Alternative Payment Methods (APM) have become an essential part of e-commerce for all industries—a payment solution that merchants ought to be offering their customers, who, in the last year alone, have grown substantially in their desire to use alternative payment methods for purchasing goods.
Since the COVID outbreak, surveys from Optima Consultancy showed that 44% of respondents said they have been using mobile banking apps more frequently.
What does this mean for your business?
Your merchant account needs to satisfy the customer’s preferred method of payment, and if your merchant account cannot offer this option to your customer, by incorporating the APM requisite, your customers will, more than likely, opt to use a business that can.
Indeed, recent statistics have shown that 74% of people are more than likely to switch brands if they find the purchasing process difficult.
As a merchant, you should invest in a payment solutions company that understands the payments industry well enough to advise you upon which APM to incorporate. Remember, not all APMs offer the same support; that is, not all verticals are supported. — This means it is paramount for your merchant account to contact a reputable payment solutions company to find out if you have the right APM for your industry.
Types of Alternative Payment Methods
- Mobile Wallets (e-Wallets)
- Bank Transfers
- Card Payments
- Cash Ticket
- Cryptocurrency Payment Processor
- Online Mobile Payment
- Real-Time Bank Transfer
- Virtual Card
- Invoice Payment
- Pre-Paid Voucher
- Direct Debit
- QR Payments.
How a Payment Solutions Company can assist your merchant account with the right APM
Merchants want to offer the best solutions for payment so that their customers can use their e-shop conveniently. iPayTotal, a leader in the payment solutions industry, advises merchants to offer the right type of APM that corresponds to two main criteria:
- The verticals a particular APM covers
As iPayTotal explains, high-risk industries such as the travel industry or the Forex industry should use the right APM so that customers accessing these merchants can opt to pay with the right payment method suitable to their needs.
2. The country in which the APM operates
If a merchant’s chief business comes from, for example, South America, then it would be cheaper and ideal to offer an APM that operates solely in that region. There are APMs that cater specifically for a region and for which the customers would naturally choose to use.
Finally, although PayPal is a worldwide APM brand and has proven statistics to show that its checkout (conversion rate) is approximately 82% better than other APM operators, having only PayPal for your specific industry may limit your merchant account from other business opportunities.
Next Steps for your merchant account to incorporate APM for your business
iPayTotal suggests that you contact them for the most suitable solution for your specific industry. In so doing, your business can have access to reduced chargeback ratios, for example, by selecting the right APM with the right features.
Experts in this industry are essential to contact when selecting alternative payment methods for your merchant account. With careful analysis of your business and the scope in which it operates, iPayTotal can offer your merchant the best and most affordable solution for optimal results, keeping your customers satisfied.
For more information about APM solutions, contact iPayTotal for a complete guide in offering your merchant the best solution for you and for your customers. Call iPayTotal on +44 800 776 5988 or email info@ipaytotal.com.
