When starting a new ecommerce project in Magento 2, it’s important to consider which payment platforms to use and how many payment methods to offer to your customers. ObjectWave is here to help with this blog post on Magento 2 payment methods.
Which payment methods should I use?
In Magento 2, there are several payment solutions already pre-installed and vetted by the Magento community. Trust is critical when dealing with customers’ financial data, so we encourage companies to select Magento-approved options and, whenever possible, ready-to-use payment module integrations. In particular, we recommend PayPal, Braintree and WorldPay.
• PayPal is a Magento Platinum Partner and offers one click integration in Magento 2. PayPal’s Express Pay button allows clients to enjoy one-click payment across every channel and device, aligning with the simplified payment process on Magento 2.
• Braintree, a PayPal subsidiary, offers an all-in-one solution for the store’s shopping cart. Clients can pay with credit or debit cards, PayPal, Apple Pay and even Bitcoin.
• WorldPay is another popular payment gateway integration and is well established in Magento 2. WorldPay accepts every major payment method and accepts over 120 types of currency.
Both WorldPay and Braintree eliminate the PCI certification requirements from the commercial stores since the customers’ payment information is sent through their own systems without storing the relative data in Magento.
How many payment methods should I offer?
Modern consumers are demanding a wide variety of faster payment methods like PayPal and Apple Pay. With this in mind, it’s becoming increasingly important to offer multiple payment methods to meet your customers’ needs.
While we definitely recommend offering multiple payment options, we also advise you be moderate in the number of platforms, as they all depend on specific variables and requirements such as location, target audience, products and distribution channels offered by the company in question. You also don’t want to offer too many payment options to the customer, as it may cause confusion, slowing the checkout process along the way. Definitely offer multiple payment options tailored to your customers’ needs, but all in moderation.
The support of an experienced digital commerce solutions provider , such as ObjectWave, is an important success factor, since a skilled integrator can help you clearly identify the pros and cons of the different payment modules you can use. That, along with a marketing profile, will allow you to research and validate the target audience and their respective preferred paying methods.