ECommerce

How to Choose the Best Payment System for your Ecommerce Business

Ecommerce customers have some fears. One of the main fears is about the trustworthiness of an ecommerce site; how safe it is to enter their payment details on your website. Your ecommerce business cannot grow if customers are not confident in purchasing from you. To achieve this, you will need to choose the right payment system. For ecommerce merchants, cost and ease of implementation are key factors that influence the choice of payment system they adopt. However, you should always have in mind the need to choose a payment system that best suits your business and meets the needs of your customers. There are numerous ecommerce payment systems including:

  • Pre-paid Card
  • Invoice – Payment after Delivery – Instalments
  • Cryptocurrency
  • Credit Card
  • Direct debit payments (SEPA)
  • E-wallet
  • Direct Debit
  • Direct Carrier Billing
  • Online Banking e-Payments (OBeP)
  • Debit Card
  • Electronic Cheque

Of all these, online payment is gaining considerable importance with many service providers across the globe. The industry leaders are:

PayPal

PayPal is arguably a market leader in online payments. PayPal processes up to 8 million payments daily. There are 192 million PayPal accounts across 202 markets. PayPal transacts in 25 different currencies covering all the major currencies. This makes it the preferred payment system for ecommerce. Your customers do not need a PayPal account to make payments as they can pay into your account by way of bank transfers or use debit and credit cards.

Nochex

Nochex is a UK based online payment service provider targeting ecommerce startups and small enterprises. it provides a simple but safe method of paying for goods purchased online. Once your ecommerce business has grown to a certain level, Nochex will recommend that you move on and get a payments provider appropriate for your business.  The company allows you to accept debit and credit cards online as well as

  • Telephone Payments
  • Recurring Payments
  • Multi-seller Payments
  • Online Payments
  • Invoice Payments

Square

Square is an online payment service provider with a wide variety of great features but with very friendly charges. There is no monthly minimum amount required for you to be allowed to use Square. Among the options that square offers you include synchronization of your online store with your inventory, implementation of app integration, advanced analytics tools and the use of API for custom solutions.

Stripe

Stripe has one of the most powerful and flexible API that makes it possible to customize the platform to suit your specific needs. It has many integrated applications making it easy to use.

Amazon Payments

Ecommerce customers can make payments using their amazon payments accounts. This makes online payments easy and fast. However, amazon payments is yet to spread to most of the countries.

These are just some of the online payment options available. To make the best choice, you will need to consider a number of things such as:

  • The reputation of the online payment solution
  • Fees charged relative to other service providers
  • Security of financial information
  • Benefits such as tech support, back-end taxation, and other complementary tasks

As you may have noted, choosing the right payment system requires you to strike a balance between internal and external benefits. If you can maximize both, your ecommerce business will be ended in the right direction because it will be efficient and attract more customers.

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