haven’t used before. Offering an alternative payment method that they’re already familiar with and trust is reassuring, and it adds an additional layer of security for both buyer and seller too.   
2. Convenience: It’s certainly much easier and quicker to pay using a preferred alternative payment method than it is to set up a new account and then manually enter card details for processing. We all love convenience and seamless service and introducing a familiar and favoured alternative payment method could be just what your business needs to get new customers over the line with their purchase.   
3. Loyalty: Consumers like the familiarity of brands which they have chosen and enjoyed positive experiences with. By introducing one or more of the most popular alternative payment brands, your business benefits twofold. Firstly, from the positive brand association that comes with a widely recognised and liked payment option; and secondly, by building your brand positivity and loyalty by delivering a seamless customer payment experience.  

What are the benefits of offering alternative payment methods for your online store? 

1. Appeal to new customers It’s vital for growing businesses to ensure they’re maximising opportunities for growth by offering choice. There’s no reason to limit the number of alternative online payment options offered – and every reason to include a range. It’s also useful to look into the spending preferences for your key target markets. You can boost conversion rates by up to 70% if your website is properly localised, such as including support for locally preferred payment methods. 
2. Access new markets If you are vying for customers outside of the UK, then introducing alternative payment methods is an excellent way to build market share and unlock the potential of international markets. Bear in mind that different geographies will have particular preferences so it’s worth doing some research to find out which alternative online payment options are most likely to be recognised and well received in each locality.   
3. Professional look and feel 

It’s important that your business keeps up with changing market trends by offering the products and services that customers want. That also applies to how you transact. Today’s consumers expect online providers to meet their expectations regarding payment processing too – and introducing alternative payment methods is a good way of demonstrating your commitment to good customer service. It also will help to stop abandoned shopping carts when consumers get cold feet because their preferred payment method isn’t available.  

Interested in finding out more?  

If you’re interested in exploring opportunities for growing your customer base by introducing secure, convenient alternative payment methods, please do get in touch.  

With Access PaySuite, a single implementation gives you access to a wide and growing list of alternative payment options to offer your customers. Let us talk you through the options and enable you to move forward with providing greater payment choices for your customers.