Ecommerce Payment Methods: Security, Simplicity and Variety

8 practical tips to get ready

Simple, safe and diverse
The e-commerce industry has grown dramatically in the last decade. By shopping online, the customer can save time, find exclusive products and shop without even leaving home.

One of the most essential steps is the check-out and it is the part where visitors become customers. It is of utmost importance that this experience is as simple and secure as possible for the customer and that they can choose their preferred payment method. The implementation of payment methods should be deeply studied and part of a company’s strategy.

There is still much room for improvement in the world of payment methods. Only 6 out of 10 online shoppers feel secure, according to The Mexican Association of Online Sales (AMVO, 2021). In addition, it points out that the fear of being a victim of consumer fraud increased and 63% of shoppers would buy if payment methods were more secure.

La decisión del cliente de realizar una compra en línea depende de muchos factores. Si la tienda no ofrece su pago preferido, 16% de los compradores abandonan el carrito Al mismo tiempo, 64% de los compradores compraría en Internet si se ofrecen más métodos de pago, además de la tarjeta de crédito y débito ya que sólo el 42% de los mexicanos tienen una cuentThe customer’s decision to make an online purchase depends on many factors. If the store does not offer their preferred payment, 16% of shoppers abandon the cart At the same time, 64% of shoppers would shop online if more payment methods were offered in addition to credit and debit card since only 42% of Mexicans have a bank account (INEGI, 2021).a bancaria (INEGI, 2021).

Improve the payment experience
As mentioned above, it is important that the implementation of payment methods is adopted in the digital strategy of a company. It is not only a matter of implementing the most secure methods, but it is also recommended to study in depth the user’s experience when finalizing the purchase. The pros and cons of each payment method should also be thoroughly investigated. By means of a benchmark you can justify the payment methods that are considered the most suitable. Below, we explain more about the challenges of payment methods:

Payment by debit or credit card

A frequently used method is payment with a card. Via a technology platform, the user gives permission to transfer an amount of money to the online store’s banking facility. Within this payment method the technology and options continue to develop: currently, for example, you can use Rappi Pay in Latin America in the same way as you would pay with a credit card. The difference is that RappiPay is not linked to an institutional bank. A disadvantage of this method is the high abandonment rate since the user must go through several authentication filters.

Interbank transfer or SPEI

It is important to offer this payment method since many users do not want to use their credit or debit card because they distrust this method. In addition, there are many people who do not have a card. With this payment method, the user usually receives instructions from the online store about the payment procedure and can transfer the money through a bank application, adding the store’s account or make the deposit at an ATM of their bank. A disadvantage is the automation of order management and it is considerable to take into account the user’s process and the high probability of abandoning the purchase. In the best cases, the customer receives a unique CLABE and transfers directly to this account, without having to send a payment receipt to any store


Increasingly popular and therefore important to implement as a payment method: intermediary platforms. The best known are undoubtedly PayPal, PayU and Mercado Pago. New players are Google Pay and Apple Pay.

  •               PayPal

The fifth most accepted payment option used by millions of users. It is very popular because it makes it easy to pay and receive money at the same time. In addition, PayPal ensures that the online payment never shares user information with merchants. It is so popular that it can no longer be missing in the payment options, however, keep in mind a high commission for this method as a merchant.

  •               Mercado Pago

This new platform implemented by Mercado Libre already has more than 130 million users, focusing on security and protection not only for the buyer but also for the seller.

  •               Apple Pay

As the name suggests, this e-wallet is available to users of any Apple device. It is considered one of the most secure methods today since it is verified with Touch ID for fingerprint recognition. It is very easy to use and with one click users complete their payment.

  • Google Pay

For Android device users there is also the possibility to pay easily. Users add their preferred payment methods within the app. Both Apple Pay and Google Pay will start accepting cryptocurrencies in the United States.

  • Payment in cash

With so many means of payment, you would almost forget one of the most important: paying in cash. In Mexico, it remains the main form of payment. In convenience stores such as Oxxo, pharmacies and other bank branch chains, users can make cash payments. Cash on delivery is most commonly used for grocery purchases.

The world of payment methods is a fast moving one and each medium has its pros and cons. Sometimes the integration is very complicated and costly for the merchant and you have to invest a lot of time and resources without knowing if it would be worth it. Here are 9 ways to prepare yourself:

  1. Preferred payment method

The first step is to research your target audience, their behavior and their preferred payment method. AMVO’s annual studies are a great help in this phase and explain in detail the preferred payment methods for each sector. Two questions that can help you:

  • How much is the abandonment rate for each payment method in my online store?
  • How many clicks must the user make to finalize the purchase for each payment method I am offering?

2. Enable: Buy as a guest
What you want to do is to facilitate the checkout process for your users and therefore, it is important that they can pay as quickly as possible. Maybe in your online store it is already possible to pay without having an account, but it is important to make sure that you also offer payment methods where users do not need to create an account on another platform, but can buy as a guest.

3. Check out in stages
Nothing is more frustrating than a long checkout process. If you don’t show the user that in just a few simple steps they can check out, they may get discouraged and abandon the cart. The Google UX Playbook recommends the implementation of a process bar with a friendly and structured design. This way the user can see that in only 3 or 4 steps they will be ready with their purchase.

Don’t forget to investigate the process of your third party providers such as PayPal and Mercado Pago. Sometimes there is an option to customize the checkout page your users will see with your design. If not, keep in mind that paying on another platform is still part of your customer’s shopping experience.

4. Creates confidence
It is one of the most important goals of an ecommerce and at the same time a great challenge and therefore important to implement a good strategy regarding security issues. Communicate with your users that your store is being protected against cybercrime. A basic tool is to add AVS (Address Verification System) where you verify that the billing address entered by the user is the same as the one associated with the cardholder’s credit card account.

Another strategy you could implement is to obtain a network security certification that indicates that your store is qualified and establishes policies and processes to protect your customers.

6. Call to Action visible in the funnel
You’ve probably invested a lot of time in creating the best customer journey for your customers, why not put the icing on the cake, and make sure this last step is just as user-friendly as the others? Critically analyze this last part of the journey and investigate if all the CTAs are working properly. An interesting tool you can use to measure if your users click where you want them to click is Hotjar. Through heatmaps you can get very valuable information and help you make better decisions.

7. Have a customer service area
When a user gets to the cart and has a hard time checking out, you don’t want them to abandon the cart. You can prevent this with a good customer support and implement, for example, Assisted Selling by WhatsApp. Also a section with frequently asked questions helps to clarify doubts of your users.

8. Optimize transaction costs
Finally, the costs of each transaction in your online store depend a lot on your business model and the location of your customers. Certain payment methods may be more relevant than others. Try to renegotiate transaction fees with suppliers.

David Bernardo
David Bernardo
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