There are many elements that end up deciding what, how and when a consumer makes a purchase and all of them must be very present in the marketing strategy. Online payment methods are the key to keep the globalized world running.
The design of the product, the purchase journey or the discovery process is fundamental and marketing departments put a lot of effort into them.
But, in all these matters, we should not forget the moment of payment, because in the end it is during that moment when there can’t be a single mistake made.
Online payment has now become an everyday thing for goods, services and entertainment. You can buy anything from Amazon or any physical store and we all assume you’ll have to provide payment info at some point.
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Payment methods -and their ease or not- often determine whether or not to buy what the brand offers. Online shoppers not only want secure and convenient payment methods, they also expect online stores to offer their favourite payment method, whatever it may be. Thus, 69% of consumers are loyal to forms of payment that offer discounts as a benefit and 56% for those that give points and promotions.
In addition, the variety is becoming more and more decisive, something for which companies must prepare. Only 3 out of 10 are, right now, making sure they offer all possible payment options. Analyzing the most popular payment methods already makes it clear that consumers opt for a wide variety of systems. In many countries credit cards -such as Visa or Mastercard- coexist with wallet services -such as PayPal, the online bank – and with emerging “open invoice” payment solutions.
In fact, that’s where the next big shopping revolution is likely to be. Buy now, pay later services are becoming increasingly popular and consumers are demanding them in more stores and outlets.
For many shoppers, this type of payment method is what allows them to adjust how and when they spend, without falling into spending practices they don’t like.
Buy now, pay later
The “buy now, pay later” idea isn’t exactly new. It almost turns out to be a classic of consumption and is the essence of loyalty and payment programs of all the life of chain stores considered forever. What arrives now is different because it is open to purchases in multiple scenarios and also because it is not exactly like opening a credit card, which delays payments. Consumers don’t want to burden themselves with credit, because that forces them to add interest and it makes things more complex.
In the US alone, the use of these services grew by 200% in 2020 and millennials and Generation Z – two credit-averse generations that have been accused of ‘killing’ credit cards – are the ones driving their growth.
Indeed, the fact that growth among these shoppers is notable helps to understand why buy now, pay later methods have become so relevant to brands and businesses.
They reach those who would not have paid on credit and are used to get hold of things that tend to have higher prices.
In 2025, 12% of everything sold online will already be paid for with one of these solutions. Giants of online payments, such as PayPal, are already approaching the model: any user of the platform will have come across in recent weeks how they offered to divide some of their the most recent purchases you have paid for with the service. And even traditional credit companies, such as Mastercard, are working to launch services in this area.
More flexible and open to everything
The boom in buy now, pay later services is not only telling marketers about the emergence of a new payment method, but also about the need to be much more flexible in how they manage collections.
Therefore, as payment formulas multiply and consumers get the ones that suit them best, companies must be able to keep up.
In fact, it is of little use to choose a simple payment method if it is not exactly the one that the consumer prefers or the one they had in mind to pay for that purchase. Companies must be able to process all these payment systems and always have those that the consumer values the most. At first glance, it may seem overwhelming -there are already many payment systems and, as the BNPL boom shows, innovations are constantly taking place to find simpler and more convenient ways to close purchases.
Also published on Medium.
