What are Types of Payment Methods for E-Commerce?
“It’s hard to find things that won’t sell online.”
– Jeff Bezos
This promise of finding your customers in a world of online shoppers turned out to be accurate. But here’s the catch: to successfully sell online, you also have to be able to take payments seamlessly.
You have to know what types of payment methods for E-Commerce are most popular with the customers you want, and then you have to support them.
In the early days of Amazon, it was basically credit card or bust. But it’s a new day online. There’s a World of PaymentsTM out there. And for E-Commerce, the more types of payment methods you accept means more customers around the world.

Types of Payment Methods for E-Commerce Businesses like Yours
“For E-Commerce, the most important thing is trust.”
– Jack Ma
Almost half of customers surveyed by Paysafe cited security as their primary consideration when choosing an online payment method. Furthermore, 62% would feel anxious if they didn’t see some security measures before payment.
But the same study found very little appetite for more friction than absolutely necessary, with only 19% of respondents saying they’d be willing to jump through more hoops to make payments safer.
So, the number one feature you should be looking for is top-notch security with a high degree of efficiency.
With this in mind, these are payment methods you should consider accepting if you don’t already:
Credit and Debit Card Payment
Credit and debit card are the most common payment methods offered because they’ve always been the easiest and safest option for both customers and vendors.
But new, more innovative solutions have been introduced over the last five to ten years that are challenging credit and debit cards in security and ease.
BNPL Payment
Generally facilitated through a credit card, Buy now, pay later (BNPL) transaction volume is growing fast and expected to reach $725.36 billion by 2030. It offers customers more purchasing power by splitting the cost of a purchase into smaller payments over time.
E-Commerce retailers love BNPL because it clearly increases average order value and leads to higher conversion rates.
Bank Transfer Payment
This is a cheaper, less intrusive and equally reliable alternative to credit cards. But it can be more cumbersome for customers and it can take days to process, which is why its use in the E-Commerce world is declining.
Cryptocurrency Payment
Representing a tale of two extremes, crypto transactions are extremely secure and very easy to facilitate, but the currency itself is extremely volatile and not widely accepted yet.
Digital Wallet Payment
Apple Pay and Google Wallet are two you probably know of because they dominate in North America. In China, the dominant digital wallets are Alipay and WeChat Pay. In the Philippines it’s GCash, and Rupay in India.
Beyond opening up new markets and attracting new customers simply by offering a payment method they already trust, some of these digital wallets create opportunities for retailers.
For example, payments using Alipay and We Chat Pay are facilitated with QR codes. A shopper scans the code with their phone, triggering an automatic payment straight from their account, with no need to exchange personal information. This means more security compared to credit cards, with less friction.

Accept Local E-Commerce Payment Methods Anywhere
“Online, the smallest company can look like the largest company.”
– Steve Jobs
If you’re competing around the globe, you’re competing with the globe. And what percentage of your international prospects would abandon you for a competitor that offers their preferred payment method? For example, if you have Chinese customers and want to cater more to that demographic, accepting Alipay and/or We Chat Pay through your E-Commerce store would be a good idea.
And if Chinese customers see you doing business in their financial language, it doesn’t matter whether you’re headquartered in London, England, or London, Ontario.
Accept Global E-Commerce Payment Methods for Local Customers.
As we discussed in the last article about choosing a payment processor for taking in-person and E-Commerce payments, (a) the Canadian population grew by over a million people in the last two years, with 97.6% of that growth fueled by immigration; and (b) US immigration rates are the highest they’ve been in 20+ years.
If you’re one of the few retailers that give these new North Americans a soft landing by accepting the E-Commerce payment method they’re accustomed to, they’re much more likely to choose you over a competitor. And retaining an existing customer is five to seven times less expensive than acquiring a new one.
A Payment Processor to Facilitate Many Types of E-Commerce Payment Methods.
If you want to offer more payment methods online with less friction choice, OTT Pay would be your best bet — especially because our solution automatically converts your customer’s payment into American or Canadian dollars. We can provide you with eCommerce solutions (and corresponding POS terminals if you need them) to accept all kinds of payment methods using our all-in-one World of Payments™ solution. Unlock new markets and grow your business with OTT Pay.