With the development of distance selling and e-commerce, means of payment have had to evolve and adapt to the new requirements of Internet users. The service is selected according to its speed, its security and generates satisfaction and confidence by the user; hence the importance of offering several payment methods. This strategy can bring you new customers and retain them!
Start by choosing the online payment service according to your needs and the expectations of your customers. You must take into account your strategy, the characteristics of your products or services as well as the target audience. Each online payment has specific characteristics and advantages. It is therefore important to analyze the diversity of these services. Choose your fine options for the ISO Merchant Services now.
Payment in Installments
The bank card remains the essential method of payment used by 80% of online buyers. Internet users are not confined to the latter and still have an interest in other means of payment, in particular for the online wallet.
PayPal, overtaken by CB, remains the service that seems to be the most secure, according to online buyers. However, it is subject to phishing which can slow down its use and be one of the reasons for its second place in the ranking. This finding is heartbreaking because it can be the solution to encourage some Internet users to test new practices: buying abroad or on mobile.
- Each market has a dedicated online payment method.
- The intention to buy online continues to increase; it is therefore wise to reassure the Internet user and to provide him with proof of seriousness.
- Each means of payment generates trust by its user.
- The range of services offered can appeal to prospects.
Service Providers (PSP)
Once you have chosen the e-commerce payment methods to put on your platform, you must choose a service provider that will allow you to accept payments online. The PSP is a trusted third party that will guarantee you the transactions made between the customer and the bank. There are a multitude of them, the International and Secure Online Payment System. It will be adapted for all start-ups, e-Commerce and Companies.
So How Does An E-Commerce Payment Work?
There are 5 steps:
- The customer places an order with an e-merchant
- The site sends a request to the PSP to open a secure page where the customer will enter his card information.
- The PSP will forward the payment request to the customer’s bank
- The bank will validate or not the request and make its response to the PSP
- The merchant’s bank receives the payment and transfers the funds to the bank account.
What payment methods are the most suitable for an e-commerce site in Belgium? What are their advantages and disadvantages? Most e-commerce sites require the implementation of electronic payment solutions, especially in B to C (sale to the end consumer), the seller wishing to receive confirmation of payment before delivering the product or providing the requested service.
Payment Methods in This Country and Internationally
Expanding internationally requires several prerequisites. Translate the pages relating to general conditions of sale, security, delivery. It is also necessary that the purchasing habits of foreign consumers are respected. For example, in Germany, customers frequently use the ELV electronic debit method, while in France, the bank card predominates. Additionally, businesses should be careful about international currency differences, which usually involve additional costs.