Why Alternative Payment Methods Are a Must for Your Business

Alternative payments (APMs) describe online and in-store payment methods other than card. PayPal; Skrill; Payoneer; you name it, it goes into the bucket marked “other”. For a long time, alternative payments lived up to their name, providing an alternative source of funding for shoppers who didn’t have the credit score to obtain a credit or debit card. Not any more.

With research showing that 47% of all online payments will be made in this manner by 2022, alternative payments are no longer alt. They’re the present and future of ecommerce, and if your business isn’t embracing these options at checkout, you’re leaving money on the table. Here’s how alternative payments permeated the mainstream and why forward-thinking businesses are embracing them.

From PayPal to Pay Anywhere

In 2001, PayPal launched, bringing online payments to a global audience. Now anyone could connect their bank account, fund their digital wallet and purchase goods and services across the web. PayPal wasn’t the first alternative payment provider, but it was the one that revolutionised the ecommerce industry, from eBay to Etsy.

Services like PayPal, Stripe, and Skrill have since been complemented by specialist APMs like GoCardless (for taking recurring payments from customers) and regional favourites like GiuroPay, Boleto, and Sofort. And then there are the big tech solutions like Google and Apple Pay. The days of entering a credit card number at checkout are all but gone thanks to a combination of auto-fill forms that do the hard work for you and the rise of APMs that sidestep the process altogether. These alternative solutions require just an email address and password to log into their integrated payment gateway, which then sends the funds to the merchant.

What started out as a means for customers to avoid entrusting their card details to every website they shopped at has become the default method of paying for billions of webizens. Checking out with an APM, whether you’re buying pizza or shoes, is often quicker and safer. No wonder it’s on course to become the dominant ecommerce payment method. So what should your business be doing to maximise the upside from accepting more APMs?

All in on Alternative Payments

Opening your outlook on alternative payments doesn’t mean signing up with every third party processor that will have you and integrating a dozen options into your checkout. Customers want convenience – not confusion. Rather, it means examining the available options and incorporating APMs that complement your existing payments and the type of goods you’re selling. If your business is SaaS, that might mean integrating a solution that’s designed for recurring payments. If your customers desire privacy, that may mean offering cryptocurrency,  e-wallet, or a similar option that won’t show up on their monthly statement.

Expanding your payment options shouldn’t incur friction – for you or your customers. At Infinity Pay, we specialise in helping businesses grow by integrating payments that suit their size and sector. While card payments will likely still form the core of your business, in 2020 there are many more ways to check out – both with and without using card. Whether your business occurs online, over the phone or face-to-face, we’ll help you find the alternative payment options that are right for you.