Various Payment Methods In E-Commerce: Which One To Choose?

E-commerce is getting and selling materials and services or transmitting funds or data over an electronic network, typically the internet. These business transactions happen either as business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. The terms e-commerce and eCommerce are also sometimes used in place of electronic commerce and online commerce.

The various payment methods available today offer customers various options for making purchases. The options are endless, from cash to credit cards to digital wallets. 

Understanding the differences between payment methods, including the advantages and disadvantages of each, can help customers decide which one best fits their needs.

Advantages of Various Payment Methods

Businesses that do most of their business online need to be able to accept all of these different payment methods. Having enough payment options is one reason online shoppers abandon shopping carts without making a purchase.

Any e-commerce business that offers fewer ways to pay as possible risks not getting as many customers as possible. Even though that may be the most important reason to offer more than one way to pay, every e-commerce business should think about it for several other good reasons as well.

Online banking

Online banking payments offer numerous advantages. They are convenient and secure and allow customers to access their money 24/7. With online banking, customers can easily access their accounts and make payments with a few clicks of the mouse. Accepting payments online decreases the time spent in line at banks and helps customers manage their finances more efficiently. Additionally, online banking payments are more secure than traditional methods, as customers’ information is encrypted and monitored for fraudulent activity. Lastly, customers can manage their accounts from anywhere with an internet connection, making it possible to manage finances from any location.

Debit cards

Debit card payments offer several advantages over other payment methods. Debit cards provide convenience, security, and flexibility for consumers, as well as cost savings for businesses. With debit cards, customers can make payments quickly and securely without worrying about carrying cash or writing checks. 

Additionally, businesses can save costs associated with processing credit card payments, as debit card payments are processed faster and require less paperwork.

Credit cards

Credit cards have become increasingly popular due to their convenience and safety. Credit card payments offer a variety of advantages that make them an ideal option for many consumers. This part will discuss the advantages related to credit card payments.

First, credit cards are a safe and secure form of payment. All major credit cards are equipped with chip technology that makes it nearly impossible for someone to access your personal information or make unauthorized purchases. 

Credit card payments are convenient. You don’t have to worry about carrying cash or writing checks when you use a credit card. You can make purchases worldwide without worrying about currency conversion rates. 

However, credit cards change our spending because credit card payments can help you build and maintain a good credit history. 

When you make payments on time and in full, your credit score will increase, which can help you qualify for better interest rates on future loans or credit cards. 

Mobile payments 

Mobile payments offer many advantages to users, such as convenience, speed, and security. Mobile payments allow users to complete transactions quickly and securely without entering their financial information. 

Moreover, mobile payments can save users time and money by eliminating the need to carry cash, reducing the paperwork needed to complete transactions, and providing discounts. Mobile payments are quickly becoming the preferred payment option for many, as they offer a safe and easy way to complete transactions.

Disadvantages of Various Payment Methods

There are some things that could be improved with the different ways to pay in e-commerce. Credit and debit cards are widely used but can be used to commit fraud, so secure payment gateways are needed. Also, some customers might feel uncomfortable giving out their financial information online, making it hard for them to use certain payment methods.

Online banking

Online banking payments are convenient and efficient, but they also have disadvantages. These include security risks, the potential for fraud, the potential for errors, and the potential for insufficient funds. 

Additionally, customer service is only sometimes available when dealing with online banking payments, and it can be challenging to dispute charges or get refunds.

Debit Cards

Debit card payments are a convenient way to make purchases without carrying cash, but they also come with disadvantages. Debit cards can be easy to lose; if a card is stolen, it can leave the consumer vulnerable to fraud and identity theft. 

Additionally, debit cards offer different consumer protections than credit cards, exposing customers to high fees from banks and merchants.

Credit Cards

Credit card payments often come with various disadvantages. These include high-interest rates, cash advances and balance transfer fees, and identity theft risk. Additionally, credit cards can encourage overspending and lead to a cycle of debt. It’s essential to consider the potential drawbacks of credit cards before signing up for one.

Mobile payments

Mobile Payments are a great way to make convenient, quick payments, but they also come with some drawbacks. Mobile payments involve storing sensitive data on your device, which is at risk of being stolen, and most mobile payment services require users to sign up for an account. 

Additionally, mobile payments are subject to fees and, depending on the service, may not be accepted by all merchants or be available in all countries. Furthermore, using a mobile payment service is not always secure, as there is potential for fraud and identity theft.

Summarization

Overall, there are several payment methods available for e-commerce, and the right one to choose will depend on the individual business’s needs. As well as it is vital to be concerned about how to develop a solid e-commerce marketing strategy too.

Factors to consider include the service’s cost, the security and reliability of the payment provider, and the convenience for the customer. However, whatever method you use, always ensure you keep your payment info safe during online shopping. Ultimately, the best payment method for e-commerce is the one that best meets the specific needs of the business and its customers.

Clickable Impact Helps Companies Grow Through E-commerce

In today’s fast-paced and hyper-connected digital age, many businesses who capitalize on the power of e-commerce and online marketing have reaped great rewards. But for other companies who struggle to break into the digital atmosphere, guidance is of great value. One marketing agency, Clickable Impact, has been ready and steady in delivering that service to thousands of businesses who want to scale their virtual efforts. 

The Orlando, Florida-headquartered e-commerce growth agency exists for the mission of helping entrepreneurs and companies scale their businesses to unimaginable heights with proven systems and frameworks that have delivered results for their clients at a remarkable success rate. Clickable Impact focuses on helping busy CEOs, business owners, and marketing teams scale their digital marketing efforts and increase business results through online strategies that work. 

While most agencies nowadays focus on growing vanity metrics, Clickable Impact chooses to emphasize numbers that matter. “Growing an e-commerce business is more than just a matter of running ads and generating a few sales each day,” shares the company’s CEO, Caroline Castille. “It takes vision and strategy to build a business to the next level whether that’s the next $10M or $100M.” Clickable Impact has worked with companies in various industries, including businesses selling golf performance products, dancewear products, women’s apparel, high-performance socks, digital products, cleaning products, real estate, and many other products and services.

Caroline is a product of the University of Central Florida and holds double degrees in business finance and Spanish language and literature. She worked as the Operations Manager for Fan Fund and director of investor relations for Florida Angel Nexus, later acquired by Florida Funders. Caroline was instrumental in distributing over $20 million in venture seed capital to 69 Florida-based companies. 

In 2017, she took a leap of faith and started Clickable Impact to support businesses by helping them monetize their online following and create lifelong relationships with their customers. Within two years, the company grew from two to twenty employees and helped hundreds of businesses make eight figures in income and beyond. 

Clickable Impact follows a proven formula of success. The agency brings clients through acquiring customers through their social channels, retaining them through email and SMS marketing techniques, and expanding their client base by growing new platforms. The company specializes in running Facebook ads, managing over $150M in client revenue. Clickable Impact is currently Facebook Blueprint certified. It also holds certifications in e-commerce marketing specialization and direct-response copywriting.

The team at Clickable Impact is more than ready and committed to carrying out their clients’ wishes and goals when it comes to marketing a product or service. They work with the most incredible attention to every detail and run campaigns that promise a solid return on investment every time. To the e-commerce growth agency, clients are more than just customers. They’re family. The company thrives on a culture and ecosphere of mutual trust built on values of accountability, transparency, and professionalism.

In the coming years, Caroline Castille and the Clickable Impact team hope to grow their client base and help more entrepreneurs reach their business goals with the right strategies. To learn more about Clickable Impact and their work, visit its company website.

Major B2B Swiss Skincare Lab, Eblouir Group, Launches E-commerce

Eblouir Group is a major Swiss Lab mainly famous for its Skin Repair line “Less is More”, focused on minimalist cure and prevention. Established in 2014, this company was first and foremost focused on the professional market B2B, supplying a network of 6000 distributors globally: mostly medical groups, hospitals, hotels, spas, and retailers.

At the time where most beauty brands started going retail and then tried to expand to the B2B market (with more or less success), Eblouir Group did quite the opposite: they launched B2B first and established strategic partnerships within the professional market.

Mr. Vu-Hoang Lê, Co-Founder and Group CEO, shares, “My dream was to create a business that could merge beauty and science, to help people achieve a healthy and radiant skin. In order to be successful, instead of spending big money on ads that will have no benefits to our consumers, we would have to invest heavily on Research and Development, and the testimonies will be our marketing.”

Medical Grade Skincare

In other words, “Beauty is Vitality Revealed.” A strategy that has proven highly successful over the past six years, despite involving zero marketing outside customer feedback, as the company boasts 85% repeat business, thousands of corporate partners, and 140 shops. 

During an interview with In-Corpore, a Swiss Medical Center famous for medical tourism, Mr. Lê explains how the deep collaboration with strategic distributors like hospitals enables the company to invest their R&D where there is the most urgent need in terms of skincare and dermatology. And while Eblouir Group would focus on what they do best (R&D, skingredients, and products), they would entrust their commercial partners to distribute the products worldwide and give them feedback on the future needs expressed by clients or doctors.

Brand Awareness

Victim of its success, Eblouir’s Instagram page has reached 500,000 fans and are eager to learn about skingredients (“ingredients for your skin”), and getting skincare lessons from Swiss doctors. With global pandemic COVID-19, people are staying at home a lot more and are therefore willing to become their own “dermatologists” at home. We could say that 2020 is the year of social mediaand Eblouir Group has taken this opportunity to launch their E-Commerce website.

The beauty business is a $532 billion worldwide, and while the cosmetics industry invests in huge marketing campaigns, the same cannot always be said about their Research and Development. Eblouir Group (Switzerland) has certainly proven that there is certainly a huge demand for medical-grade skincare worldwide, or as they call it “Skin Repair.” We hope that in the future, more brands will follow that trend and keep innovating. Consumers deserve quality over quantity. And from what we know, “Made in Switzerland” is a label highly sought after worldwide, for both high-quality and luxurious products, but also medical and pharmaceutical research.

For more information on Eblouir Group, visit their website and follow @eblouir on Instagram.