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3 alternative payment options for your online business

As card penetration is still low, it's Payfort recommended to offer more payment options like installments, cash on delivery or digital wallet.

We don't need to discuss the importance of shifting your business online as the e-commerce scene is growing bigger and bigger in the region.

However, we need to make sure your business offers the best payment options for your consumers. Other than the mainstream card payments, there are 3 alternative options that Payfort, the leaders in online payments recommend that you consider especially if your target market has low card penetration or you want consumers to make big purchases at once.

The first method is the popular cash on delivery option, where consumers pay on receiving the purchase. This option provides a high level of security and guarantees less complaints.

The second option is digital wallet which allows consumers to have their payment info stored with special credentials and its usable across multiple sites.

The third method is installments, it has proven very popular, breaking the total amounts into manageable chunks over 3, 6 or 12 months which makes your products in the reach of a wider audience with a wider income range.

40% of credit card users stated they are more likely to purchase more products if they are offered installments and more than 50% would prefer this option to free shipping.