How to increase order value with advanced payment methods

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Global markets grow more competitive every day, and more businesses are looking for new ways to boost revenue. Many merchants now see advanced payment methods as a key tactic for raising Average Order Value (AOV).

However, many businesses still face inefficiencies in the payment process. A less-than-smooth checkout experience causes them to miss opportunities that could have raised their AOV.  

This payment environment is diverse. Different groups of consumers, various payment tools, and multiple sales settings combine in complex ways. The real path to higher sales goes beyond supply chains or marketing. It also involves solving payment problems, so customers feel at ease spending more during checkout.

This article explains how advanced payment methods can increase how much customers spend in your store. It discusses how mobile payments such as Alipay+, WeChat Pay, Apple Pay etc. can help you make more sales. 

What are “advanced payment methods”?

“Advanced payment methods” refer to payment solutions that leverage mobile and digital technologies to give customers a more flexible, and personalized checkout experience. 

These advanced payment methods include popular mobile wallets like Apple Pay, Google Pay, Alipay+, and WeChat Pay, which let people pay on the go with just their phones or even smartwatches—it’s as easy as tapping or scanning. 

There are also options like QR code payments, contactless cards, online checkouts, and built-in app payments. What sets these solutions apart are features like one-tap biometric security (such as fingerprint or facial recognition), instant payment alerts, and easy access to digital receipts. 

By offering several of these flexible payment methods, businesses can better meet their customers’ preferences, make checkout quicker and simpler, and build a more satisfying and loyal customer experience.

Why do advanced payment methods drive growth?

Advanced payment methods often drive more business growth.

On one hand, mobile payments, such as Apple Pay or Google Pay, have spread fast because they are easy and secure. On another hand, QR code payments spread quickly in parts of Asia and then around the world. They directly help raise AOV by:

• Appealing to international visitors: Travelers often trust QR code payments such as WeChat Pay or Alipay+. Merchants can more easily tap into high-spending tourist markets.

  With Silkpay, merchants can easily accept Alipay+ (which covers over 16 e-wallets across Asia) as well as WeChat Pay, both online and in-store. Multiple payment options meet diverse customer needs, allow for bigger purchases, and raise average order value.

• Reducing checkout barriers: Mobile and QR code payments allow users to pay quickly without entering a lot of information, reducing checkout time. This makes them less hesitant, more likely to make larger purchases, and encourages more impulse buys.

• Adapting to offline flexibility: QR code payments offer greater flexibility in offline settings such as retail and restaurants. Customers can self-scan and pay instantly without queuing or waiting for staff.

• Achieving cross-channel marketing: For merchants, QR codes are not only a payment tool but also a marketing gateway. They can appear on physical signs, shelves, social media, or apps, connect different platforms, and, combined with coupons or discounts, encourage customers to make larger purchases.

• Providing security: Mobile payments often require fingerprint or face recognition and have built-in security features, giving customers more confidence when spending more.

Silkpay: The one-stop solution for advanced payments

If you’ve recognized that advanced payment methods can meaningfully boost AOV and attract customers willing to spend more, Silkpay’s comprehensive service may be just what you need. 

• Multi-channel integration: With Silkpay, you can integrate mobile payments, QR code payments and card payment, into a single POS device or via a Mobile POS using just a smartphone.

  Silkpay provides the PAX A920Pro POS terminal, which supports modern mobile payments as well as QR codes and card payment. Additionally, our merchants can accept 16+ major Asian e-wallets via our integrated Alipay+ solution.

  The same payment methods can be also accepted directly through your mobile phone, there’s no need for extra payment terminals or hardware. It’s a cost-effective choice that saves small businesses money on equipment and maintenance.

  Learn how to turn your mobile into a POS machine and start accepting payments right from your phone.

  With Silkpay’s POS system solutions, you accept payments at the checkout counter, at the table or on the go. This offers your customers a flexible payment experience while generating more revenue for your business.

• Fast and convenient: The PAX A920Pro POS terminal uses advanced hardware and a stable system for quick transactions, ensuring a smooth shopping experience and encouraging customers to spend more.

• Secure and reliable: Silkpay partners with leading payment platforms and adheres to stringent international payment security standards, giving both merchants and customers greater confidence to engage in higher-value transactions.

• Manageable costs: Silkpay provides competitive and transparent rates, you maintain full control over your payment expenses.

Conclusion

Whether it’s local customers or international visitors, you can offer familiar payment options that encourage higher spending. By leveraging Silkpay’s integrated solutions, retailers can truly transform an efficient, secure, and convenient checkout experience into increased revenue and stronger brand competitiveness.

About the author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.

Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.

Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.