What payment methods should an eCommerce have?

Diego Katzman

Diego Katzman
Published 21/10/2020 · 4 min read

To answer this question, we must first make a stop in the context of today's society.

We live in a globalised world, where consumers are increasingly demanding and the market is more competitive. Thousands of offers coexist in a connected world. Meanwhile, users are changing their shopping habits, especially the new generations, promising purchases in e-commerce and the use of technologies.

From this context we draw a conclusion: if consumers change their ways of buying, shops must transform their ways of selling.

But... What payment methods should your eCommerce offer? What factors does it depend on?

We'll tell you.

 

How do I know what payment methods my online store needs?

To answer this question, you need to ask yourself the following questions:

  • Does my business receive purchases from users from different parts of the world? If you receive purchases from different countries, such as China or Russia, you should offer these customers’ favourite payment methods.
  • Does the purchase process end on an external page? It is one of the main reasons why users abandon the shopping cart. Ideally, you should have a unified login and a common interface to avoid being directed to another page, generating distrust. 
  • How can I track my clients' operations and behaviour? Through a dashboard, which provides a competitive advantage. On it we can control purchases, access charts and manage our business successfully. You'll reduce the risks of fraud.
  • How many alternatives do I offer in payment methods? Think about the payment methods you offer, whether they're sufficient and the right ones for your consumers. By implementing the cascading option, you can guarantee that all those payments that are put on hold or fail are redirected to other options to complete the purchase successfully. Therefore, it significantly increases the conversion rate. 

Once you have answered all these questions, you'll have the keys to know if you're offering sufficient and adequate payment methods to your potential customers.

 

5 payments you should have in your eCommerce

Have you thought about opening your business to international payment methods? When you decide to open your eCommerces to sell products online, there are some important questions you should ask yourself. For example: What is the best payment platform for your online shop? How do you choose your customers' favourite payment methods?

Here are some of the most advanced methods that can't be missed in your online business:

  • Virtual POS or Point of Sale Terminal.

It allows ecommerces to make payments anytime, anywhere via mobile phone or POS and is one of the most widely used alternatives by online businesses because of the advantages it offers. The most remarkable one is the agility it brings to collections. It is the online version of the Physical POS and it allows users to pay with any type of card (Visa, Mastercard, etc.).

  • MOTO.

This modern system is part of the so-called 'invisible payments' and allows payments to be processed over the phone without special system integrations or additional developments. The information is collected by the Agent, by a secure IVR or by sending an email. This system allows you to speed up the processing of payments and helps you automate both the placing of orders and the collection of your data. It is being applied in booking agencies, car rental agencies, remote selling, etc.

  • PCI UVR.

These are Interactive Voice Response (IVR) payments and they allow online shops to accept payments by entering the data required for collection. It complies with PCI regulations and it allows for saving costs in PCI-compliant call centres. This payment alternative offers a new and flexible way to manage payments, with personalised messages available in different languages. This tool is being widely used in transport companies, hotel services and phone inquiries.

  • Cash on delivery.

It is very safe and is often used in online sales. This system consists of paying the cost of the purchased product to the person who delivers it to our home. It is common to do so in cash, although it is also accepted by the distributor with a Physical POS.

  • Mobile payments.

Surely, many, if not all, of the payment methods that we have mentioned throughout this text can be easily made from the Smartphone. This is one of the most important trends in payments in recent years. Applications in the Chinese market, such as Alipay or Wechat Pay are two clear examples of the revolution in mobile payments with SOFT MPOS. That is, mobile points of sale that offer the convenience of paying wherever you are.

The universe of financial fintechs is constantly growing. Tell us what your favourite payment methods are and make them happen.

 

How to implement all these payment methods in your eCommerce?

First of all, you should know that you don't even need to implement these methods separately, but you can integrate them into a single centralised payment platform. However, having a secure and efficient electronic payment gateway is a nuanced decision that requires a lot of attention.

First, users take it for sure that your business offers secure payment methods, with an easy and flexible API that allows them to immediately know that their data is recorded in compliance with PCI DSS regulations.

Did you know that omnichannel payments are the target of all those eCommerces that want to remain relevant in the future market?

Implement the tools of financial fintech in your business and start sowing the seeds of your future!

 

The role of invisible payments in e-commerce: what are they and what are they for?

Did you know that the payment methods you offer in your business are one of the main reasons why your customers abandon the shopping cart? This happens because, when you use different services, it is very likely that users will end their purchase on a website outside the online shop, which generates distrust in the service.

Under this umbrella, invisible payments have become the perfect solution for many consumers because they provide security, speed and are almost imperceptible. The shopping cart is a fantastic thermometer to check the health status of online shops, because if many users leave it, something is not working.

These problems can disappear if you start intuitive payments and easy navigation. As customers demand greater ease in payment methods, the fintech industry responds with faster, more secure solutions. Invisible payments seek simplicity and need speed. The easier, the better.

Invisible payments are the revolution and allow you to pay without any contact. Without going through the cash desk. They eliminate the need to carry cash or cards and are increasingly easy to carry out, as well as being key to the user experience with eCommerce. 

The growth of e-commerce in all of Europe is reaching historical figures. It's unstoppable. Discover all the possibilities offered by seamless payments! Fast. Agile. And safe.

 
Advantages of having a payment gateway

Remember that the best solution for you is the payment gateway that best suits your needs and those of your customers. The services offered by a payment processor are used to authorise payments to online businesses in order to make the process easier to its customers. Depending on the type of gateway used in the business, you'll get a better or worse user experience when shopping:

  • You'll reduce the level of credit card fraud.
  • You will offer a great shopping experience.
  • You will attract new segments of potential customers (national and foreign)
  • You will have a real-time data management and control platform.
  • You will concentrate all your payment channels on a single platform.

Is your eCommerce ready to take off?

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