If you are an e-commerce site owner, there should be many alternatives that you must offer to your customers. These can be listed as product options, related to site usage, and payment methods, which I will try to explain in this article.
In my opinion, the underlying reason why payment methods are so important is the multiplicity of payment choices. So much so that there are currently dozens of credit cards and different payment methods in our country. Consequently, your customers may possess one or more of these payment methods. This being the case, you can prevent your customers from giving up on shopping due to a lack of payment options by diversifying your payment methods.
Credit Card: Virtual POS
Virtual POS has been used since the early days of e-commerce and continues its life as the most popular payment method. In order to get a virtual POS for your e-commerce site, you need to interview with banks and realize the agreements. If you plan to offer installments to the credit cards of 5 separate banks on your site, you need to carry out applications and agreements with these 5 separate banks as well.
Credit Card: Alternative Virtual POS
Turkey's e-commerce sector has entered a rapid rise in the last 5 years, and along with this rise, alternatives to payment solutions were needed. Especially since bank procedures for making sales with credit cards are quite difficult and troublesome, alternative payment systems such as Payu, iyzico, TURKPOS, iPara, PayTR, Hepsipay have emerged in the market. The biggest plus of these alternatives compared to bank virtual POS systems is that 6 different cards (Bonus, World, Axess, CardFinans, Maximum, and Paraf) can be owned with a single application.
Cash on Delivery
I guess payment at the doorstep with cash or a credit card is the consumers' most favorite payment method. The biggest factor in this is that if the product is not liked, no payment is made. On the other hand, although it poses a risk for merchant companies, it is beneficial to keep this payment method active on your site for your customers. Of course, to be able to offer this payment method, I suggest you keep in mind the obligation that the cargo firm you work with must be providing this service and it must be included in your agreement.
Wire Transfer/EFT
In my opinion, the oldest, most traditional, and least liked payment method is wire transfer or EFT. While products have been selected, the address has been entered, and the order is completed, having to log into a bank account and perform the payment transaction can sometimes feel difficult. Considering that the biggest difference of shopping over the internet is speed, I think it wouldn't be wrong to say that payment via wire transfer cannot keep up with this speed.