The Advantages of Online Payment Systems for Digital Products
There are currently 24 million eCommerce sites on the web. So it’s fitting to say that there’s much competition. Yet you can stay ahead of the game by offering secure online payments. Platforms like PayPal and Stripe are among the most popular online payment systems for digital products. These systems offer the distinct advantages of being more secure, quick, efficient, and trusted.
Easy Shopping Cart Management
One of the most crucial systems on an eCommerce site is the shopping cart. The shopping cart forms the basis of interaction between a customer and your products before payment processing begins. By placing a shopping cart feature on your site, you give customers the ability to browse, select, and, more importantly, pay for products when they want to. Payment is typically received at the end via credit and debit cards, but digital wallets are popular.
Established and Trusted Brands
Digital or eWallets are a secure method of payment by which users can complete a transaction for your products. While systems like PayPal and Stripe are used for purchasing real-world goods, they are excellent for digital products. Digital products include video game codes, eBooks, software licenses, video or music, and website memberships. Digital wallets are the preferred currency for these as they provide efficient online payments.
There are many eWallets to consider as payment options on your eCommerce site. PayPal and Stripe are the most common, yet tech companies like Google, Apple, and Amazon also provide digital wallets. The more you accept, the easier it is for customers, and that means repeat business. Using digital wallets is simpler these days since they are all available as apps on smartphones. As such, there are over 1 billion eWallet transactions per year.
In addition to convenience and efficiency, digital wallets are very secure. In fact, they are more secure than standard debit and credit cards since the magnetic strips on these are easily cloned. eWallet providers initiate multiple security measures such as encryption, multi-factor authentication, and one device registering for smartphone apps. A user also needs to be in possession of a mobile device to complete a physical transaction in a store.
Instant Receipt of Products
PayPal, Stripe, and others are excellent for digital products because transactions are instant. Therefore you can provide instant access to a product purchased by a customer. For example, ACH or card payments might take time to clear. This means a user cannot access their video game code until payment has been processed. There is no processing time with a digital wallet payment, so you get paid instantly, and the customer immediately receives their product.
A vital aspect of operating a successful eCommerce storefront is the ease of use and customer experience. Meeting expectations is part of a good customer experience. For example, users now expect 24 hours LiveChat support features on a website. In addition, customers expect multiple payment options when completing a transaction via eCommerce. The reasons vary, but some of the most common is that people find PayPal more secure. One survey found that 63% of users don’t want to divulge personal data, and 80% agree they feel more confident using PayPal over cards.
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