Market developments in recent years are leading to a diversification in the payment options available to consumers. This means that, beyond cash or card payments, more and more consumers worldwide are opting for alternative payment methods.
Alternative payments include digital wallets (such as the well-known PayPal), instant payment services (such as Bizum or Revolut), and new international alternative payment processing services. Principally, what are the differences between the new payment methods, and what are the short- and long-term benefits for your business? What are the main alternative payment methods, and how do you integrate them into your business?
The main difference between e-wallets, or electronic wallets, and alternative payment services such as AliPay, Trustly, and others, is that e-wallets require the opening and maintenance of a digital account. The user must then deposit money from her account. Alternative payment processing services, on the other hand, do not require the opening of a new wallet account. In this case, the user simply must link their bank details to the system, authenticate these data through their bank, and can start paying from their mobile device through these payment services’ applications. As simple as that.
Today there are many alternative payment services, whose popularity varies by country, more or less relevant to your business depending on the origin of your clientele. If you want to know in detail the profile, characteristics, and consumption habits of your customers, we have something for that purpose, our business intelligence tool. Through the management of financial data, and its processing and analysis, we can offer our customers financial statistics where they can know the key performance indicators or KPIs of their business, as well as track transaction activity, and analyse them individually.
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Knowing the importance of alternative payment methods, which ones have the most benefits for your business? And more importantly, how do you synchronise a payment gateway with all of them? The answer is simple: with the help of a financial expert in payment processing. compatible
At PayXpert, we have developed a payment gateway for alternative payment methods, with more than 100 different currencies, already benefitting more than 650 merchants in the UK, France, Spain, and Taiwan. Our goal is to contribute as much as possible to the creation of a global marketplace where merchants from all over the world can reach all their potential customers regardless of their origin.
And many more: Przelewy24, Sofort, Trustly, etc. With an omnichannel solution from PayXpert, you have the tools to offer the best options to your customers. Much more than alternative payment channels: payment channels and devices developed to increase your business conversion while optimising the shopping experience.