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Growing your business beyond borders can get tricky. Companies yet to make a mark in the international markets find it exhausting to strike the right chord with their customers. Taking your business online has become the norm for global expansion.
However, customers can get very selective. Besides the product quality and delivery, the ease of transaction also makes a difference. Offering shoppers the desired mode of payment has become a requirement than an option for businesses operating globally.
Businesses can offer various tools, but what are the most desired modes of payment for your customers? Here’s a list.
Credit and debit card transactions are strongly preferred modes of payment. These easy-to-use tools enable merchants to cater to a wider audience.
Moreover, credit cards are safe to use. The CVV helps detect fraudulent activities by comparing the card number with customer details. Debit cards are a favorite among those who like to spend per their financial limits.
Moreover, you gain brownie points with the shoppers by giving them lucrative options like discounts and offers on bank cards. In fact, the simple opportunity to save their card details for future transactions makes them come back to your website for shopping.
These function almost like debit cards with a few exceptions. Prepaid cards can be branded and used to transact on websites and other points of sale. Although they need topping up, they often bring in many exclusive discounts and offers.
New-age shoppers demand the option to pay from their online wallets or Unified Payment Interfaces (UPI) IDs. Even though they need signing up by both merchants and customers, they are an easy-to-use mode of payment and provide the gateway to many other transaction mechanisms.
For example, customers can top up their wallets with credit, debit, prepaid cards, or a linked online bank account.
Customers opt for a bank transfer if nothing else works. Although the least popular among online payment modes, it still is used by many eCommerce players and customers to pay for their international orders and shipments.
Cash is one of the most widely used modes of payments, especially for domestic shipments. While COD shipments portray many risks like theft and non-payment by the customer, it remains an essential tool.
Online payment modes pose several benefits over COD. Unlike cash, they are more helpful and hence more preferred. Here are a few features that set them apart.
It is an undisputed fact that online transactions are more convenient than the customer searching for cash while the delivery guy waits at their door. Transactions during travel or for international shipments become easier. The popularity of digital payment picked up the pace when no one wanted to touch currency notes while abiding by social distancing norms.
They offer a platform for secured transactions. Moreover, online payment modes are safer than carrying cash, especially when the amount is significant.
Just a few clicks and the money gets transferred immediately. That’s the beauty of digital payments. They save your customers ample time and the hassle of transacting in cash.
Financial institutions and brands offer discounts, cashback, and promotional deals to encourage online payments that save your customers more money. This is not possible in cash dealings.
Customers expect a bouquet of digital payment solutions when they shop online. Therefore, it is crucial for customer retention and growth.
During international shipping, digital payment solutions can make the task much easier for both the shipper and the consignee. But there are key reasons why online payments are the preferred route for global logistics.
Let’s take a look.
Enabling the customers to complete the transaction and place the order for international shipping gives them confidence that their shipment will be booked and delivered. The documents generated after transaction completion reduce the risk of any miscommunication.
Plus, it sets the further processes into motion instantly. Once the payment is made, the order must start preparing for delivery.
An order is a gift until paid for. Plus, COD is a deferred payment that carries the risk of default. That’s why getting the customers to pay upfront while booking helps avoid delays or the threat of non-payment of dues.
Online payments help avoid many contingencies for businesses and their customers while maintaining transparency. That’s why they have overtaken cash as the preferred route. When shopping and supply chains have gone online, transactional needs shall too. It is the need of the hour for a growing business.
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