Benefits of offering local payment methods

Diego Katzman

By Diego Katzman. Follow: Linkedin Facebook Twitter
Published 26/08/2020

Did you know that one of the main reasons why users abandon the shopping cart in online stores is ignorance of the payment methods offered? The solution to this problem is the implementation of payment gateways tailored to your needs and those of your customers. You will find a wide range of payment methods most used by Chinese consumers (WeChat and AliPay), Russian consumers (MIR) or consumers from anywhere else in the world.

However, the current market is characterised by the integration of all contact channels in a single platform, offering a unique and consistent experience in your business. This omnicanality has reached eCommerce sites to increase the flexibility that customers need, reduce barriers in the sale of products, abandonment in the shopping carts, increase the conversion rate and decrease the risks of fraud in refunds.

Doesn't your business strategy revolve around this scenario? It's time to take the plunge!

 

9 advantages of offering local payment methods

Offering local payment methods is much more than a formula. It means:

  1. Attracting more leads. For example, in Europe alone there is a community of more than 2,500,000 Chinese people, not counting the more than 1 million tourists who visit us from China every year.
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  2. Improving the user experience and service confidence.
  3. Increasing the conversion rate while keeping you safe from chargebacks.
  4. Increasing sales with your payment gateway.
  5. Reducing pain points in your purchasing process, reducing friction.
  6. Offering standard payments tailored to business and consumer needs.
  7. Its integration is simple and has no upfront cost.
  8. You'll be able to get real-time WeChat transaction reports.
  9. By accepting local payment methods, you make things easier for your customers who come from different countries, including European customers, and particularly Chinese and Russian customers:

Local payments (2)

Payment gateways are not just a simple software to facilitate transactions in an online store, between bank and commerce, but they are instruments with many other functionalities that allow for the optimisation of sales and the payment strategy in an e-commerce site.

Discover all the possibilities in terms of payment gateways for your online store to increase sales!

 

What is WeChat, AliPay and MIR?

WeChat Pay

WeChat Pay belongs to the great social network WeChat and is the most used application in China. Millions of Chinese users use it every day as a means of payment, investment, communication, shopping and much more. Did you know that the number of users on WeChat is equal to 21 times the population of Spain? We could say that it has already become an indispensable App for the life of millions of Chinese people, because they can do many different services that we usually do using different applications. For example: sharing the places they frequent, the restaurants they eat in, the cities they visit, the services they use, etc. Integration at its best.

This app can help your eCommerce be more visible to your Chinese customers and is one of those local methods that you can implement in your business through a full payment gateway. WeChat is well known for its versatility and innovation, as a kind of ‘one-size-fits-all application’. With it, users can quickly complete the payment from their Smartphone.

 

AliPay

With this option you'll attract more Chinese customers to your business with fast, easy and smart payments. It is the way to make payments with your mobile phone in a simple way and its goal is to optimise the way you pay for any type of product or service and offer financial services to users. Your online store will have:

  • Access to more than 600 million consumers.
  • A fast checkout in the payment process.
  • No extra exchange rate costs.
  • Real-time monitoring.
  • Support in marketing promotions.

In short, Alipay is a very popular application, an ecosystem of financial services (transfers, payments, loans...). It is very reliable and safe. By having your store in Alipay, it will appear on the page of the city where your business is located.  Are you ready to discover the solutions that are best suited to your business?

 

MIR

This payment method allows Russian customers to pay with a familiar and trusted card brand. Thanks to this alternative, many eCommerces are expanding their possibilities: they are more attractive to more than 147 million potential Russian consumers, it allows access to new markets in Eastern Europe and Asia, obtaining the best currency exchange rate from the MIR scheme, etc.

Considering that Russian tourists travel and shop abroad more and more, that they do it, mainly online, and that it is the population with the highest spending rate in the world, MIR is a perfect alternative for online shops. PayXpert is the only MIR acquirer in Europe so far and you can add this payment method to your eCommerce quickly, conveniently and easily.

 

Local payments to optimise your sales

If your eCommerce needs to boost sales and streamline the payment process, you're in the right place. Payment gateways tailored to your customers' preferred methods can help you optimise your processes, even if you already have the time to examine the factors affecting conversion rates. It is the dream of every international business to optimise its global sales without making a big deal out of it. Now, it's possible thanks to world-class financial consultants, payment gateways, and financial management and optimisation tools.

The global market is available to all types of companies, regardless of their size and sector. Therefore, it is increasingly common to process international payments through local acquirers. That is, banks that process card payments on behalf of a business.

Are you ready to purchase the most innovative and secure technology to receive your payments? Do you want to increase conversion rate with powerful monitoring tools, intelligence, and local payment methods? Are you willing to increase your conversion rate without compromising the security of your business?

Tell us about it.

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Practical guide: all you need to know about payments gateways

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