Ever wondered how Global-Local Payment Methods help to increase their Sales and also retain customers?

Your storefront is anywhere. Omnichannel is the future of commerce, and sellers who are optimizing their businesses by doing more of what they love is what’s making that reality possible. Your storefront is anywhere. Omnichannel is the future of commerce, and sellers who are optimizing their businesses by doing more of what they love is what’s making that reality possible.

Rishabh K
Product Manager
PayGlocal

Let me emphasize this:

Why do customers drop from the checkout page from an online website during the last leg of their process – the payment ceremony?

Core Problems

Let us try and understand the core problems here. 
As per the checkout experiences available today and research that’s been done on the online checkout experience by multiple entities, the following are the 5 topmost reasons for customers dropping from the checkout page

  • Lack of global payment options
  • The User Experience is not optimal
  • The complexity of the checkout process
  • Security Concerns and a major lack of trust
  • Page Loading Issue or technical challenges or glitches

Lack of global payment options

In this blog, we focus on the first issue.  

Why do we think “Lack of global payment options” is a serious issue?  

Research conducted by Oxford Economic research highlights that 56% of consumers express: that if they could not find the payment method of choice, it would permanently put them off from shopping on that site.

Alarming, right?

This makes it critical for merchants to offer Alternative aka Local Payment methods to their global customers.

Q. What are Alternative Payment Methods?

Alternative Payment methods signify all the payment methods apart from major international/ national card brands. Ex: UPI in India, iDEAL in the Netherlands, etc.

Q. What are the different types of Alternative Payment Methods?

Alt-Pay Methods are majorly categorized into these 5 broad categories:

  1. Bank transfer
  2. Cash-based methods
  3. Wallets
  4. Buy Now Pay Later
  5. Local Cards

Q. Why it’s important for businesses to have Alternative Payment method options?

1 - Increased Customer Trust

Having Alt-Pay/ Local methods as a payment option will infuse trust in the customers' minds as they are familiar with the user experience and reliability of the payment methods. Customer transactions on cross-border merchants will feel a local, familiar connection.

2 - Increased Sales and Conversions

Increased trust leads to increased conversions and in turn leads to increased sales. Win-win!

3 - Increased Customer reach

Having Alt-Pay/ Local methods as a payment option will infuse trust in the customers' minds as they are familiar with the user experience and reliability of the payment methods. Customer transactions on cross-border merchants will feel a local, familiar connection.

4 - Alt-Pays are more secure

Most Alternative Payment methods have no chargebacks, thus reducing the risk of fraud.

5 - No Cannibalization of Card Payments

Alt-Pays and Card payment methods complement each other!  

An Alt-Pay method is popular in geographies with fewer credit adoptions and vice versa. Not only have these methods brought in their loyal customer base but have also enhanced the payment experience of one another where the transactions fail on one and succeed on the other i.e., a card payment fails but the customer can pay through his/her preferred alt-pay and vice versa.

Let’s connect over a call, where our team will take you through the benefits of Alt-pays, a demo for your better understanding and help you take charge of your successful international business. We know, it is a dream you have envisioned.

As we say,

PayGlocal = Trust.

Let’s do this together! 

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