Payment is inarguably the most important part of any business, online or offline. Business decisions are often geared towards attracting sales. All the optimizations in the world don’t mean a thing if a customer is unable to to give you their money for one reason or another. That’s why you need to have multiple payment methods.
Supporting multiple payment methods isn’t worth much if customers aren’t aware of them. According to Baymard, 56% of shoppers expect an online store to support more than one payment method.
Baymard has also recorded a 7% cart abandonment rate among customers who find their preferred payment method to be unsupported by a site. The rate climbs to 100% when a site doesn’t support any of the payment methods a customer has access to. Customers who are unable to pay you are also not going to return to your store any time soon if at all. This makes it crucial to incorporate all the popular payment methods in the markets you operate in (see BP #112).
Reassure your customers
Display all your supported payment methods right below the checkout button. Customers would be more at ease entering checkout flow with full confidence that their preferred payment methods are supported.
It would be very frustrating to fill out your name, email, shipping address, and American Express card details and then find out that the site in question supports only Visa and Mastercard.
Including logos of supported payment methods just below the checkout button would go a long way in calming down your customers. If you have many payment methods (more than six), you can make the section expandable. The most popular methods should be visible at first glance while the option to show more methods should be clear as well.