The need for alternative payment methods (APMs) is rising. It is crucial that businesses adapt. Last year saw a 55% rise in global e-commerce payments made by alternative payment methods. APMs like Sofort, PayPal, and Revolut are now used just as much as traditional methods. Therefore, integrating a secure payment gateway with more local payment methods is crucial, and Macropay has everything you need on offer.
The Industries Integrating Alternative Payment Methods
More and more industries are getting on board and becoming e-commerce powerhouses. Therefore, businesses must react to these trends to ensure they continue to grow and acquire and retain customers. Many industries have already thrived from integrating alternative payment methods, while others are only now beginning their journey. Let’s take a look at how APMs affect different industries.
Gaming is a highly lucrative industry, so it makes sense to incorporate a range of local payment methods. For example, the use of e-Wallets on popular e-stores such as on the Nintendo and PlayStation systems.
Payment for in-game purchases can be paid through an Apple subscription or added to phone bills for post-payment.
Entertainment payments such as streaming subscriptions made from your phone can be added to your phone bill. Streaming and entertainment subscriptions paid through iOS apps, such as Spotify, will also appear as subscriptions automatically paid every month.
The fashion industry is already thriving off the use of alternative payment methods. The fashion industry made buy-now-pay-later solutions popular, and even more companies and payment plans are popping up to entice customers. 47% of millennials and 41% of Gen Z-ers purchase a fashion item each week. This highly competitive industry will continue to find new ways to allow payment and keep the competitive edge.
The cosmetics industry is catching up with the integration of APMs. With the use of online and in-store local payment methods available such as Afterpay, which allows you to buy now and pay later, luxury cosmetic brands are acquiring even more customers and will continue to do so.
If the recent pandemic has taught us anything, it’s that being able to buy pharmaceuticals online safely is imperative. Offering multiple local payment methods is essential to provide customers with the medication they need. Alternative payment methods allow your customers to easily buy what they need and make vital products even more accessible using services such as Afterpay or Klarna, which introduce payment plans.
Alternative Payment Method (APM) Integration is Key
Offering alternative payment methods is the key to gaining customers and making greater profits online. With more payment options and plans, your products and services become more accessible to customers. Macropay is a secure payment gateway provider that can provide your business with the alternative payment methods and advice needed to thrive regardless of your industry.
Get in touch with our in-house experts here and explore the possibility of integrating APM’s in your business.