It was not too long ago that people were scared of putting their banking information online. People avoided online payments wherever they could and preferred to deal with cash instead.
Fast forward to 2020 and no one in their 20s and 30s seems to carry cash anymore. In the rare event where a young adult decides to shop from a brick-and-mortar store, they choose to pay with a credit or debit card. They carry out most of their shopping on the internet using online payment methods, such as Paysafe.
With so many customers shopping online, opening an e-commerce store can be a big boost for a small business. And according to the Department of Commerce, gross online revenues for the first quarter of 2016 amounted to more than $92 billion, up 3.7% from the fourth quarter of 2015. This makes the e-commerce payment system one of the highest issues for an online platform.
Online shopping is becoming so popular that it makes up nearly 10% of all transactions nationally. With eCommerce becoming more important every year, small businesses can not afford to miss out on the ability to catch consumers and the revenue available while operating an online store.
One of many benefits of doing business online include:
- The shops are open 24/7. Without restrictions on operating hours, customers around the world can access the website at their convenience and make purchases.
- Reduced levels of overhead. While the launch of a website will entail a significant upfront investment, over time, the owner of the company saves that investment because they do not have to pay for rent, utilities and workers.
- A broader client base. Store location, comfort, and transportation problems are challenges that threaten physical store locations. Without these nuisances, company owners may meet markets around the world.
- Extended reach to national or even foreign audiences. Internet platforms do not face usual limitations on brick and mortar shops, so they can meet consumers anywhere.
- Better prospects for advertisement. Beyond publishing ads in magazines and newspapers, websites are automatically indexed and ranked by search engines. If the consistency, content and navigation of the website are excellent, search engines will show this company first on the result pages. Beyond spending time and resources in an outstanding website, this service is carried out automatically at no cost to business owners.
- More intuition when it comes to customer preferences and needs. Working online helps a company to profile customers based on buying preferences, territories, keywords, and more. Target particular audiences that are most likely to be involved in your services. Then, give them a quick , safe checkout.
The gradual shift to preferring online payment methods depends largely on the convenience of use, and the additional security it provides. Case in point: Paysafe.
Advantages of Secure Online Payment Methods such as Paysafe
Since customers started shopping online, there has always been a challenge between getting the goods and services they want and the security issues inherent in providing PII and payment information. That said, the ever-increasing e-commerce sales figures tell us that consumers have figured out how to resolve that struggle.
That’s not to say that users have no security issues when it comes to e-commerce. PaymentInsights survey by the Mercator Advisory Company indicates that two thirds of customers use solid passwords and a little more than half take steps to avoid hacking.
That said, it is also important to mention that two out of three customers place responsibility for protecting their PII on e-commerce retailers and their banks.
During the COVID pandemic, Paysafe research has shown a simple pattern: protection is the most important consideration for the majority of customers. Diversifying payment methods and promoting the use of biometric authentication will change the perception of safety vs. convenience in the eyes of consumers, creating a new generation of e-commerce customers that is a combination of both conventional banking methods and newer security-centric methods.
Although pre-pandemic data has been collected, questions about the underlying feelings of security and obligation have changed too much.
With so many benefits associated with Paysafe, it is no wonder why it is proving such a popular method of online payments. However, Paysafecard is not the only e-wallet service that offers secure payment methods online. You can find numerous payment methods offering similar services online, each with their own unique advantages and disadvantages. All of these services have changed the business environment for the better. Online shoppers now have a safe and private way to indulge in their guilty pleasures such as free online slots without fear of compromising their sensitive personal information.