Offering multiple payment options proves advantageous not only for attracting more business but also for generating increased revenue streams by catering effectively to different customer preferences. Besides widening the consumer base and helping boost sales figures, it works wonders for gaining trust & fostering brand loyalty among them over time.
Business owners who provide clients with multiple payment modes also tend to unlock higher chances of keeping them happy as this leads to easier transactions and other checkout procedures.A satisfied clientele would lead to repeat orders and higher ticket size thereon.
Including a variety of payment patterns ultimately paves the way for successful business strategies revolving around higher profitability standards overall.
WooCommerce offers a variety of payment options that make it convenient for businesses to set up their online store. These built-in choices include Direct Bank Transfer (BACS), Cash on Delivery (COD), and PayPal, each with its own benefits and disadvantages tailored to the specific needs and preferences of both the business and its customers.
Having a good understanding of these available payment methods can help you determine which ones are suitable for your online store.
Direct Bank Transfer (BACS)
BACS, also known as Direct Bank Transfer, is a payment option that enables customers to transfer money directly from their personal bank account to the merchant’s business bank account. It is considered a reliable and uncomplicated method since it involves no online transactions.
There may be instances where payments are delayed or unsuccessful due to mistakes or delays in the banking process.
Even though BACS has its limitations, it remains a secure payment method within WooCommerce because it eliminates the need for online payments by providing direct transfers between merchant accounts.
