One of the key elements when creating your Shopping App is the checkout process and the choice of your payment gateways. But it’s not always easy to figure them out. Some of the most common questions we receive are: which payment option should I choose? Should I provide more than one? What if they are not available in my country?
What are payment gateways
Online payment gateways are the eCommerce services that process payment information for websites or apps. Their two main advantages are:
1. They make the checkout process fast and easy.
The average rate of shopping cart abandonment is around 70%. Mainly due to long or complicated checkout. If your checkout process puts barriers in the way of making a purchase, you will likely lose sales.
With payment gateways, checkout becomes faster and intuitive, helping your conversion.
2. They provide a secure way to keep clients’ information.
The threat of identity theft means that every online transaction a customer makes requires trust. You have to make sure that the sensitive information they provide you is secured.
Since online payment gateways specialize in processing financial information, they have the proper encryption and safety features to keep your clients’ information safe.
Why Offer Multiple Online Payment Methods?
While offering one good payment option may seem enough, your clients are most likely expecting more.
With the growing popularity of services like PayPal, customers are increasingly able to checkout on a variety of apps without having to spend time adding all their payment and address information for each purchase. Instead, they only have to log into an account they use regularly, and in many cases may not even have to do that. For example, MobAppCreator Shopping Apps have integrated login, your customers identify themselves only once. Then, they are immediately recognized each time the application is launched.,
This creates a more seamless and convenient experience for them—especially on mobile, where a growing number of online purchases are taking place.
According to a Bayard study, 19% of shoppers abandoned a cart because they didn’t trust the site with their card information. And another 8% directly said there weren’t enough payment options.
By adding additional online payment options, you could convert those lost shoppers. And if you add the payment methods your target audience prefers, you could even increase your conversion rate even further.
MobAppCreator offers multiple online payment methods as well as an offline option.
- Stripe allows you to get paid with all major cards from customers around the world on the web or in mobile apps. It operates in 25 countries. Stripe has the additional advantage of presenting a barrier free and quick payment process. On the merchant side it provides same day transfer payments into your bank account. To be able to use Stripe in your shop, you must have a Stripe account
- PayPal is a worldwide real-time payment solution. It is one of the major payment networks used for online shopping on eCommerce sites. It provides a familiar experience for many users since it is widely integrated into many of the most used ecommerce sites. To use PayPal in your shop, you must have a PayPal Business account.
- Mercado Pago: Mercado Pago is an Argentina-based digital payment platform available to consumers and businesses exclusively in Latin America. Since its launch, Mercado Pago has been rolled out across the region in eight key countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, Uruguay, and Venezuela. To be able to use Mercado Pago in your shop, you must first have an account.
- Offline Payment: if online payment is not for you (you don’t want to deal with setting up an account with the different gateways, they are not available in your country or you don’t want to pay additional fees on your transactions), then this is the best solution for your shop. With the offline payment add-on, you are free to set up payment outside the app in a way that fits your needs (Cash-on-delivery, bank transfer etc..)
Configuring your preferred payments gateways is really simple. Click on this article about Payments Gateway Configuration to learn more.