Did you know that one of the main reasons why users abandon the shopping cart in online stores is ignorance of the payment methods offered? The solution to this problem is the implementation of payment gateways tailored to your needs and those of your customers. You will find a wide range of payment methods most used by Chinese consumers (WeChat and AliPay), Indian consumers (RuPay) or consumers from anywhere else in the world.
However, the current market is characterised by the integration of all contact channels in a single platform, offering a unique and consistent experience in your business. Omnichannel payments have reached eCommerce sites to increase the flexibility that customers need, reduce barriers in the sale of products, and abandonment in the shopping carts, increase the conversion rate and decrease the risks of fraud in refunds.
Let`s have a look at the opportunities that local payments offer.
9 advantages of offering local payment methods
Offering local payment methods is much more than a formula. It means:
- Attracting more leads. For example, in Europe alone there is a community of more than 2,450,000 Chinese people, and 2023 is expected to see a larger number of Chinese returning to Europe on holidays, as Covid restrictions are being significantly loosened.
- Improving the user experience and service confidence.
- Increasing the conversion rate while keeping you safe from chargebacks.
- Increasing sales with your payment gateway.
- Reducing pain points in your purchasing process, reducing friction.
- Offering standard payments tailored to business and consumer needs.
- Its integration is simple and has no upfront cost.
- You’ll be able to get real-time WeChat transaction reports.
- By accepting local payment methods, you make things easier for your customers who come from different countries, including European customers, and particularly Chinese and Indian customers:
Payment gateways are not just a simple software to facilitate transactions in an online store, between bank and commerce, but they are instruments with many other functionalities that allow for the optimisation of sales and the payment strategy in an e-commerce site.
Discover all the possibilities in terms of payment gateways for your online store to increase sales!
What are WeChat, AliPay and RuPay?
WeChat Pay belongs to the great social network WeChat and is the most used application in China. Millions of Chinese users use it every day as a means of payment, investment, communication, shopping and much more. Did you know that the number of users on WeChat is equal to 21 times the population of Spain? We could say that it has already become an indispensable App for the life of millions of Chinese people because they can do many different services that we usually do use different applications. For example: sharing the places they frequent, the restaurants they eat in, the cities they visit, the services they use, etc. Integration at its best.
This app can help your eCommerce be more visible to your Chinese customers and is one of those local methods that you can implement in your business through a full payment gateway. WeChat is well known for its versatility and innovation, as a kind of ‘one-size-fits-all application’. With it, users can quickly complete the payment from their Smartphone.
With this option you’ll attract more Chinese customers to your business with fast, easy and smart payments. It is the way to make payments with your mobile phone in a simple way and its goal is to optimise the way you pay for any type of product or service and offer financial services to users. Your online store will have:
- Access to more than 600 million consumers.
- A fast checkout in the payment process.
- No extra exchange rate costs.
- Real-time monitoring.
- Support in marketing promotions.
In short, Alipay is a very popular application, an ecosystem of financial services (transfers, payments, loans…). It is very reliable and safe. By having your store in Alipay, it will appear on the page of the city where your business is located. Are you ready to discover the solutions that are best suited to your business?
RuPay was created by the National Payments Corporation of India (NPCI) in 2012. The initiative sprung from a vision of the Reserve Bank of India to «establish a domestic, open and multilateral system of payments.» As of 2022 RuPay Global cards are accepted at more than 1.9 million ATM locations and more than 42 million POS locations across 185 countries. PayXpert offers RuPay on our Payxpress POS solution as the first provider in the UK.
Local Payments to Boost Sales
If your eCommerce needs to boost sales and streamline the payment process, payment gateways tailored to your customers’ preferred methods can help you optimise, even if you already have the time to examine the factors affecting conversion rates. It is the dream of every international business to optimise its global sales without making a big deal out of it. Now, it’s possible thanks to world-class financial consultants, payment gateways, and financial management and optimisation tools.
The global market is available to all types of companies, regardless of their size and sector. Therefore, it is increasingly common to process international payments through local acquirers. That is, banks that process card payments on behalf of a business.
Are you ready to purchase the most innovative and secure technology to receive your payments? Do you want to increase conversion rate with powerful monitoring tools, intelligence, and local payment methods? Are you willing to increase your conversion rate without compromising the security of your business? Let’s get in touch!