Yes! It’s a good idea to let him pay! At least for your business!
Is it possible that you are ready to sell something and the customer is also ready to buy it, but he is not able to buy it? He has the money; he has also agreed to your offer price, but still, he does not become your customer, and you send him to your competitor to buy?
Many e-commerce sites do this all the time! Let us explore some simple solutions that small and big organizations can take to solve this.
1. Have multiple payment gateways
This one is a cliche that you would have heard numerous times. However, it is astounding to see how many companies still operate with a single payment gateway. There is a reason everyone is asking you to get multiple payment gateways!
2. Have a personal payment solution
These days, we have solutions like UPI, which are super easy to implement, and you need not depend on a third-party solution. If not UPI, we do have the oldest and most trusted solution i.e., Bank Transfer. Just give your bank details and let your users transfer the amount if nothing works. You will though, have to confirm the transaction manually in this case. Along with better success rates it also builds trust
3. EMI option/Pay Later
In these times of consumerism, who doesn’t like a few extra days of credit. These options provide customers the convenience of paying later. Since there is no direct payment from the customer, these methods are also quicker if the customers have their accounts configured on some of the pay later service providers
4. Enable Cash on Delivery
Fastest and most straightforward way of making payments happen. COD is making no payment and placing the order. Arguably, the cancellation rates are higher with cash on delivery model. However, we need to understand that it is no different than other payment methods, as the courier partner will not handover the product until the customer makes the final payment. Even after higher cancellation rates, there would be substantial customers who would be looking out for this option.
So we see how net banking and cards were the only options a few years back, and now we have so many new options coming up. Fintech is continuously evolving and would continue to grow further. The day is not far when cryptocurrencies would be the standard and most suited option to make eCommerce payments, but until then, let’s get these things done and let him pay!