5 Reasons to Offer as Many Payment Options as Possible to Your Customers

April 22, 2024
Reading Time
5 minute read

The digital age has ushered in an era of unprecedented opportunity for entrepreneurs, with e-commerce at the forefront of this revolution. The rise of e-commerce website builders and digital shopping platforms has significantly eased the process of opening an online store and empowered startups, SMEs, and other smaller business entities to compete alongside their larger counterparts. This change is not without its challenges, however, as the online shopping experience becomes increasingly competitive. Success in e-commerce requires more than just a great product or service; it necessitates leveraging the right tools and technologies to meet and exceed customer expectations.

Among the myriad of tools at a business owner's disposal, advanced payment technology stands out as a cornerstone for success. Today’s market offers a plethora of internet payment solutions like e-wallet and QR code payments alongside traditional credit and debit card payments. These technologies facilitate smoother transactions and enhance the overall shopping experience, as they can provide the speed, security, and convenience that modern consumers demand.

Whether you’re a relatively new e-commerce entrepreneur or a seasoned veteran looking to refresh the operations at your store, we at Maya Business are happy to offer both expert advice and cutting-edge solutions. As the leading online payment processing company in the Philippines, we’re well-equipped to walk you through the myriad of reasons why diversifying payment options can substantially benefit your e-commerce business. By understanding and implementing the best online payment processing solutions available to you, you can improve the customer experience, boost your bottom line, and navigate the online world’s many challenges with greater ease. Let’s begin:

Enhanced Customer Satisfaction

At online stores, the checkout process serves as the final hurdle for securing sales. A cumbersome or limited checkout experience can dampen customers’ desire to finalize their transactions and push them instead to abandon their carts in search of an easier alternative. Your customers will likely be looking for easy and efficient shopping experiences, which makes it all the more crucial to make sure that every online payment processed at your store is as frictionless as possible. This entails not only boosting website speed but also granting customers the option of choosing the payment options that best suit their needs.

Enter Maya Checkout, an online payment processing service designed to elevate the checkout experience. By integrating this tool into your online store, you give consumers the option to choose their preferred mode of payment. The solution also offers a streamlined, easy-to-complete checkout process with minimal steps. Maya Checkout thus simplifies decision-making and can significantly reduce cart abandonment rates, which, in turn, directly translates to higher sales and more loyal customers.

Expanded Customer Base

The digital marketplace is as vast as it is varied, hosting a large pool of consumers with their own distinct approaches to online shopping. While some customers prefer to shop on their favorite brands’ dedicated websites, others turn to e-commerce marketplaces for a wider selection of products all on one platform. Still, others enjoy shopping on social media, which often provides opportunities to engage more directly with sellers. It’s in your business’s best interest to bear these diverse preferences in mind and adapt to them when you can. Ultimately, meeting your customers where they are can help boost your chances of capturing the interest of a broader demographic.

Maya Payment Links presents a novel approach to this challenge by offering a versatile payment solution that transcends the need for a traditional online storefront. It allows you to generate a unique payment link that you can send to customers directly through their preferred messaging app. This tool is particularly beneficial if your startup or small business doesn’t yet have the resources to develop a comprehensive e-commerce website. Maya Payment Links broadens your potential customer base and also enhances the payment experience by providing a straightforward, secure, and personalized checkout process even without a website.

Seamless Integration

In addition to diversified payment methods, most modern online shoppers will demand a streamlined process that smoothly connects these options to online storefronts. Every second of the customer's experience counts in the bustling online market, so the technical back end must operate flawlessly to keep the customer-facing side efficient and engaging.

Solutions like Maya Plugins are specifically designed to bridge the gap between e-commerce platforms and payment gateways. These tools are a testament to the ingenuity behind making sophisticated processes user-friendly and accessible to business owners. If you operate your store on a popular platform Shopify or WooCommerce, you can utilize Maya Business’s dedicated plugins for these platforms to integrate Maya Checkout swiftly and securely. You’ll get the immediate benefit of offering diverse payment methods without the headache of complex technical setup.

Risk Mitigation

Now that online transactions have become ubiquitous, the shadow of cybersecurity threats looms large. Beyond the inconvenience of technical glitches, your business may face more severe risks such as fraud, payment disputes, and breaches of sensitive customer information. These challenges underscore the need for robust security measures that go beyond mere compliance and aim instead to fortify trust with every transaction. The stakes are high both in terms of financial loss and the potential erosion of customer confidence.

Maya Business can provide critical support in this area with a suite of online payment solutions expressly designed to bolster the defenses of online businesses like yours. Across its products, including Maya Checkout and Maya Payment Links, we employ stringent security protocols and real-time fraud detection mechanisms. These systems are engineered to anticipate and neutralize threats before they can impact your business or customers. Features like advanced encryption and secure tokenization also ensure that all transaction data passing through Maya Business solutions are both processed efficiently and protected rigorously at every step.

Opportunity to Collect Insights

The digital age has turned data into one of the most valuable currencies for businesses. The insights you can glean from customer transactions are not just numbers; they help you tell what customers prefer, how they shop, and when they are most likely to make a purchase. This information is crucial for crafting strategies that resonate with target audiences, optimizing product offerings, and tailoring marketing efforts to maximize engagement and conversion. Yet, the challenge lies in capturing this data accurately and analyzing it effectively.

Maya Business’s solutions give you an efficient way of tracking and consolidating data from online payments. These tools offer a clear view of sales trends and customer preferences, which will enable you to make informed decisions about what’s best for your business. With these insights in hand, you can feel more confident about adjusting your pricing strategies, refining your marketing campaigns, enhancing your product lines, and making any other strategic moves.

Give Your Customers a Second-to-None Payment Experience with Help from Maya Business

Sign up for Maya Business to take advantage of our comprehensive selection of online payment processing solutions, as well as other business banking and disbursement tools that can help you level up your business even further.

Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you can send money to your partners and suppliers for free via InstaPay and PESONet, so you can build more savings for your business without having to worry about transaction fees. Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, which opens up yet another funding source that you can leverage to improve operations at your store. Just use Maya Business as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be. Sign up for a Maya Business account today and you’ll gain immediate access to all these benefits and more!