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How To Choose A Payment Method For An Online Store?

It wouldn’t be unfair to call the 21st century an online century. Everyone and everything is now online. From Instagram to Amazon to Banks to Whatnot, people are more than happy to approach online because it is simple, time-saving, and convenient.

Talking about payment systems, online payment methods are consistently flourishing. Moreover, in the past year due to the COVID outbreak, it has become more evident that online payments are the future.

Online payments are safe, secure, quick, and easy to execute. And you can be assured of 24×7 availability beyond banking hours. For eCommerce and online business stores, offering online payments is a must. Plus, it proves very important for revenue optimization calculation for online stores.

Available Multiple Payment Methods

According to the statistics, around 50% of buyers back out and change their minds because the payment method they prefer is not available in their favorite stores. An online store owner should facilitate as many possible payment methods so that consumers will be happy to enjoy shopping at their convenience. At the same time, it would be promising for the overall growth of the store. Recount the importance of having multiple online payment options.

  • Regional payment methods, as well as global payment options, can be made available on a single platform.
  • Superb for online shoppers who want quick, secure, and easy payments.
  • If one method fails, the other options help in retaining your customer.

An online store can’t afford to drop customers because there are many other whales to catch your prey in the ocean of online stores. Multiple payment options allow the customers to try alternatives. Sometimes, it happens that if one method does not work, the customer should have other options available to quickly jump on to another one.

Most Used Online Payment Methods

There are several methods but in 2020, Credit cards were the most used payment method in the United States. However, in the past few recent years, there are many more convenient and speedy payment methods like PayPal and Google Pay. These headway payment systems are yet to break the records of Credit/Debit Card because the acceptance rate is a little slower for such payment methods.

Following is the list of popular payment methods adopted worldwide based on the volume of use.

  • Google Pay, Paypal, WeChat Pay, and other digital wallets.
  • Master cards, Debit cards, or credit cards.
  • Bank Transfer through NEFT and IMPS.
  • Virtual Currency like Crypto.
  • Coupons, Vouchers, Gift Cards, etc.

Let us discuss these payment methods in detail.

Best Payment Methods For Online Shops

Out of the many, a few payment systems are very popular worldwide and are also trusted by the majority of online shoppers. Check out the extensive list here.


This one is the global payment method and is widely chosen over other analogous. Even Adobe uses PayPal to pay for e-commerce. A recent survey has found that online stores and websites have more than 80% conversion rates. To add it to any online store, there are many perks one will get in association with PayPal. Platforms like Magento, offer free connectors.

Apple Pay

Looking at the world scenario, Apple Pay is the most popular digital payment method. A large number of banks are entrusted to it and if talking about the U.S, this is the ruling method. It provides an integrated solution with the brand security of Apple to all the online store owners.

Google Pay

How come it is possible that the internet sensation can’t come up with its wallet. Google Pay is yet another home application of Google to facilitate payment across countries in a few easy taps. Android users are increasingly using it. And its integration with your eCommerce website and the phone is super simple. All you need is the UPI, that’s it.

Amazon Pay

Amazon now has its wallet to exchange bucks with businesses and customers. This wallet is accessible to businesses for accepting money from Buyers. Amazon enables the Alexa Voice support to make it further easy and handy.


Some people are still unaware of digital money but are only interested in paying cash on delivery. These people might have security issues with online shopping. Though this option can also be seen on online stores soon it may be possible that it disappears and digital wallet only remains as a mandatory option.

What Features A Good Payment Method Should Have

Soon if you are planning to open an online store, you must consider a few things before you add a payment method to your website. We are listing a few essential traits of a payment system that every online store should consider. Here you go-


Not just online stores but this should be the priority of each and everyone who is a party to the online stores. An insecure payment method may break into your store as well as unsatisfy your customers. Before adding any of the payment methods, check if its security is sound or not. If there are any loose points, avoid adding such a payment method to your store.

Easy & Quick

Professionals, businesses, or be a house lady, everyone likes to enjoy a one-tap payment system. Google Pay is appreciated as the quickest payment transfer system. Once a user adds his banking information, he does not need to do it again. Just tap ‘Pay’, enter the UPI code and the payment is done. So, the online stores must have chosen those payment methods which are quicker.

Regional And Global

Don’t just stick with the regional or demographic payment system. Add some global payment methods like Master Visa Card so that it will be easy for you to expand your online store. In addition, your customers also get a variety of payment systems so that if one fails, other might work. The global payment system has its own process and formalities to be done for adding it to your store. Also, encourage customers to pay more to win more rewards and coupons.


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