Shoppers who go online prefer variety. They also prefer businesses with a wide range of options. Business Insider reports that the lack of payment options could be why a quarter of carts were abandoned across the US.
However, with a wide array of payment gateways available to eCommerce sellers, how can they choose which one to use, and does the buyer have a consensus? For example, are Amazon Pay the most obvious option for Amazon sellers ?
This article will focus on Amazon Pay for ecommerce sellers and what sellers can expect to use the service.
Table of Contents
- 1 What is Amazon Pay?
- 2 Where you can use Amazon Pay
- 3 Why should you prefer Amazon to pay for your site?
- 4 How to implement Amazon pay on your Ecommerce site
- 5 Benefits of providing Amazon pay to clients
- 6 Amazon Pay Alternatives
- 7 Are there any hidden charges for using it?
What is Amazon Pay?
Amazon Pay is an online payment option that Amazon provides. It is used to buy products or donate to charities with your Amazon account details and an encrypted payment method. It does not just accelerate the process of checkout. It also lets you shop on multiple websites without having to set up a separate account for each of them and improves the security of your identity. The merchandise you purchase through Amazon Pay is protected under Amazon’s “A-to-Z guarantee.” This could be more secure than the policies of the retailer you’re shopping with. You can also use Amazon Pay to place an order or pay with a voice through Amazon’s Alexa voice assistant.
Where you can use Amazon Pay
There isn’t a comprehensive list of all retailers and websites which utilize Amazon Pay. At present, hundreds of websites utilize Amazon Pay. It is common to not be able to tell if a site is compatible with Amazon Pay until you get to the checkout or shopping cart page. If a website supports Amazon Pay, it can see a button that displays an Amazon Pay symbol, usually located in the “fast checkout” category with additional options such as Google Pay and Paypal.
When you see the Amazon Pay button on the checkout page, it is easy to tell if a store accepts Amazon Pay.
Amazon Alexa additionally utilizes Amazon Pay to process payments for the products you purchase through Amazon by using your voice.
Why should you prefer Amazon to pay for your site?
Amazon Pay is an extremely valued feature on Amazon, which has numerous reasons to consider. A few of them are:
- Amazon Pay will help you create loyal customers that keep coming and returning to your store. By using this feature, you’ll be able to maintain a close relationship with your customers and manage the shopping experience from when they check in until the time they checkout. Because it’s one login, it is simple for customers every time they buy something. In addition, because of the image of Amazon, the customers are 100% confident they will use Amazon Pay as a security feature.
- It has been proven to boost conversion rates: The feature has been proven to help in increasing conversion clearly because of the Amazon checkout experience. Transactions are made through the site and integrated with the CRM, i.e., customer relationship Management integrates with Amazon Pay.
- Amazon Pay is always growing: Amazon Pay is always innovating, and that’s why you’ll always see better and newer features added to the payment system when customers and merchants want similar features. It’s universal today and mobile as it is mobile-friendly as well.
- Amazon’s fraud prevention: Alongside building confidence in your customers, it assists you in identifying fraud reduction and reduces debt for you. Also, it safeguards your customers by offering Amazon’s Amazon A-Z guarantee with no additional charges.
How to implement Amazon pay on your Ecommerce site
Amazon Pay will be completely cost-free for merchants. You don’t have to pay transaction charges nor membership fees, or currency conversion fee. Currency conversion fees, foreign transaction fees… It’s all you’ll be required to verify whether your card issuer can apply specific charges to foreign buyers.
Step 1: Registration
You must sign up for Amazon (we know that the market loves collecting information).
It’s not the same as registering as a vendor on Amazon. To use Amazon Pay, it is necessary to sign up for an account with Amazon Pay. They’ll require personal, business banking, tax, and bank details, which you’ll have to undergo the verification procedure before using the service.
Step 2: Implementation
The next thing to do is enable your Amazon Pay platform on your online store using the API. Your tech team or specialist will be able to accomplish this without much difficulty.
You can find API guides and SDK guidelines for integration for your assistance, and you can locate these guides here.
Step 3: Production
After you’ve conducted tests to determine if your integration is not risky and secure, you can start Amazon Pay as an Amazon Pay payment option on your site.
If you’re having trouble with the process or believe it is too difficult for you, most e-commerce platforms have pre-configured connectors to aid you in integrating Amazon Pay.
Benefits of providing Amazon pay to clients
- Brand trust : a good part of customers who shop online associate Amazon with a safe shopping experience. They’ll feel more comfortable paying using the Amazon marketplace rather than a screen for payment that is not known to them.
- Speed : second-guessing is the most significant threat to online shopping. Instant payment options such as Amazon Pay avoid the need to establish new accounts, accelerate the process and reduce the number of shopping carts abandoned with unpurchased goods.
- Integration : Amazon pay can be integrated with voice-enabled engines for search, one of the upcoming gamers of the future of online shopping. Customers can purchase items using Amazon Pay and voice commands using Alexa.
- Secure : Amazon Pay has the technology to detect fraud when making online payments, both for users as well as for you.
Amazon Pay Alternatives
PayPal offers various product options for almost every type of payment you may like to accept, including those that Amazon Pay does not support. For instance, PayPal supports Venmo (a PayPal subsidiary), its Zettle point-of-sale solution, and QR codes. PayPal is also able to integrate with a variety of online shopping platforms. If you’re using platforms with which Amazon Pay does not support, such as Squarespace, Wix, or Square Online, it might be worthwhile to consider PayPal payments instead.
If you’re just seeking to accept online transactions, Amazon Pay might offer the best deal as it has lower fees per transaction than PayPal Checkout.
3.49 percent plus 49 cents for each PayPal Checkout payment; 2.29% plus 9 cents per transaction in person using PayPal Zettle.
Authorize.Net offers an all-in-one service similar to Amazon Pay and a “payment gateway only” plan that allows you to accept online payments. It also allows users to choose a different provider that they can use for you to manage their merchant account. This is which is a separate business account that allows you to access funds from debit and credit payments. It also offers special services for businesses with larger volumes that are processing more than $500,000 each year.
Stripe is a complete payment processing system that is able to support many different global payment options, both for in-person and online transactions. One of the most appealing features is the wide array of options for customization, which provide a wide range of flexibility to make your checkout procedure exactly how you’d like, provided you have the knowledge and expertise to implement it.
The fees per transaction for Stripe’s debit and credit card transactions are identical to Amazon Pay. The platform also provides payments through digital wallets such as Apple Pay and Google Pay as well as ACH and in-person transactions via Stripe Terminal and several “buy now, pay later” alternatives. In addition, the platform offers customized pricing plans “for businesses with large payments volume or unique business models,” according to the website.
2.9% plus 30 cents per online transaction; 2.7% plus 5 cents per in-person transaction.
There aren’t any hidden charges by using hidden charges on Amazon Pay. Amazon Pay. The $1.00 amount appears on your bank account in an attempt to verify the payment card you use. It’s a once-off deduction. The amount is deducted from your card at the time you take it out the first time or make your first purchase.
Amazon Pay Amazon Pay might also contact the bank that issued your credit card to verify your account’s and card’s validity. It is also the way that Amazon determines if your card is secure or if it has been stolen or lost. The $1.00 is used as an authorization to verify. The deduction won’t appear on your statement as a charge, and the authorization expires at the end of 10 working days.