Multiple payment methods: how to offer more ways to pay

If you limit the ways that your customers can pay, you may be limiting the amount of customers you have.

Buyers expect choice. Not just in terms of what they buy, but how they pay for it. This could be instantly via a bank transfer, splitting payments over time or using a familiar online payment platform that they already trust. More checkout options means more reasons to say yes - or rather, fewer reasons to say no.

Why multiple payment methods matter for UK businesses

As we alluded to in our introduction, buyers are more likely to complete a purchase if they can pay in a way that they are comfortable with. If your payment method is unfamiliar or convoluted, it could lead your potential customer right to your competitor. Offering more payment methods isn't just about convenience, it's about higher conversion rates, a better customer experience and an improved cash flow.

Here's how multiple payment methods can benefit your business:

• Higher conversion rates - fewer people abandon checkout because of limited options
• Improved customer loyalty - returning buyers are more likely if it’s easy to pay
• More accessible sales - offering Pay Later or instalments makes higher-value orders possible
• Reduced admin - modern tools can automate invoicing, tracking and payment collection

If your business offers trade credit, then it's even more important to get this right. When you integrate flexible payment options like Pay Later with iwocaPay, you can offer more flexible payment solutions, while still getting paid instantly yourself.

Popular payment methods your customers expect

Every business will attract a different customer base, but there many payment solutions that will be universally expected, no matter who your customers are. These include:

• Bank transfer (BACS / FPS) - still the standard in B2B, especially for invoices
• Debit and credit card payments - including contactless payments and Google/Apple Pay. Familiar and convenient, but can incur fees for sellers
• Open Banking payments – fast, secure and lower-cost than cards. Direct from your customer's bank account to your business bank account.
• Buy Now, Pay Later (BNPL) – lets customers spread payments over time
• PayPal or other digital wallets – quick and simple for repeat buyers

When considering which payment options you want to provide for your customers, make sure you have a combination of these.

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How to choose the right mix of payment options

There is a temptation to offer every payment option going, but that might not be the right decision for your business either. You don't want to overwhelm your staff by over complicating things when you don't need to, and setting all of these methods up takes time and money.

Consider the following points to help streamline the payment options you provide:

• Your average order value - higher-value orders may benefit from BNPL options
• Your buyer preferences - do they prefer paying manually or through an online checkout?
• Your margins - weigh the cost of card transaction fees vs. free Open Banking tools like iwocaPay’s Pay Now
• Your sales channels - ecommerce, invoices or phone orders all need different payment systems

Ideally, if you are a B2B seller, you want integrated solutions that work across different payment gateways, which help you streamline things behind the scenes as well as having a cleaner user interface. What you're looking for is flexibility, within the parameters that your customers expect and are familiar with.

Steps to add multiple methods to your checkout

Getting yourself set up with the right payment options doesn't have to take up too much time and money. Just follow these simple steps to get your system up and running.

1. Review your current setup - what do you offer and what’s missing? Have you received feedback from your existing customers? Do you need to be able to accept payments online and in person? What about international payments?
2. Choose your provider(s) - look for ones that offer Pay Now and Pay Later options together, look at the monthly fees, read reviews
3. Integrate with your systems - set up a merchant account and link with your ecommerce platform or accounting software
4. Test the user experience - go through your own checkout flow to spot friction
5. Let customers know - update your payment terms and make the options clear at checkout

Offering more options for your customers doesn't have to mean a lot of work at your end. In fact, if you pick the right payment processing service, you may find that you end up saving time and money.

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Best payment processors for supporting multiple methods

Finding the right platform for processing payments can seem overwhelming at first. We have shortlisted some of the most popular payment processors, with a range of different services. Have a look through this list and find which ones suit your business.

• iwocaPay -. Designed specifically for UK small businesses, iwocaPay stands out by letting customers pay upfront or spread the cost over 1, 3 or 12 months, while you get paid in full immediately. Book a demo to see how easy it is to use.
• Stripe - Supports credit and debit card payments, bank transfers, wallets (Apple Pay and Google Pay) as well as subscription billing. Customisable payment interfaces. Great for SaaS businesses.
• GoCardless - As the name suggests, they focus on non-card payments, especially recurring payments and subscriptions. Not as flexible as some of the other options, but great if you usually deal with direct debit payments.
• Square - Best used for point of sale (POS) systems. Ideal for retail businesses, as well as restaurants, beauty salons and bars. Can be used to manage inventory, appointments and team members.
• PayPal - One of the most famous payment providers, recognised globally, which builds trust. They tend to have higher payment gateway fees, so may not be the economical option.

Cross reference your list of what you need from a payment provider with what these companies offer. Try a demo and test them out to find the perfect one.

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Conclusion

Offering multiple payment options to your customers is no longer a 'nice to have', it's a competitive advantage on multiple levels. With the right combination of options you can convert more customers, remove cash flow blockages and reduce the amount of time you and your team spend chasing payments. It's all done for you, and in a way that your customers are comfortable with.

iwocaPay makes this easy for B2B sellers. Whether your customers want to pay today or spread the cost, you’ll always get paid upfront - helping you grow with less risk and less admin.

Ready to add more ways to pay? Learn how iwocaPay works for sellers. Give your customers more reasons to say 'Yes'.