Choosing the payment method is a key decision when establishing an online business. The payment method not only influences the accessibility of the business: it is also a fundamental element for the brand image of our eCommerce.
There are numerous payment methods and they all have their advantages, so the choice is often not easy. For this reason, below, we explain the most common payment methods for online commerce and the factors that must be taken into account when choosing one.
Types of payment
Among the most frequent payment methods in eCommerce, the following should be highlighted:
- Virtual banking POS: Without a doubt, payment by credit or debit card is the most frequent payment method in eCommerce. The security offered by the payment gateway, its speed and ease of use make the virtual POS an essential method for the vast majority of online businesses.
- Bizum: Although it is a very popular method among individuals, the truth is that it is also a good option for online businesses. Bizum can be integrated into any eCommerce, and allows customers to pay with their mobile: tools such as and other entities include this possibility.
- Bank transfer: Bank transfer has lost popularity compared to payment methods such as the previous ones due to the relative slowness in payment. However, it offers advantages in terms of security and is ideal for users accustomed to managing payments in a more traditional way.
- Cash on delivery: This payment method entails certain risks for the eCommerce seller, since they will not receive the payment until the buyer receives their product and must trust that the customer will properly manage the return if they do not want to pay it. However, it allows the customer to check the product before paying, which helps build trust in online commerce.
Factors to consider when choosing a payment method
That said, the choice of payment method for our online business will depend on the following factors:
- Commercial image: Depending on the image that online commerce wants to project, one method or another will be chosen. For example, methods such as Bizum or the TPV transmit a more current image due to their integration of digital technology.
- Customers: Options like Bizum are more viable when customers are young, while bank transfer may be ideal for customers less experienced with online payment methods.
- Headquarters: The country in which the platform that hosts the eCommerce is located may impose certain payment methods, so it is appropriate to consult the regulations.
- Cost: Of course, the costs of running the business also influence the choice of a payment method with more guarantees of security or that offers greater speed.
The above factors are enough to choose the most suitable payment method for our eCommerce. In any case, the most important thing is to know your customers well and provide them with the most convenient payment method for them.
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