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Alternative payment methods (APMs) refer to payment options that serve as an alternative to traditional payment methods like credit cards and bank transfers. APMs have become increasingly popular among online shoppers and merchants in recent years as they provide more choice, convenience, and flexibility during checkout.
In this comprehensive guide, we will explore:
So, let’s dive into the world of alternative online payments and how they can benefit your e-commerce store!
There are several major categories of APMs available for e-commerce businesses today:
There are several key reasons why online merchants should consider implementing alternative online payment methods:
Now let's explore some of the most widely used APMs by online shoppers in the UK and around the world:
PayPal
PayPal is one of the most ubiquitous e-wallets with over 20 million active UK users.
Allows customers to easily check out using their PayPal balance, bank account, or credit/debit cards linked to their PayPal account.
Very popular for international payments given its widespread global adoption.
Amazon Pay
Seamless checkout using Amazon account details makes it convenient for regular Amazon shoppers.
Customers can use stored payment methods in their Amazon account.
Most beneficial for merchants already selling on Amazon or targeting a similar customer base.
Apple Pay
Increasingly common mobile payment method for iOS users with supported devices.
Customers simply authenticate payments using Touch ID or Face ID.
Creates a smooth, one-touch checkout experience on mobile.
Klarna
BNPL financing in the UK and other markets lets customers split payments interest-free over four installments.
It can help lower cart abandonment and increase order values.
Flexible payment options include Pay Now, Pay in 30 Days, and Financing with 4 interest-free installments.
Direct Debit
Allows merchants to directly debit customer accounts on a set date with their authorization.
Often used for recurring subscriptions or memberships.
Low costs and customer ease make it ideal for repeat transactions.
Here are some tips for business owners on adding alternative payment options:
Alternative online payment methods present an excellent opportunity for e-commerce businesses to drive higher conversion rates by catering to customer payment preferences. By following merchant best practices and localizing options to your target markets, you can successfully implement the optimal mix of APMs for your business.
Analysing performance data and iteration will help you provide the most seamless, convenient checkout experience. Give your customers the flexibility and payment methods they want to exceed their purchasing expectations.
To explore integrating the top alternative payment solutions for your UK online store, check out Shopline UK's payment options.
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