What payment methods can I use in my business?

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If you own a business, you know that one of the most crucial moments in the purchasing process is payment. According to research by the Baymard Institute , 26% of online purchases are frustrated by slow and complex payment processes, and 6% by a lack of options.

Therefore, if you want your opportunities to become sales, you need to offer several payment method alternatives and optimize this process so that it is safe and easy to understand.

If you don't know what payment options you can implement in your store, whether physical or virtual, in this article we provide you with some guidelines.

What is a payment method and what options are available?
Let's start with the basics. When we talk about a ios database method, we are referring to the procedures that your customers will use to pay for the products or services purchased in your store. Some of the most well-known methods are:

1. Cash
It is one of the most used in Chile , especially by sectors that have not yet been digitized or banked.

This type of payment method is more suited to in-person environments, but can also be adapted to online sales, using the cash on delivery option. This allows users to pay for the product at the moment they receive it at their doorstep.

The main advantage of this method is that it is accessible to all types of public, as it does not require the use of technological tools. However, it can be unsafe, especially if handled in large quantities. In addition, it usually causes delays at the point of sale and requires more storage space.

2. Credit and debit cards
With them you can pay in both physical and virtual stores. As a result of the pandemic, this payment method has gained ground and has become one of the most used, especially debit cards.

Its main advantages include its practicality and level of acceptance in various types of businesses worldwide. On the other hand, some disadvantages may be the commissions that some cards require and the risk of fraud.

3. Payment gateways
They consist of platforms that connect the online store with the bank, and allow the transaction to be generated in a safe and practical way. There are many gateway options, such as Paypal, Mercado Pago, Pago Fácil, PayU, among others.

4. Digital wallets
Also known as e-wallets, these are applications that facilitate payment in physical and digital businesses through a mobile device, which can be a smartphone or a smartwatch. This means can be very convenient for users, as it allows them to speed up transactions and store various payment methods. For many, they represent a good alternative to debit cards.