Five tips to choose the right payment method to grow your online store
The popularity of an online shop amongst consumers depends increasingly on the selection of payment methods available. At the end of an order process, customers want a selection of payment methods that they like to use and that are both simple and practical. Customers will only complete a purchase and be satisfied with their shopping experience when this is the case. In a survey carried out by the ECC Cologne e-commerce centre1, 42% of respondents said that they would shop with a competitor if none of their favourite payment methods were available.
You should keep the following five payment tips in mind at all times:
1. Provide the optimal payment mix
An optimal payment mix involves offering three to five different payment methods, including online transactions, card payments and alternative payment methods. Users also prefer when all payment methods are available at a glance.
2. Involve all payment parties
In order to offer a range of different payment methods, you should work with a payment service provider (PSP) and an acquirer. The PSP ensures that different payment solutions can be integrated smoothly in the online shop. The acquirer has a banking licence and ensures that payments (such as by credit card or giropay) can be accepted and processed. Service providers such as Wirecard offer these essential services from a single source, so only one contract is necessary.
3. Focus on your target group
Business owners should understand their target groups, particularly when it comes to payment. After all, payment behaviour varies considerably. Men shop in different ways to women, and clothing is paid for differently online compared to software downloads. It is recommended to seek the advice of payment experts in this regard.
4. Do not forget risk management
Misuse can be costly – for example, when shop operators are left with unpaid invoices. It is therefore advisable to work with a payment service provider who can handle both acquisition and fraud prevention services. This enables potential fraudsters to be identified before a transaction is completed.
5. Make sure your payment page is trustworthy
Most people enjoy online shopping – until they reach the payment stage. Some customers have concerns when they reach the checkout stage at some less well-known online shops. The look and feel of the online shop and the payment page should therefore match and appear trustworthy and secure.
Wirecard Checkout Seamless – integrate all relevant payment methods into your shop seamlessly!
Wirecard Checkout Seamless supports all popular payment methods (credit cards, SEPA direct debit, invoices, etc.) on all PCI DSS-compliant devices. The user interface is integrated seamlessly into the online shop and looks the same for all payment methods. The payment solution is also ideal for cross-selling and upselling as goods and services can be added to the basket even after the payment details have been entered. Additionally, Wirecard Checkout Seamless features effective fraud prevention tools. Wirecard Checkout Seamless is already integrated into PrestaShop core software. This means that merchants do not have to download and install any software – they just need to activate the free Wirecard module in PrestaShop to use the payment solution. Visit Wirecard at this year’s Internet World in Munich (7–8 March 2017, hall A6, booth D214) to find out all you need to know about payments in person. Source: ECC Cologne e-commerce centre: Payment im E-Commerce Vol. 19 – Der Internetzahlungsverkehr aus Sicht der Händler und der Verbraucher (Online payments from the perspective of merchants and consumers)