When you open and run a brick-and-mortar store, it’s simple to charge customers after every purchase they make. However, it is a different process when running an online shopping store, particularly a WooCommerce store.
Your buyers want a straightforward way to make payments for their purchases. As an owner, you need a way to receive those payments.
As a WooCommerce store owner, you have several payment methods available to you. Also, you must get a WooCommerce payment method such as WooCommerce payments Square that offers the best experience for vendors and customers.
This article has covered the factors to consider when choosing a reliable WooCommerce payment method. Also, we will be reviewing the best payment solution for WooCommerce.
Let’s dive in!
Essential Features for a WooCommerce Payment Method
No WooCommerce payment method is one size fits all. Every payment option has its merits and demerits that make them satisfy specific types or sizes of business better.
However, it would be best to think about the following things when choosing a payment gateway for WooCommerce.
1. Customer Shopping Experience
Irrespective of the payment solution you choose, make sure to make life easy for your buyers and make their shopping experience worth it. Today, you cannot outperform your competitors without giving them the best shopping experience.
2. Target Market’s Geographical Location
A few WooCommerce payment solutions only work in specific geographic locations. The best example is PayPal.
So, when you choose a payment gateway for your WooCommerce store, you should think about where your customers are from.
3- Transaction Fees
The transaction fee charged by WooCommerce payment companies is a crucial factor to consider. The reason is that it directly impacts your products’ pricing and your profit margins. It would be best to think about the rate per transaction and the monthly payment that a few WooCommerce payment gateways charge.
Observing the transaction fee helps you establish if you are getting the right value for money from the payment company. Some WooCommerce payment options offer high transaction fees with no monthly charges, while some have lower transaction fees plus monthly charges.
You must also check for chargeback fees, annual fees, settlement fees, anticipation fees, statement fees, and cancellation fees. It would be best to consider all the things mentioned above to know the actual cost of the payment method you choose.
4. Payment Cards Accepted
Pick a WooCommerce payment option compatible with the majority of the available debit and credit card providers. Regular cards to look out for include Visa, MasterCard, and American Express.
5. Global Accessibility
One benefit you will have to enjoy from using WooCommerce is access to a worldwide audience, irrespective of your location. Thus, while picking a WooCommerce payment provider, you need to make sure you consider the potential growth of your online business and the location of your potential target audience when your business expands.
In this way, you get to select a payment method that serves your existing audience and is acceptable in every country you plan on expanding to.
6. Availability of Fraud Detection Tools
With fraud cases on the rise, you have to choose a WooCommerce payment method that is risk-free and secure. With its fraud detection features, the payment provider you select must improve your customers’ transaction quality and block payment fraud.
The Best WooCommerce Payment Method
Square
Square is arguably the most reliable payment method for WooCommerce. Square helps you process both offline and online payments. So, whether you have a physical store or an online store, Square lets your customers pay.
Moreover, Square has several useful extensions that you can integrate into your WooCommerce store. Square also has a dashboard that lets you keep track of your cash flow, transactions, and even your inventory.
This WooCommerce payment option offers online store owners various payment structures. They include membership fees, donations, standard transactions, and appointment scheduling fees.
Transactions made through this payment method are secured as Squarely uses end-to-end encryption and is PCI compliant. Payments can be deposited into your bank account within a day or two.
Pros
flat-rate pricing system
Amazing customer support
Cons
It is unsuitable for large-scale businesses
Accounts might experience stability issues
Final Words
We hope the above-discussed list enlightens you with a wide range of WooCommerce payment options. The best WooCommerce payment method for your online store, apart from Square, will depend on many aspects, including your form of business. Therefore, always remember to compare the cost with the features you stand to enjoy.
source https://www.jbklutse.com/choosing-a-woocommerce-payment-method/
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