Payment Options for E-commerce Businesses in the United Kingdom
3E Accounting narrows down some of the best payment options for e-commerce businesses in the United Kingdom.
The digital boom has seen a surge of e-commerce businesses, some popping up overnight like mushrooms after a thunderstorm. One of the biggest concerns for such companies is the payment options. Selecting the right digital mode of payment is crucial to the success of your online business. There are many payment options for e-commerce businesses in the United Kingdom and choosing a viable one comes down to research.
Cash Is No Longer King
No one really carries much cash around these days. The preferred payment option is cashless, contactless, and digital. A quick swipe of a card or scan by a smartphone is all it takes. We’ve come a long way from bartering for goods, thanks to the advent of innovative technology.
E-commerce payment gateways help your online business process payment. It facilitates a seamless and efficient check out process. The last thing any e-commerce business needs is a cart abandonment issue leading to loss of business. A complicated check out process will deter even the most determined customer.
The payment gateway should also offer top-notch security. This means solid encryption and security protocols. If you can’t keep you customers’ data safe, you certainly won’t be getting any business.
Choosing the right digital payment option should ideally make it a pleasant experience for your customers and suit your business. Simply put, customers want a payment option that suits them. User interaction and user experience are, hence, crucial.
Conversion and loyalty become achievable when your payment option is to a customer’s convenience. An excellent way to do this is to provide multiple payment methods on your digital platform. This caters to a customer’s accessibility and allows for customisation.
Payment methods can and should include some of the following:
- Bank Transfers: one of the most secure payment methods but requires customers to have access to internet banking.
- Cards: debit or credit card are popular payment solutions that offer a reasonably high level of security. Prepaid cards with virtual currency are also another alternative
- Mobile Payments: not as secure but easy to use. Requires the customer to download the software and link to an account or card.
- E-Wallets: an advanced digital payment option. Both the customer and merchant need to sign up with the service provider, and payment is almost instant.
The United Kingdom has a variety of service providers offering world-class payment gateways. Some of these include:
- AmazonPay: globally popular choice and allow payment via customer’s Amazon account. Partners include Shopify.
- PayPal: a popular choice and offers easy solution packages, including mobile and international payments.
- Shopify: offers a full package suite to getting an online business started from scratch.
- Stripe: ease of integration but you will need your own business website with shopping cart systems.
- WorldPay Online: does not offer a complete e-commerce solution but is a good option if your business prefers card payment. It also accepts PayPal and multiple currencies.
To learn more about payment options for e-commerce businesses in the United Kingdom, Contact 3E Accounting today. The team of experts at 3E Accounting will be happy to guide you through the ins and outs of digitalising your business transactions. We offer a best-in-class customisable business solution to equip your business with a framework for success. Drop us a line today if you require specialist knowledge, strategic expertise or a simple business solution.
