Total Posts: 23
Thank you for your inquiry about this topic and I apologize for not responding sooner. It\’s been hectic here at Mageix lately.
Anyway, the diversity of the available payment methods unquestionably affect the sales conversion rate for an ecommerce store as much as it does for a physical store. Imagine what happens when you do not offer say PayPal and a customer who does not have ( or does not want to use) credit card but has (or would rather use) PayPal balance to make the purchase. This results in a lost sale. Nowadays, customers are savvy about credit card security when it comes making online purchases especially on small (or not so popular) businesses/websites. Most customers would rather not expose themselves financially by entering their credit card information on some unknown (not so popular if you prefer) website. They would rather make that purchase through a known established brand such as PayPal, Amazon Payments or Google Payments knowing that these 3rd party companies have established security features to protect them from potential risk of fraudsters and identity thieves. Not only the issue of security affects customers decision as to which method of payment should they use, there is also an issue of convenience. For example, Amazon offers a very convenient, quick and easy-to-use (customers do not need to enter any shipping or payments information, but can simply use those already stored in their amazon account) checkout process for all its registered customers shoppping on any 3rd party website that is integrated with their Amazon Payments System through Checkout By Amazon or Simple Pay.
So, it is essential to offer as many payment methods (at least the popular one) as you can on your website so as to lessen, if not eliminate, all occurrences whereby customers are forced not to buy from your website because they cannot use your current available payment methods.
As to the second part of your question, it is almost impossible (also not necessary) to offer \"all\" available payments methods. But, offering as many as you can especially the popular ones is absolutely possible. In my opinion, any ecommerce store today should accept credit cards (directly on their website through a merchant account), PayPal, Checkout By Amazon, and Google Checkout. Depending of what sort of products being sold, it also might be helpful to offer some sort of offline payment method such as Cheque/Money Order. Some merchants even offer credit-based payment methods such store credit line, Bill Me Later, Lay-A-Away and more.
In conclusion, there is no objection as to whether or not the availability of flexible payments methods affect sales conversion. The more different payment methods you offer decreases the chances of abandoned carts.
I hope I adequately answered some of your concerns.