How to Let Customers Choose a Payment Method
One of the best ways to reduce eCommerce abandonment is by letting customers choose a payment method at checkout. Offering multiple payment options enhances the shopping experience and boosts conversion rates. But what’s the best way to go about it? If you’re a WordPress user, you can do it in a few simple steps! Easy Digital Downloads makes it easy to set up multiple payment methods to streamline your checkout process. In this article, I’ll cover: Why Offer Multiple Payment Methods? Deciding Which Payment Methods to Offer Add Multiple Payment Methods With EDD 1. Install Easy Digital Downloads 2. Connect Stripe Payment Gateway 3. Configure Preferred Payment Methods 4. Customize Your Payment Form and Checkout Page 5. Test Your Payment Methods and Setup FAQs on WordPress Payment Methods Why Offer Multiple Payment Methods? Imagine walking into a store and being told you can only pay with one specific type of credit card. Frustrating, right? The same principle applies to online shopping. Customers have diverse preferences when it comes to remote transactions and contactless payments. Limiting their choices can lead to shopping cart abandonment and lost sales. Let’s look at some of the top reasons to incorporate multiple popular payment methods. Increase Conversion Rates Catering to diverse customer payment preferences removes potential barriers to purchase. This translates to higher conversion rates, as customers are more likely to complete a purchase when they can use their top payment choice. Enhance the Customer Experience Providing a smooth and convenient checkout process boosts customer satisfaction and loyalty. It creates a positive impression and encourages repeat business. Expand Global Reach Accepting global payments unlocks the potential of your online store to tap into an international market. Supporting multiple currencies and payment preferences can attract customers from around the world. Build Trust and Credibility Offering secure and recognized payment options instills trust in your online store. Customers are more likely to feel confident making purchases when they see familiar and reputable processors available. Meet Evolving Customer Expectations As technology advances and customer preferences shift, payment trends are constantly evolving. Letting customers choose a payment method demonstrates adaptability and a commitment to meeting their ever-changing needs. Deciding Which Payment Methods to Offer To provide a seamless customer experience, offer a variety of options to help customers choose a payment method with ease. This includes supporting popular methods like credit and debit cards, as well as alternative payment methods such as bank transfers and ACH payments, digital wallets and mobile payments, and buy now, pay later options. A Survey by Aquired.com found that nearly 70% of online shoppers name Apple Pay or Google Pay as the preferred method. Payments via debit card and credit card payments came in second. Mobile and digital wallets are increasingly popular. Statista research found that mobile wallets accounted for approximately half of global eCommerce payment transactions in 2023 alone. This makes it the most popular online payment method worldwide. It also highlights the importance of providing customers with frictionless checkout experiences. When determining which methods to provide your eCommerce customers, consider several key factors. First, ensure that your online payment gateways are reliable and secure. Customers’ personal and financial information must be protected. Any payment processor you choose must have a strong reputation for security. Additionally, consider the payment processing fees associated with each gateway. Select options that are cost-effective for both you and your customers. Add Multiple Payment Methods With EDD If you sell digital products, the best way to add multiple payment options in WordPress is with the Easy Digital Downloads plugin and Stripe payment gateway. With Stripe and EDD, you can: Save payment details for faster checkout Monitor early fraud warnings to prevent chargebacks Approve or decline refunds within WordPress Much more Below, I’ll walk you through the step-by-step process and show you how to easily let customers choose a payment method on your WordPress site. If you’re already an Easy Digital Downloads and Stripe user, feel free to skip ahead to Step 3. Don’t have a WordPress website yet? Get one set up in no time through SiteGround Managed EDD hosting. Feel free to use our step-by-step guide on creating an online store in WordPress. 1. Install Easy Digital Downloads Easy Digital Downloads (EDD) is a powerful and user-friendly WordPress plugin designed to sell digital products. While the free version includes the standard Stripe payment gateway, I highly recommend upgrading to an EDD Pro plan. This eliminates Stripe transaction fees and gives you access to more payment options. Once you choose your plan and download the EDD plugin, install it on your WordPress site. Go to Plugins » Add New Plugin » Upload Plugin » Choose File. Then click on Install Now followed by Activate Plugin. This enables the plugin on your WordPress site and adds a new Downloads menu item to your admin area. Click Get Started to run the EDD Setup Wizard. This wizard guides you through some basic configuration steps. For instance, you’ll be asked to provide your store’s name, base country, and currency. You can also choose the appropriate settings for your business. The wizard prompts you to connect with and set up the Stripe payment gateway. You can do this now or configure it later in the EDD settings. I’ll cover this in more detail in the next step. 2. Connect Stripe Payment Gateway EDD has Stripe built in as a payment gateway. You can set it as your Default and Active Gateways under Downloads » Settings » Payments. When you’re done, click on Save Changes. If you didn’t connect Stripe to your site with the setup wizard, go to the Stripe tab within the Settings » Payments menu. Next, select Connect with Stripe. If you already have a Stripe account, you’ll be prompted to log in. If you don’t have an account, you’ll be guided through the free signup process. After logging in or signing up, Stripe will ask you to authorize the connection between your Stripe account and your WordPress website. Review