Online payment platforms in the UK

Diego Katzman

By Diego Katzman. Follow: Linkedin Facebook Twitter
Published 03/11/2020

Maybe it's time to take your business to the next level and start selling online as well. Or maybe you've already set up your eCommerce, with the support of a physical shop or not. Whatever your reason, we are in the 21st century, so having a system to make your products and services available to your customers digitally is absolutely essential if you want your sales not to suffer.

But what you also need to know is that the world of online payment has not stagnated. Gone are the days when the only accepted method was to use a credit or debit card, in the same way as in an establishment on the street. Nor should we limit ourselves to bank transfers, which are so complicated that they are only useful on very specific occasions.

Nowadays, there are a wide range of alternatives for making online payments, and many of them are well established in businesses in Spain. It is important not to be left behind, because they are the favourite systems for your customers, and therefore for the money you aspire to earn with your business. Do you know which ones are the most important? Keep reading for alternatives that can make your business more prosperous.

 

Your eCommerce must be present on these payment sites to succeed

Among the strongest online payment platforms working in our country, there are three particularly relevant and should be considered basic to any commercial strategy. Take note:

  • Paypal. It is perhaps the best known at a global level and the great international reference in terms of online payments. For much of its history it was a branch of eBay, one of the largest eCommerce platforms in the world. According to its own data, it operates in 202 countries and territories around the world, with 25 different currencies, and it has more than 300 million active users. It is essentially an intermediary system between individuals and companies that allows electronic transfers of funds. One of its subdivisions, Braintree, specialises in offering payment services for eCommerces via mobile devices. Its dominant position in the market makes it almost essential to have it in our business.
  • Google Pay. This is the service that the company behind the most popular web browser has launched to use as a means of payment on devices using the Android operating system, which they themselves produce. As well as being an online payment system, it also functions as a virtual wallet in which to store copies of the bank cards held by the owner, allowing payment to be made using the dataphone in traditional physical shops.
  • Apple Pay. It can be considered the equivalent of Google Play but for iPhone and other devices manufactured by the apple brand. Bearing in mind the high market share of these phones in our country and their hefty price, which tells us about users with a remarkable purchasing power, it is advisable not to forget about it.

 

But they're by no means the only ones. Several others also operate in our country and have a significant user base, although their size and focus make it difficult to consider them as online payment options for your eCommerce:

  • Amazon Pay.  Among the largest and most influential online shop operating in the UK. Amazon not only offers its own products, but also gives third-party vendors the possibility to trade through it; If this is your case, you may find it very useful to adopt its technology.
  • WorldPay Online. Worldpay is by far the largest payment processing company in the UK, handling over 40% of all card transactions.
  • PayXpert. A highly advanced omnichannel technological platform coupled with a unique boutique approach to payments make PayXpert a partner to consider when thinking in payment processing.
  • Paysafe. Among the many products offered by this British multinational for online payments, the Paysafecard stands out for its popularity. These are prepaid cards that are purchased at physical points of sale and then allow transactions to be made over the internet without having to provide an account number. They are particularly popular for purchases within applications (games, social networks, online dating sites, sports betting, etc.) where users tend to be more reluctant to provide their personal data.
  • SagePay. SagePay offers a full range of payment processing solutions for both online and offline businesses. They claim 55,000 businesses use their services and are unique offering flat monthly fees for many of their products with no transaction charges.
  • Klarna. Klarna is one of a growing number of Swedish fintech companies (ie iZettle) that are firmly present in the payments processing industry in Europe.
  • Authorize.net. Originally an independent company, today it is a subsidiary of Visa and it also manages website payments by credit or debit cards. It was one of the first to emerge: its foundation dates back to 1996. Due to its age, it retains a significant market share, which makes it essential to take it into account.

 

Which online payment platform should I choose for my business?

With so many alternatives, and several more that we haven't named so as not to take forever, now the dilemma for anyone who wants to set up an online business is to decide which one to keep. Or you even have to consider whether it is convenient to use several of them at once.

The decision is not easy, but getting it right is essential to ensure success and that your efforts to move forward with your eCommerce do not fall apart. At PayXpert we believe that, if you have any doubts, a sensible solution may be to hire the services of a payment gateway. This way, after analysing the characteristics and needs of your business, we can determine which option is best for you and implement it in an integrated manner.

Do you want to learn more about how these payment gateways work and how they can help you grow? Keep reading our blog, where we will be telling you the keys to achieving the best results, and don’t hesitate to ask us any questions you may have.

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Practical guide: all you need to know about payments gateways

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