Most of the customers are going to abandon their carts if they are unable to find the payment method of their choice on your eCommerce store. That’s why it is important to give as many payment options as feasible.
Choosing the right payment methods for your store is also important as they handle sensitive data and any breach can be damaging for your brand image. In this article, we are going to share the payment methods you can use in your WooCommerce store.
How to choose the right payment methods for your store
- No hidden charges – Many payment gateways charge hidden fees at later stages of the payment process. This can be a huge deal-breaker for your customer and lead to abandoned carts. Make sure you use a payment method that is upfront with its charges and fees.
- Securely stores the customer data – Make sure the payment gateway is securely exchanging the customer’s data such as credit and debit card details. These are sensitive data and any small leakage can create a huge problem for your business.
Different payment methods for WooCommerce
When it comes to online payments PayPal is one of the leaders and most of your customers are going to be familiar with and prefer PayPal as the payment method. WooCommerce supports PayPal payments and it is easy to set up PayPal payments on your store. PayPal also accepts payments from most countries and supports credit and debit card payments.
Just like PayPal, WooCommerce comes with built-in support for Stripe. If your customers prefer to pay using credit or debit cards then this payment method should be your first choice. Apart from card payments it also accepts Google Pay and Apple Pay. Stripe charges a fixed commission + percent fees per transaction and has no setup fees.
If you have a subscriptions based eCommerce store then Braintree is a good choice for accepting payments. It is a PayPal-owned company so there is no issue of trust. Plus you can also accept PayPal payments. There is also no setup or annual fees. Although, they do charge 30 cents + 2.9% transaction fees. Your first $50,000 payments are free so it is a great way to get started for free.
Another great option is WooCommerce Payments. This payment method is provided by the company behind WooCommerce itself. Integrating this payment method is very easy in your store. You have to install the free extension. They also charge no annual fees but a fixed 2.9% + $0.30 per transaction fees.
If you run a large store and handle huge number of transactions then you can go with Authorize.net. They accept most credit and debit cards as well as support subscriptions, refund handling and pre-orders. Although if you have thin margins or a small business then you might want to pass on to this payment method due to it’s high fees. It charges a setup fee of $49 and a monthly fee of $25. You also have to pay a 2.9% + $0.30 per transaction fees.