Is my limited range of payment options (e.g. only credit card no PayPal) a potential problem?

As a Shopify store owner in the competitive e-commerce space, I've been noticing something troubling. While my product lineup is strong and my marketing is solid, I'm seeing higher-than-expected cart abandonment rates. Recently, I started wondering if my limited payment options might be the silent killer of my conversion rates. Right now, I only accept credit cards, which seemed standard when I first launched. But customers today expect flexibility. I've heard whispers from friends in the industry that offering multiple payment methods can significantly impact conversion. My current setup might be creating unnecessary friction. Some potential international customers might feel uncomfortable or unable to complete their purchase. Moreover, different demographics and regions have varying payment preferences. A younger customer might prefer digital wallets, while someone else might want PayPal for added purchase protection. I'm starting to realize that my 'one-size-fits-all' approach to payments could be costing me real revenue. The thought of potentially losing sales because a customer can't pay in their preferred method is frustrating. I need a strategic way to understand if and how my payment limitations are impacting my store's performance without implementing changes that could create more complexity.