Payment Gateways: How to adapt your online store to evolving customer preferences

Payment preferences in online stores

Payment preferences in online stores have shifted from more traditional methods to diversified options that favor speed, convenience and security. This evolution in payment preferences in online stores reflects a shift from the predominant use of Multibanco references to digital solutions that are more agile, up-to-date and adapted to mobile devices.

The main payment methods preferred by the Portuguese reflect the demand for more agile options. From Multibanco reference, to MB Way, instant transfers, VISA credit cards and digital wallets such as Apple Pay or Google Pay that allow fast and secure transactions, these are options that are becoming increasingly popular in Portugal.

BNPL (Buy Now Pay Later) - e.g. Klarna - has also been gaining momentum by allowing interest-free installments and immediate approvals, so it is also a growing payment method due to its flexibility and convenience.

“71% of Portuguese have already used BNPL in the domestic market, 41% of whom are regular users.” FLOA x Kantar study 2023

Payment gateways: the relevance to the customer experience

Considering your online store's payment gateways is more than just a convenience, it's a decisive factor in building an agile, secure shopping experience tailored to each customer's preferences.

By offering various payment methods - e.g. VISA, PayPal, digital wallets, BNPL - you allow each customer to choose the option that best suits their needs, which reduces possible hesitation or withdrawal and enhances checkout. In addition, if a payment gateway is unavailable or has a problem, it has alternatives to allow the customer to complete the purchase without having to leave the checkout.

Presenting several current and popular payment options is also a way of conveying credibility and trust to the customer, which consolidates the brand's reputation and encourages the customer to return to the online store to buy again. It is an effective strategy for providing a good customer experience that is agile, secure and tailored to their needs.

Payment gateways combined with a simple and fast checkout process

Aligning various payment gateways - both current and popular - that meet customer preferences with a fast, simple and secure checkout experience are strategic elements to consider in your online store to reduce cart abandonment. This combination reduces barriers, satisfies preferences and promotes a better shopping experience - essential factors for increasing sales, building customer loyalty and keeping businesses competitive in the online sales market.

iNovaDigital: How can we facilitate the evolution of online stores by integrating payment methods that suit our customers' preferences?

Choosing and integrating efficient payment methods that suit your customers' preferences is fundamental to the success of an online store. iNovaDigital stands out as a strategic partner by developing solutions that combine technology with the customer experience.

iNovaDigital understands that a diversity of payment methods is essential to meet customer preferences, so we use the latest online payment technologies - MB Way, Klarna, EasyPay and more - to guarantee a practical and intuitive shopping experience for your customers.

In addition, iNovaDigital focuses on creating online stores that not only sell 24/7, but are also optimized for the buying patterns of your target audience, guaranteeing a fluid and efficient experience.

For companies looking to create an online store or renovate their online store, iNovaDigital offers a customer-centric approach, with the latest payment methods and a simple, secure checkout process. This approach not only improves customer satisfaction, but also boosts sales and customer loyalty to your brand.