Anyone that wants to set up an eCommerce site must decide on the type of online payment solution to adopt before starting. A lot of research has to go into it and this article is designed to help gather your thoughts together.
No Easy Road
No matter how simple you are told it can be, setting up an eCommerce site is something that will be hard to pull off if you do not have your wits about you. The fact is you need more than wits, as a lot of groundwork has to go into pre-preparation, preparation and execution. Some of the things you would have to consider would include:
- The nature of the eCommerce site
- The type of goods you would be handling
- Your target audience
- The region your clients would be coming from
- The most common online payment solutions in that region
- Deciding the online payment solutions you will sign up with
- Finding a balance
One thing you should already know is that as an eCommerce platform, means of payment is simply the most critical aspect of your business. Let us look at each point above as it concerns this.
The Nature of Your Ecommerce Site
This is not something that should be difficult because you already know what type of website you want to setup. The good thing here is that this may have no bearing on the payment solution. That is, as long as it is an eCommerce site, there are certain things with respect to online payment solutions that will ring true with it.
That being said, the nature of your website could determine the most ideal payment solution to adopt. This could be a matter of convenience or artistic license on your part.
The Type of Goods You Would be handling
This goes together with what we had mentioned earlier. Your site may handle digital goods or a particular type of physical goods (like paintings). The payment solution adopted could be strongly linked to the type of goods and services you are providing. For instance, if your site deals in paintings, you might decide to use credit card rather than a platform like PayPal.
Knowing Your Target Audience
Your target audience could be more disposed to using one payment platform over the other. Your target audience could come from several geographical regions and this is something you have to put into consideration. On the other hand, you may decide to have a platform that only deals with customers from a particular region.
Online payment platforms tend to be stronger in certain regions. WebMoney has a strong base in Russia and Eastern Europe. It would make sense if your eCommerce platform serves people in that region to have it as a payment solution.
Deciding On the Payment Solution to Sign Up With
The most common rule to eCommerce platforms is that the more online payment solution you have on your site, the easier it would to complete transactions. The fact still remains that the internet is one big ecosystem that is integrating the more in spite of language and political barriers. Deciding on the platforms to include on your eCommerce website should follow this rule except you have other issues to consider.
Some of the issues may have to do with the policy of the said payment solution. They may have inbuilt barriers preventing you from registering with them for one reason or the other. The important thing to do when considering payment solutions for your eCommerce platform is to do an exhaustive research into the possible online payment solutions available and the ones you would like to include.
Finding the Right Balance
You could be faced with a situation where a region could have several payment platforms. You may decide to pick on the ones you want to use> you have to consider the fact that there would be multiple fees to pay so the more payment solutions you have, the more the fees you have to pay. Finding the right balance when it comes to picking payment platform also includes the integrating each of them into your platform.
Ecommerce platform owners try to reach as many people as possible using streamlined payment solutions. That is they look to integrate a payment solution that provides multiple means for customers to utilize, making it easier on the part of the eCommerce owner to keep a tab on everything. A lot is hinged on the payment solution you adopt. There are definitely other factors that contributes to the success of an eCommerce websites, but a payment solution ranks amongst the most critical.