Diversity of Online Payment Methods As a Competitive Advantage
Having a payment gateway that offers different online payment methods is essential for companies that are able to gain new customers and increase their sales.
Hence the importance of having this variety of options in your online store.
Today, the means available to pay online are so diverse that it is necessary to have a payment platform that offers its customers the possibility to choose how they want to pay.
That is why it is essential to have the largest number of payment methods on your gateway and that it, in turn, is constantly updated with new methods to integrate them as quickly as possible.
On the one hand, because they help with conversion, and on the other because it is a way to consolidate the inclusion of new users interested in other offers that allow you to pay in less conventional ways, aspects that also require knowing the profile of your audience and being able to choose the means of payment best suited to its customers.
The popularity of online payments is increasing as people are starting to recognize their convenience and easy operation.
The fintech space in India is actively innovating and introducing new types of services and solutions.
There are numerous types of online payment options available like card payments, wallets, and who can forget UPI – a phenomenal game-changer for the Indian fintech industry!
And as time has progressed the popular payment modes like recurring payments, EMI has emerged replacing the traditional payment modes.
With these many options on the plate, customers are becoming more choosy while selecting payment methods and modes.
With the plethora of options and attractions like reward points, cash back, etc.
And personal preferences customers tend to favor specific payment methods and modes over others.
The absence of a payment method or mode that the customer is comfortable with can lead to cart abandonment and can affect customer loyalty.
That’s why Lyra stands out in the market. Lyra offers 100+ payment options with 40+ shopping cart plugins.
Merchants can provide their customers with their preferred options. The most important payment methods currently received on Lyra’s platform are card payments.
Such as Visa, Mastercard, RuPay, etc. in addition to virtual wallets, widely popular UPI, and others.
Not only that, but considering the current trend of digital payments, Lyra also offers different payment types.
With Lyra’s solutions, merchants can offer their customers a wide variety of payment types as per their choice. For example EMI payments, split payments, recurring payments, etc.
Additionally, with our gateway model, commercial establishments, by closing their agreements directly with financial entities (acquirers), end up cutting intermediation and reducing costs related to commissions.
The dynamic and flexible routing not only increases payment success rates but also enables cost optimization.
Lyra is PCI DSS V 3.2.1 compliant and 3D secured. Considered as one of the most secure payment gateways in India, Lyra is the most preferred partner for financial establishments.
To learn more about the payment methods and features available with Lyra,
contact us now! With our field experts establish your presence locally and globally