Alternative Payment Methods to Grow Your Sales

What Are Alternative Payment Methods?

Alternative payment methods (APMs) go beyond credit cards and PayPal. They include mobile wallets, “buy now, pay later” plans, bank transfers, and even cryptocurrencies. Shoppers often pick these at checkout when they match personal habits or offer flexible terms. By giving customers more choices, merchants can tap into new audiences and reduce the number of abandoned carts.

Why APMs Can Lift Your Revenue

1. Broader reach
   Some buyers don’t own credit cards or prefer to use digital wallets on their phones. Offering wallets such as Apple Pay or Google Pay expands your audience to anyone who carries a smartphone.
2. Lower abandonment
   When customers see their favorite payment option, they feel more comfortable completing the purchase. Reports show that adding just one extra payment method can cut abandonment by up to 10%.
3. Higher average order value
   “Buy now, pay later” plans let shoppers split their purchase into smaller installments. Many end up spending more once they know the upfront cost is lower.

Popular Alternatives to Consider

Mobile Wallets

Services like Apple Pay, Google Pay, and Samsung Pay let users check out with a fingerprint or face scan. Transactions happen instantly, cutting down the time it takes to enter card details.

Buy Now, Pay Later (BNPL)

Providers such as Afterpay or Klarna let shoppers spread payments over weeks or months. Retailers typically receive full payment up front, so there’s no extra financial risk on your end.

Bank Transfers and E‑Checks

Direct bank transfers work well in regions where credit cards aren’t as common. Customers log in to their online banking during checkout, and the funds move immediately.

Cryptocurrency

Bitcoin and other coins appeal to a tech‑savvy audience. Accepting crypto can introduce your brand to a niche market that values privacy and decentralization.

Picking the Right Options for Your Store

1. Know your customers
   Review purchase data and survey visitors. If a large share uses digital wallets on mobile, start there. If your audience skews younger, BNPL might perform best.
2. Check fees and setup
   Some methods charge flat fees; others take a percentage of each sale. Balance cost against the potential lift in conversions.
3. Integrate smoothly
   Look for a provider that plugs into your platform without heavy coding. Our team at Inquid works with major shopping carts to make setup quick.
4. Test before rolling out
   Try one or two methods at first. Monitor checkout completion rates, average basket size, and customer feedback before adding more.

How to Add APMs on Your Site

1. Sign up with a service
   Visit the APM solutions page to compare plans. You’ll need to provide business details and upload verification documents.
2. Install a plugin or snippet
   Many e‑commerce platforms let you paste a small code block into your site. That’s enough to display buttons or widgets at checkout.
3. Customize the look
   Match button colors and text to your brand. Make sure each payment logo is visible on desktop and mobile.
4. Train your support team
   Create a short guide on how each method works in case customers call with questions. Clear instructions can turn hesitations into sales.

Tracking Your Results

• Conversion rate: Measure how many visitors complete a purchase after adding an APM option.
• Average order value: See whether shoppers spend more when they use flexible payment plans.
• Chargeback rate: Some methods carry lower fraud risk; keep an eye on dispute numbers.
• Customer feedback: Send a quick post‑purchase survey asking which payment options they’d like to see next.

Regularly review these metrics and drop any methods that underperform. Reinvest time and marketing budget in the ones that show a clear lift.

A Real‑World Example

A mid‑sized fashion retailer added a “buy now, pay later” button alongside its existing credit card option. In the first month, their checkout abandonment rate fell from 68% to 60%, and average order value climbed by 12%. The implementation took under a week and the added provider fee was offset by the extra revenue within 30 days.

Next Steps

If you’re ready to add new payment choices, head to our APM solutions page for a detailed comparison. For a personalized quote or help with setup, feel free to contact us at any time. By giving shoppers the options they prefer, you’ll see more completed sales and happier customers.