Long gone are the days where only cash was used for accepting payments. Various instant payment methods are now possible thanks to technological advances. When setting up your website to receive subscription payments from customers; finding out which types of payment methods to use is essential for your business. Not only because there are different types to choose from, but because all of them can be your gateway to maximize revenue opportunities. This is where digital wallets like Apple Pay and Google Pay come into play to increase website conversions.
Digital wallets are the trending payment methods that give new experiences to fulfilling payments and shopping online. Since the introduction of Apple Pay in October 2014, a lot of companies have been racing to introduce their digital wallets to the scene.
Apple and Google, are at the forefront of this race with Apple Pay and Google Pay dominating the scene.
Digital wallets seem to be on the verge of revolutionizing the way we pay for goods and services. But there are a few things you should know before you start using one, like how secure this form of payment is, and how to set up Apple Pay & Google Pay for your business.
What Are Digital Wallets?
A digital wallet allows you to store and use your credit cards—as well as other forms of cards, tickets, and coupons—without having to bring the physical cards with you. They’re instead saved on your iPhone, Android mobile, or other smart devices, such as an iPad. You can make transactions in physical stores, online, and inside apps with your digital wallet, and some even allow people and businesses to send and receive money. In certain cases, digital wallets are not only easier to use, but are often perceived to be more secure than conventional wallets.
According to one survey, about 38% of Americans were using them prior to the coronavirus pandemic and 55% of U.S. customers had started using them by October 2020. Adoption rates are also higher in other countries. After all, there are a variety of reasons why, in a post-COVID-19 world, you would want to avoid using credit cards.
Digital Wallets Provide A One-Click Checkout Experience
It’s very easy to use digital wallets to make a payment. There’s no need to manually input credit card numbers or other personal information because Apple Pay and Google Pay store it all safely. This ensures purchases can be completed with only one click (or tap), which reduces friction and improves the overall customer experience and increase website conversions.
If the user has never used Apple Pay or Google Pay before, it will ask them to enter their card information during the payment process, making it simple for new users to use. After setting them up, you’ll receive payment, shipping, and contact information so you can charge for physical goods, subscriptions, and more. For businesses, it is secure, reliable, and transfers payments directly to their accounts.
How to Pay For a Subscription with Apple Pay & Google Pay
In general, If you want to provide a fast checkout process to your customers, you’re going to need two things: a payment gateway and a merchant account. Think of your payment gateway as a card terminal in a traditional brick-and-mortar store; the piece of technology that allows you to take payments for the products and services that your customers buy. The merchant account is a specific type of bank account that allows you to accept payments online.
Digital wallets, on the other hand, are fast and cashless payment consumer apps designed to transfer money from the customer to the business as quickly and efficiently as possible. They act as payment processors that constantly work with consumer credit card providers (Visa, MasterCard, and American Express) to allow your customers to make payments from their mobile phones. If you run a subscription-based business, digital wallets can prove to be strongly dynamic and valuable to increase website conversions.
Did you know 💡 Customers can make their payments on a Mac with Apple Pay with the click of a button. If their Mac has a Touch ID, they can use it to make payments on websites that support Apple Pay. They just need to place their finger on Touch ID to complete the purchase after they select Apple Pay upon checkout.
Why Add Digital Wallets to Your Arsenal of Payment Methods
Customers prefer a payment method that suits their needs. If that digital payment method is unavailable, they can abandon your website and look for an alternative option. It is always better to have multiple payment options ready at hand to promote ease on your website. Providing a fast checkout experience is never a failed idea. Besides that, here are a few reasons why you should add digital wallets as payment methods:
Increase in Revenue
Mobile payments are becoming increasingly common day by day. The number of Apple Pay users worldwide has increased from 67 million in 2016 to 507 million in 2020. More users are expected to pay online with Apple Pay as they keep on rising.
Allowing consumers to pay in a variety of ways will improve their overall experience. It allows them to customize their payment experience. This is significant because more than a third of customers believe businesses can do more to include personalized experiences. Sequentially, this will lead to an increase in revenue for your business.
Get Funds Quicker to Your Account
Apple Pay and Google Pay are much quicker than conventional payment methods at getting funds from the customer to the merchant. This profit will help mitigate cash flow problems, which are a big problem for many companies, and can increase your reliability and trust in digital wallets as a faster option than credit and debit cards.
Better Reconciliation between All Your Payment Methods
Apple Pay is much quicker than conventional payment methods at getting funds from the customer to the merchant. This advantage will help alleviate cash flow problems, which are a major problem for many companies.
Works Better with Recurring Payments
Recurring bill payments are common with customers because they simplify the payment process and help to avoid late fees and other penalties. If a customer subscribes to a specific plan on your website, they can set up monthly payments through Apple Pay or Google Pay without having to fill out forms or alter account settings on their biller’s or bank’s websites. It is also possible to make one-time, future-dated bill payments. All towards the goal of increasing website conversions.
Setting up Google Pay and Apple Pay for Your Website with Pelcro
Any business looking to gain a competitive advantage and secure mobile-preferred customers must embrace alternative payment methods like Apple Pay and Google Pay. To do so, they’ll need to switch to a payment platform that supports these digital wallets. Hopefully, one with a simple, built-in integration that doesn’t require them to add another processor to accept this new payment method. Preferably as part of their bill payment options.
With Pelcro, businesses can now adopt digital wallets with simple steps. These steps make it easy to set up on a websites when a customer is in the checkout phase. Smartphone users that prefer mobile payments can quickly and easily select Apple Pay or Google Pay when making a payment, ensuring their experience is quick, easy, and fuss-free.
The setup and integration of Apple Pay and Google Pay are very simple. By adding lines of code to the payment modal, you can allow Apple Pay and Google Pay on your website. The payment buttons are automatically added to the payment modal for the customer to see during checkout.
Case in point 📜 having one single source of truth results in having a fast subscription process. This can add an unprecedented level of efficiency in every part of our business.
Here’s what a fast checkout process with Apple Pay looks like when you have a single source of truth to increase website conversions:
Customer starts with selecting their plan and proceeds to pay.
They enter their payment details and proceed to confirmation.
A widget appears with confirmation of purchase with their Apple ID—and done!
Bottom Line
Consumers are using digital wallets to make virtual purchases, buy tickets, and gift cards, among other items. Although it may not be time to ditch cash or credit card payments for your business just yet. We may expect to see a rise in adoption by consumers and merchants in North America and all around the world in the age of the coronavirus, owing to the large demand for faster payment experiences. In the end, it is a two-way street where business owners get to increase website conversions and reach new heights.
Manage Your Subscriptions And Drive More Revenue With Pelcro Today!
The key to a flexible and versatile platform is its ability to meet our clients’ needs.
No one knows that better than we do. Pelcro is a one-stop shop to help your company manage its online business and drive its recurring revenue.
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