Local payment methods, also known as alternate payment methods (APMs) are regionally preferred payment processes. These payment options are specific to a particular country or region for bank transfers, mobile payments, e-wallets, and other payment methods commonly used in a market. Customarily preferred methods are essential factors for enabling customers to make payments conveniently and familiarly. Offering local methods for payment help e-commerce businesses expand into new markets, and they are more likely to attract customers vitalising their trust in the brand.

Accepting local payment methods can be especially important for eCommerce businesses since they rely on online transactions to generate revenue. Here are some ways local payment methods can help increase conversions for eCommerce businesses:

Cart Abandonment Rate: Cart Abandonment Rate: It is difficult to avert card abandonment, irrespective of the online business. Abandonment happens when a potential customer starts the checkout process for an online order but drops out of the process before completing the purchase. Card Abandonment Rates can be evaluated by dividing the total number of completed transactions by the total initiated transactions. This rate will identify the percentage of the site's users that signalled purchase intent by adding an item to the cart but did not complete the purchase. Having APMs helps reduce cart abandonment by increasing the probability of providing payment options as per clients' preferences.

Establishing Brand Credibility: Offering multiple payment options helps businesses establish trust and credibility, along with creating the perception that your business is serious about entering any market of choice. If a business offers a payment method that is already predominant, then the trust strengthens. Deploying a reliable local payment service provider in India can solve the problem like a cakewalk.

Localisation of Operations: A selection of APMs can provide more success in the localisation of operations since local methods are more equipped to deal with local and international clientele. Users prefer their purchases frictionless, and the decision of choosing the correct alternate payment method becomes important for merchants operating on a global scale. For businesses that are low on sales in a particular region or country, it is important to research if the payment methods suit better to the local customers. There are many digital payment solutions that can boost your sales, all you need to do is look for the one that works best for your niche.

Enhanced Customer Experience: For a business expanding into new markets and developing a cross-border customer base, a seamless checkout experience is essential moreover, it helps businesses to reach the market and minimize cart abandonment. Out of multiple payment methods, customers can choose their choicest options. These multiple payment methods can reduce transaction fees, leading to enhanced affordability. Besides, customers feel secure while using a familiar method for making purchases. By offering a variety of payment options, buyers are more likely to find solutions for meeting their needs and for a better overall shopping experience.

Trust and Loyalty: Offering a preferred mode of payment can remove the barriers of communication & currency and smoothens the path for sales. Local payment methods give customers the impression that they are buying from local merchants with a physical presence in the market. This eventually provides a greater degree of trust in a transaction and helps develop loyalty to the brand over time. AMPs can provide a more convenient and seamless checkout experience while demonstrating cultural sensitivity helping businesses to build trust with customers who value this

With the digital shift happening globally, cards and regional payment methods both are required to increase the conversion rate and grow sales by reaching customers in the remotest of places in local and international markets. Local payment methods help increase business conversions for Online marketplace, B2B goods and services, B2B banks, lenders and remittance solutions are some of the segments that stand to benefit most from embracing the local payment methods. Pay10 is a multifaceted payment gateway that can work perfectly for your business as a local payment method offering a wide range of services. The device-agnostic payment gateway offers 100+ payment options and renders a seamless customer experience, paving a smooth sales path for your business. We cater to a wide range of verticals with our ultra-efficient suite of services with top-notch security features.