Following the COVID-19 epidemic, online e-commerce stores and other types of enterprises rapidly expanded, which improved all company operations, including payment processing. When you sell your things online, there are many ways to get paid. However, some are more profitable and draw in more customers.
Selling through Social Networks
Using social media platforms like Facebook or Instagram to market your goods and draw in customers was the most common method of selling online in previous years. However, this method is waning in popularity as more and more merchants are switching to other forms of payment, including direct bank transfers, PayPal, and other payment processing websites. Customers are frequently left without receipts and are easily tricked, thus online firms started to enhance their online storefronts and build e-commerce websites as consumers began to demand additional protection against scams.
Most businesses utilize several payment processors to collect payments after launching online stores. You can get money through transfers thanks to payment processors. Credit cards, debit cards, and other forms of electronic payments are all available to consumers. It provides you with superior services and the protection your customers wanted. Additionally, the more types of electronic payments your payment processor can accept, the more card types your customers will be able to use on your website.
Using Mobile Payments
Because mobile payments offer one of the safest and quickest methods of payment, and because the top applications, such as Apple Pay, Google Pay, or Samsung Pay, have improved over the past few years and more and more customers are now using them for all types of payments, adding those services to your online store can also be very beneficial to you. Another advantage of mobile payments is their speed. Because the card information has already been kept on the application, users can send money instantly.
The Consumers Demand More
Although payment processors and applications were able to provide a quick and safe experience, customers still want more from online retailers. The reason is that during the pandemic, individuals began purchasing from homes more frequently, and since there are frequently no funds accessible at the point of sale, the customer needs some type of consumer financing there. Therefore, we may conclude that using only the best payment alternatives will not guarantee business success. BNPL (Buy Now Pay Later) lending and point of sale finance are two of the most preferred consumer financing options by consumers.
Adopting Consumer Financing on your Store
Nowadays, a variety of Fintech businesses have appeared on the market since BNPL lending and consumer financing, in general, have seen a sharp increase in popularity. They provide their services to merchants, and as the credit and service kinds and requirements vary, the retailer should take several accounts before deciding to implement the finest financing platform available.
When retailers decide to launch an online store, they typically select one of the most well-known and established eCommerce systems, such as Shopify, Woocommerce, Bigcommerce, Magento, Hybris, and so forth. Even though Shopify has its system, those platforms can also implement a few consumer financing platforms. However, ChargeAfter’s global lending platform is an alternative because it offers a free app on all of those platforms, allowing you to adopt and provide consumer financing options to your clients for absolutely no cost.
Although there are other BNPL lending platforms, such as Affirm, Klarna, and AfterPay, and the majority of them offer good services as they alongside with ChargeAfter, it is clear that ChargeAfter can offer the best services because it gives customers a pre-arranged payment plan and does not charge them extra if there are no late payments, so the merchants can benefit a lot by implementing its services. Customers now prefer consumer financing through ChargeAfters’ financing platform over banking services since, for example, credit cards have costs associated with each payment and might lower your credit score. Additionally, ChargeAfter’s Waterfall financing method offers virtually guaranteed application approval.
To sum up, we can say that every modern payment method is essential for operating an online business. You should offer the fastest and safest services to draw customers, but without consumer financing options—which are fiercely desired by customers—your business will not be able to compete with other market leaders.
ChargeAfter is a leading multi-lender platform for Buy Now Pay Later (BNPL) Consumer Financing. It connects businesses with the most reliable lenders, enabling them to offer customers the greatest financing solutions. With the best system of Waterfall Financing, ChargeAfter guarantees BNPL lending to every shopper, by matching the most relevant lender to every client. Using the unique consumer financing technology, ChargeAfter provides all parties, merchants, lenders, and consumers, with the best shopping experience. Phoenix, MUFG, VISA, Bradesco, BBVA, Synchrony, PICO Partners, CITI, Propel Venture Partners, Plug and Play, and other companies worldwide are among the investors of ChargeAfter.