Alternative Payment Methods
Alternative Payment Methods or APMs are any payment option which is not cash, credit or debit card. These methods include digital wallets such as Google Pay and Apple Pay, electronic wallets like PayPal and Alipay, mobile payments, cash-based vouchers. Nowadays, APMs are commonly used for making online purchases as they can often be more convenient and affordable than traditional payment options.
Being able to accept customers’ preferred payment method is crucial for online businesses in terms of growing their conversion and reducing cart abandonment by up to 50%. That is why we consider APM integration to be one of the most important online payment system features.
01
Higher Conversion Rates
Customers are more likely to complete their purchases if they have an option to pay via preferred payment method
02
Reduced Chargebacks
Additional authentification measures and extra security features such as biometric authentification will significantly reduce chargebacks
03
Enhanced Security
Built-in security such as 2-factor authentication or biometric verification will guarantee your customers more safety of their transactions