Payment is the final gate before a completed purchase, and this is where you can lose the customer in an instant - if they cannot find their preferred payment method or if they doubt the security. Both can be fixed: a wider choice of payment methods and visible security elements noticeably raise conversion at this very step. According to research, a wider choice of payment lifts conversion by around 12 to 15 percent, and security marks at checkout do so even more for less well-known stores. Below is which methods to offer and how to show that payment is safe.
Several payment methods
Offer a variety of payment methods, since customers expect to be able to pay in a way they know and trust: cards, PayPal, bank transfer, cash on delivery, and similar. Stores with several fast payment options usually achieve noticeably higher conversion than those with only one.
A missing preferred method is a common reason for leaving right before payment - according to research, around one in eight customers abandons a purchase precisely because their desired method is not available. It is important to offer the methods your customers actually use.
Express payments and digital wallets
Digital wallets such as Apple Pay and Google Pay allow payment with a single tap, without entering card and address details. For customers on mobile devices this is often the fastest and most preferred path to purchase.
Such express options are especially valuable because they remove a large part of the input right where the friction is greatest. An express payment button, shown early enough, can bring the customer to a purchase in a few seconds.
Deferred payment and instalments
Instalments or deferred payment (for example through providers such as Klarna) let the customer make a purchase they might otherwise not afford right away. For more expensive products such an option noticeably raises conversion and reduces abandonment.
For some customers deferred payment is even decisive: if this option is missing, they often abandon the purchase. Offer it where it suits your products and price range, not everywhere without thought.
Visible security and trust
Security marks, a display of a secure connection (SSL), and logos of recognised payment methods tell the customer that their data is protected. Place them where the customer enters payment details and right next to the payment button, since that is where doubt peaks.
The effect is large, especially for less well-known stores: visible trust marks at checkout can raise conversion by tens of percent. It is crucial that the marks are genuine and real, otherwise they do more harm than good.
How to set it up in Magento
Magento supports basic payment methods by default, and you add more through payment provider modules (card gateways, PayPal, wallets, deferred payment). You usually add payment method logos and security marks as static blocks next to the payment fields, without touching the code.
For express payments, digital wallets, or deferred payment, a dedicated module or a connection with a chosen provider is required. Before choosing, it is worth checking which methods your customers use most and adding those first.
How to measure whether it works
Track conversion by individual payment method and the abandonment rate at the payment step itself. If more customers complete the purchase after adding a new method or visible security elements, the change has succeeded.
It is also useful to observe which methods customers actually choose and adjust the offer accordingly. Often even an added popular method or more clearly displayed security noticeably raises the share of completed purchases.
