Why you should be paying attention to AMPs when running a business

Consumers today demand an easy and seamless checkout experience. While it’s normal practice for merchants to accept card payments, they must now offer alternative payment methods (AMPs) to customers for a more versatile shopping experience.

With alternative payment methods, the main advantage merchants have is to grow their business in both local and global markets. By using AMPs, merchants can drastically reduce payment friction and are likely to reduce cart abandonment for their customers.

What are alternative payment methods?

Some popular alternative payment methods in the MENA region include:

  • PayPal
  • Venmo
  • TransferWise
  • Stripe
  • Dibsy

Lately, AMPs have grown in popularity because they allow consumers to pay for products or services with added security and ease. If you need your customers to register and create a new account to make a payment or complete long-winded forms, your payment solutions are outdated and inadequate. This is why more and more merchants, particularly in the online space, are optimizing their payment solutions to include AMPs.

Why are alternative payment methods important?

To remain competitive in the digital space, you need to take advantage of AMPs. If you don’t allow customers to pay how they want to, you’ll end up losing the business that you’ve worked so hard to attain.

AMPs have increased in popularity as more fintech companies enter the payment ecosystem. This year, it’s expected that AMPs will account for nearly 55% of global e-commerce transactions. Not only has this resulted in faster and more convenient ways for customers to make purchases, but also provides a way for merchants to access global markets and consumers.

Advantages to Alternative Payment Methods

Boost your customer experience

If you have great UX for the rest of your website and haven’t given much thought about the UX for the most crucial aspect of business (sales), you’re going to miss out on huge benefits.

Ensuring that your customers have a seamless user experience in the last stage of the sales process is crucial. If your checkout experience takes more than 2 steps to complete, the chances of customers changing their mind and abandoning payment increase dramatically. Instead, you need to focus on creating a fast customer experience that will require little to no effort on your customers’ end and allows them to pay you how they want.

Gives more flexibility

You can include some popular AMPs that are globally recognized, such as PayPal or Stripe. Or you might want to include some AMPs from local providers, based on your region.

Every region has its unique challenges and that’s most definitely the case for the MENA region. Because bank policies are more stringent, some AMPs cater particularly to merchants in MENA. This gives both you and your customers more flexibility to choose a payment solution provider that is local.

They build trust and are more secure

Many companies also offer satisfaction guarantees so customers have peace of mind when checking out from online retailers and businesses. This allows them to complete a transaction quickly, without compromising their identities or banking information. It also protects them from faulty transactions or illegitimate businesses.

Fewer chargebacks

Dibsy: An Alternative Payment Method for merchants in MENA

With Dibsy, you will acquire security, and ability to work with high-risk industries, and low fees. Many payment tools and types of payments, withdrawal of the funds to any country using a preferred method and much more are also awaiting you.

You can find out more about the features of Dibsy and how it can help you optimize your business processes on the official website.

Here to make payment processing stupid, sorry we meant simple.