For any small business in eCommerce, the number one priority is to make that sale. So how do you get more customers to leave with a full cart?

There are many reasons why customers flip-flop during online shopping. Sometimes, they’re in research and comparison mode. Other times, there’s more than one person making the decision and they never reach the checkout on your site.

Putting aside the human factors, payment methods do matter. In fact, new research shows that payment technology has become a critical differentiator in the marketplace for small and medium businesses looking to stand out from the crowd.

The ‘end of checkout’ experience

Payments giant PayPal’s 2024 eCommerce Index reveals that businesses may be losing out simply by not offering consumers their preferred payment option at checkout.

According to the study, conducted by Fifth Quadrant Research with PayPal, 59 per cent of Australians are more likely to complete an online purchase if their preferred payment method is offered, while 36 per cent have abandoned purchases when their preferred option wasn’t available.

So if your business has limited payment options or a payments process that isn’t as smooth as your competitor’s, you could be missing those precious sales without even realising.

“Today’s consumers expect a seamless checkout experience, regardless of how they choose to pay,” says Simon Banks, managing director of PayPal, Australia.

“Businesses that don’t offer choice and flexibility around payment options are increasingly finding themselves at a competitive disadvantage.”

Simon Banks, managing director of PayPal, Australia. Image: Supplied.

Current online shopping patterns

Why do payments matter? In a climate of ongoing economic uncertainty, and at a time when small businesses face increased competition and often spend extra marketing dollars just to reach the right people, one thing you can control is the customer experience.

If you’re thinking about end-of-year sales events like Click Frenzy, Black Friday, Cyber Monday, Christmas and Boxing Day, you want to make it as easy as possible for customers to complete the sale – especially considering that many Aussies are watching their dollars a little more carefully right now.

So, if you want to compete for those dollars, reducing the friction at checkout can be a make-or-break opportunity.

A solution for Aussie businesses

Many Australian small and medium businesses are adopting comprehensive payment solutions like PayPal Complete Payments, which enables businesses to accept credit and debit cards alongside Australia’s most popular digital wallets including Apple Pay®, Google Pay™ and PayPal – all through a single integration.

“This is a real game-changer for Australian small and medium businesses who can now do so much more with PayPal due to the extensive suite of tools on offer within the one integration,” Simon notes.

“This comes on top of PayPal’s highly secure platform, our PayPal Pay in 4 Buy Now Pay Later (BNPL) service, and robust protection features available for businesses.”

Small businesses using PayPal Complete Payments can offer their customers PayPal’s BNPL solution, PayPal Pay in 4, at no additional cost beyond their existing PayPal rates.

PayPal Complete Payments is available through major e-Commerce platforms including BigCommerce, WooCommerce and Adobe Commerce.

Don’t forget cyber security in payments

In this era of heightened cyber threats, taking active steps to prevent digital fraud can also be a point of difference for your business.

Three in five Australians (59 per cent) are extremely concerned about their personal or banking information being compromised, according to PayPal’s eCommerce study. Meanwhile, 89 per cent of businesses say they’re taking steps to improve their information security.

In the payments space, leaning on third-party partners can help businesses improve their security features, mitigate fraud, and address the changing needs of customers. For example, PayPal Complete Payments enables small businesses to allow their customers to securely store their payment methods in the PayPal vault for future purchases.

This provides a quick and easy checkout experience for shoppers, as their payment details have been securely saved, and helps businesses reduce card declines, drive conversions, and facilitate repeat buyers.

Customers can also save multiple payment methods – from PayPal to cards – in the PayPal vault. Once saved, these payment methods will remain fresh via PayPal’s real-time account updater service and network tokens, which automatically update lost, stolen or expired cards on file. This can help drive more conversions and sales.

Get ready to fill those carts

One of the most exciting things about eCommerce is how quickly technology improves, and how customer preferences continue to evolve with those changes.

For small businesses, it can be a lot to keep on top of. But if you offer choice and flexibility, you’re already ahead of the competition.

Read the full PayPal 2024 eCommerce Index here. 

Learn more about PayPal for business at www.paypal.com/au/business.

This article is brought to you by Kochie’s Business Builders in partnership with PayPal.

Featured image: Supplied.