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Here Are The 5 Best Mobile Payment Solutions For Your Online Store

  • Conversion Rate Optimization

Mobile accounted for 44.7 percent of US e-commerce sales in 2019.

By 2021, it’s expected to officially hit the tipping point and account for over half (53.9 percent) of US e-commerce sales.

These numbers show how critically important it is to provide a seamless experience for mobile users. And a big part of that is making the checkout process fast and secure. 

According to research from the Baymard Institute, having too long or complicated of a checkout process is the reason for 21 percent of e-commerce shoppers abandoning their cart. 

And not trusting a website with their payment information was the reason for 17 percent of e-commerce shoppers leaving.

For this post, I’m going to discuss the best mobile payment solutions so you can 1) make the checkout process smooth and seamless and 2) establish a high level of trust with shoppers to increase the likelihood that they complete their purchase. 

That way, you can keep mobile shoppers happy and boost your conversions. 

Let’s jump right in.

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1. PayPal

Recognizing a payment solution factors in heavily to putting an e-commerce shopper’s mind at ease. Just put yourself in their shoes for a second.

Would you feel more comfortable entrusting your sensitive payment information to a brand that’s instantly recognizable or to a brand that’s questionable and a little sketchy?

Of course, it’s the former. And when it comes to brand recognition among payment solutions, it doesn’t get much bigger than PayPal

Merchant Maverick points out that as of February 2020, PayPal had 305 million active consumer accounts and 22 million merchants from all over the world. So it’s clear that this is a widely recognized and highly trusted payment processor.

What I love about PayPal is that using it can have a dramatic impact on conversions. In fact, “PayPal checkout converts at 88.7 percent—82 percent higher than a checkout without PayPal.”

That is enough to pique the interest of any e-commerce store owner, and the main reason why I consider it to be one of the best mobile payment solutions out there. 

But there are several other benefits of using PayPal. 

They offer reasonable and transparent pricing at 2.9 percent plus $0.30 per transaction for online payments.

They partner with hundreds of online solutions providers, so the platform seamlessly integrates with major e-commerce platforms like Shopify and WooCommerce.

They have a fully optimized mobile app that you can easily integrate with your shopping cart. Here’s an example from outdoor brand Eastern Mountain Sports.

You can receive money in over 100 different currencies, which makes it ideal in our globalized age. And PayPal also uses robust security and fraud monitoring to keep your customers safe. 

With cybercrime routinely making headlines, this is super important and crucial for making shoppers feel comfortable with completing their orders. 

You can get a full rundown on all of the features here.

2. Stripe

Although it doesn’t have the same level of brand equity as PayPal, Stripe has experienced major growth in recent years and is quickly catching on. 

According to BuiltWith Technology Lookup, over 942,000 websites were using Stripe as of April 2020. And just look at how usage has spiked since 2011.

It’s off the charts and shows that Stripe is definitely heading in the right direction. 

Pricing for the basic “Integrated” option is the exact same as PayPal at 2.9 percent plus $0.30 per transaction, which is reasonable.

And there’s a lot to like about this mobile payment solution.

Here are some of the highlights:

  • It’s simple and user-friendly
  • It’s a global platform that’s able to process payments using more than 135 different currencies across 25 countries
  • It’s extremely scalable, which is perfect for growing e-commerce businesses
  • You can use it to customize your checkout using fonts and colors that perfectly match your brand
  • Stripe Elements support popular browser payment methods on mobile for a speedier checkout time

It also features comprehensive security and is certified to the highest industry standards. 

Stripe even uses sophisticated machine learning to prevent fraud without causing disruptions for legitimate customers. 

This way, you and your customers can rest easy knowing that their payment information is in safe hands. And because it’s a developer-centric platform, Stripe is continually making iterative improvements to enhance the product. 

Skincare and beauty company Glossier is one notable brand that uses it and has sung its praises.

One particular statistic I found interesting was from a study by the International Data Corporation, which found, “Businesses increase their revenues by 6.7 percent with Stripe.”

This was primarily due to 59 percent higher developer productivity, 81 percent fewer unplanned outages, and a 24 percent lower cost of operations.

Put this all together, and Stripe is one of the best mobile payment solutions available. 

Check out Stripe Payments for more details and a full list of features.

3. Apple Pay

Apple Pay is one of the most popular digital wallets and has gone from having only 67 million users in September 2016 to 441 million in September 2019.

In terms of iPhone users’ reach, nearly half (49 percent) had activated Apple Pay as of September 2019. That’s pretty impressive and shows that a sizable portion of mobile shoppers are receptive to it. 

The first thing to mention about Apple Pay is that it’s free, where you don’t have to deal with set up costs or transaction fees. This is a huge plus for many e-commerce brands who are dealing with tight budgets and don’t want their mobile payment solutions to cut into their revenue.

Next, it’s extremely convenient for mobile shoppers to use. They can use their iPhone, iPad, or Apple Watch to quickly and painlessly check out with a tap or just a glance with Face ID.

Over the years, Apple has gained a reputation for being one of the most innovative brands on the planet, and this platform continues that legacy, making it super easy for shoppers to purchase. 

Another thing I love is that customers can use it all over the world. Everywhere from the US and Europe to the United Arab Emirates and Asia-Pacific supports Apple Pay.

This is important for expanding your customer base and tapping into more markets. Apple Pay also places a large emphasis on security. 

For example, “every transaction on your customer’s iPhone or iPad requires Face ID, Touch ID, or a passcode.”

This means your customers’ payment information stays safe, and you don’t have to worry about payment fraud. And numerous brands have had amazing results by using this platform.

One of which is Cocoweb, a company that specializes in high-end art lighting and LED light fixtures.

Their goal was to use Apple Pay to lend legitimacy to their brand, making them feel more credible to shoppers, while at the same time simplifying the checkout process.

After implementing it, they saw some fantastic results and were able to increase their mobile conversion rate by more than 20 percent. Here’s what their mobile checkout page looks like with the Apple Pay button.

So to recap, the main selling points of Apple Pay are that:

  • It’s free
  • It’s simple
  • It’s safe
  • It can make your brand look more credible

Therefore, it’s definitely a mobile payment solution worth considering for your e-commerce brand.

4. Google Pay

Google has a hand in seemingly everything these days, so it should come as no surprise that Google Pay is another major contender in the mobile payment market.

Take a look at how much this platform’s usage has grown recently.

There are several benefits of using Google Pay, but there are three things I love.

First, few brands have the brand reputation that Google does. When mobile shoppers see the Google Pay icon, they instantly recognize it, and many should feel comfortable completing their purchase. 

Second, this platform creates a smooth, seamless checkout process. “With a simple integration, you can access hundreds of millions of cards saved to Google Accounts and open up your business for more business.”

Considering that many people already have their payment information saved to Google Accounts, this makes it incredibly easy for them to make a purchase. 

And as we all know, the less friction, the better when it comes to mobile e-commerce sales.

Third, it’s free. Like Apple Pay, Google Pay doesn’t have any fees for merchants or customers, which is a huge plus. In the long run, this can increase your profitability significantly.

Besides that, you get strong security. In their own words, “Google securely stores payment information and only shares what’s needed for each transaction—reducing risk and exposure to fraud.”

So they certainly cover all of the bases with this mobile payment solution. And like most other products that come from Google, it’s fairly easy to set up. 

It’s also worth noting that many brands have had positive results by using Google Pay.

For instance, LARQ, a company that sells the world’s first self-cleaning water bottle, was able to boost its conversion rate by 20 percent.

Here’s what its checkout page looks like.

It’s concrete numbers like these that make Google Pay one of the best mobile payment solutions at the moment and one that’s poised to become even more popular in the future.

5. Square

Square is perhaps best known for being the first company to make in-person POS systems available to the masses via a chip reader.

This was cutting-edge technology at the time, but Square has come even further since. Now they offer a host of different payment options, including mobile payments.

Super current data isn’t available, but as of late 2017, there were about two million companies using Square. And I could only imagine that this number has grown since then, meaning that tons of brands trust this platform for handling their transactions. 

In terms of pricing, Square has the exact same structure as PayPal and Stripe, where it’s 2.9 percent plus $0.30 per each e-commerce transaction. 

Here are some of its primary benefits. First, it’s quick and easy for mobile customers to use. Square processes millions of payments every day, so they have the digital infrastructure in place to ensure fast, fluid payments.

Second, it’s suitable for small or large e-commerce brands, where there’s an emphasis on scalability. If you foresee growth in your company’s future, Square can certainly accommodate it. 

Third, there’s plenty of room for customization for mobile payments, and you can adjust the UX to match your brand. And considering that Square is a well-recognized payment platform, using it helps establish quick trust with shoppers. 

They’re also serious about security and use end-to-end encryption that’s “battle-tested every day, 24/7 to eliminate any potential vulnerabilities.”

They even have their own dedicated team of in-house data scientists and risk analysts to stay ahead of fraud. 

I should also mention that you can actually use Square to build your online store from scratch.

While this probably won’t be of any interest to e-commerce brands that are already established, it should be for those who are brand new and looking for an all-encompassing platform. 

A good example of a brand that has successfully used Square for this is Boneca Lathers, a company that sells handmade artisan soap.

Everything is handled through Square, including simple mobile checkout.

So if you’re looking for a hassle-free platform that handles the heavy lifting of mobile payments so you can focus on core business objectives, Square is definitely something to consider.

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Conclusion

The mobile payments industry is a hot one and becoming more and more competitive all the time. And that’s great news for e-commerce brands because it means continual advancements and reasonable pricing.

It wasn’t easy narrowing it down, but I feel these platforms are the five best mobile payments solutions due to a few key factors, including:

  • Brand recognition
  • Overall simplicity and user-friendliness
  • Security
  • Affordability 

Hopefully, you now have a better idea of the subtle nuances between each solution so you can decide which one or combination is best for your e-commerce brand. 

Which one of these mobile payment platforms do you prefer using when shopping online?

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