Consumers are making more online payments than ever before in 2020 and mobile payments are the one on the rise particularly. A PwC study highlights that the number of consumers making online payments doubled from 2010 to 2017, with a rise from 7% to 17%.
When it comes to accepting payments online it is important for the online retail stores to add multiple payment methods to make it convenient for the customers. Having more options reduces the time it takes to get paid. Many merchants find that they save time by adding multiple options for the customers to make payments. Additionally, customers also find it convenient to have multiple payment options available - making online payment platforms that offer multiple payment options attractive to the merchants.
The world is becoming a global village as more and more people interact and shop online, and if you are an online business it’s far more likely that customers from across the globe are visiting your site with the intention to buy.
As an online vendor of services and goods, it’s in your interest to maximise international sales and to do this you need to provide a shopper-friendly experience to the customers. Customers are more likely to complete a purchase if they are presented with easy and universal methods to pay. So in order to close more sales, it’s important to integrate a payment solution that can offer a universal package.
While selecting a payment solution, it is necessary that you confirm that it can support your business should it go global. A solid payment platform will offer multi-currency or universal payment support providing benefits to merchants and the end-customers.
25% of European and 30% of US online consumers purchase goods cross-border, according to research. Presumably, when it comes to software, the percentage is even higher than the overall eCommerce average cited by Forrester. As interest in cross-border shopping grows, supporting universal payments will be critical in facilitating global sales.
Having mentioned universal payment methods, digital currencies including cryptocurrencies are becoming popular as the universal currency without limitations of borders. Since the arrival of Bitcoin in 2009, cryptocurrencies have proliferated. Currently, there are over 700 cryptocurrencies actively traded online, with a total market cap of $268,213,265,293.
Many of these are minor currencies with a small circulation but the top 20 or so cryptocurrencies are a different matter. They aim to create fast, secure and inexpensive global payment solutions, challenging and disrupting traditional payment methods.
Advantages of Using Digital Currencies
Digital currencies require lower fees
If you compare cryptocurrencies to some of the most widely used payment gateways like PayPal, you will notice that the transfer fees are significantly lower. These differences are huge even for the smaller transactions and become more and more substantial as the value of the transaction goes. For example, Expo Pay, allows merchants to easily accept payments in different digital currencies (Bitcoin, Ethereum, BitCoin cash) with the smallest fee of 0.5%.
In other words, it is a better idea to switch to digital payments as soon as possible. The longer you wait, more of your assets will drain by these transaction fees. Needless to say, the money you save could be used much better and in this way facilitate the growth of your company.
While making payments online, the most important concern for the consumers is the safety of their information and similarly, for the merchants, the fraud and chargeback claims can create a lot of problems. Such a thing is impossible to imagine with a standard payment method such as credit card payments. For this reason alone, a lot of people are drawing a parallel between paying with cryptocurrencies and paying with cash. In fact, some even speculate that cryptocurrencies might replace cash altogether in the future. Payment platforms like Expo Pay, take security very seriously which is why all transactions are AES 256 encrypted.
At the end of the day, it is very clear that accepting payments in digital currencies offer numerous benefits to both the merchants and the end-customer.