With the digital economy evolving rapidly, companies should be more than ready to accept multiple payment methods in Kenya. It does not matter the country your customers reside. They can make payments as long as you provide them with various payment options.
Online payment methods used to be MasterCard and Visa but the growth of technology has provided companies and merchants with multiple payment methods. More options like Apple pay, Mpesa, PayPal, DPO, Skrill and many others are available to make payments easy.
If an e-commerce business does not provide multiple payment methods, they are bound to phase away.
5 Reasons companies should accept multiple payment methods in Kenya.
Here are the 5 reasons for companies accepting multiple payment methods in Kenya.
Higher international sales.
Companies that have multiple payment methods in Kenya have an added advantage of reaching out to wider demographics.
Customers across borders are able to make payments using their preferred method in their country. One can now access clients and suppliers from anywhere in the world and be able to receive payments instantly.
These multiple payment methods ensure that businesses are growing and achieving their maximum potential.
Enhancing user experience.
Multiple payment methods help businesses to provide great customer experience. When the customer engages with a checkout page with multiple payment methods, they find it easy to execute payments.
According to EY global, 80% of adult Kenyans have a mobile money account with transactions via mobile devices representing 87% of their GDP.
This explains how great customer experience can benefit companies with multiple payment methods in Kenya. 22% of the population in Kenya uses debit or credit cards to make payments. This is good news to companies with multiple payment methods in Kenya.
Minimize abandoned carts.
Cart abandonment is a constant source of frustration for online businesses. 80.68% of shoppers abandon a site after adding items to their cart according to Salecycle client data in 2021.
One of the best ways to minimize this problem is to have a clear Call to action (CTA) especially on the checkout options. Therefore companies with multiple payment methods on their sites will be able to reduce the number of customers who abandon the shopping carts.
Maximize conversions.
A company can’t just throw an online store together; its online presence needs to be designed so as to encourage consumers to buy.
Integrating a checkout with multiple payment methods increases the conversion rate. You will be able to turn browsers into buyers.
According to Baymard’s institute survey, 9% of shoppers abandon carts because there weren’t enough payment methods. Therefore companies should accept multiple payment methods in Kenya in order to boost their conversion rates.
Provide backup when gateways crash.
Another reason why companies should accept multiple payment methods is unforeseen payment gateways crashes.
In 2021, the Kenya National bureau of statistics reported a 71% cyber attack for card fraud. Companies which lacked other payment methods were more prone to these attacks as compared to companies with multiple payment methods.
Having multiple payment methods allows your customers to choose another safer payment option in case of a crash of one payment gateway.
Now you know what works better.
You have the 5 reasons why companies should accept multiple payment methods in Kenya. Feel free to get more help so that you can take your business to a whole new level.