Getting the customer to finally make the purchase is the real challenge of the electronic commerce.The shopping cart is abandoned 67% of the time.Two of the main reasons are the quality of the product’s site, which would be resolved with a PIM as Sales Layer and another main reason would be the mistrust of the consumer when paying online.We have here the different payment methods and the best way to find the one that best suits your e-commerce.
We must focus on three characteristics: the ease, speed and security in the purchase of product. In addition to it, the e-commerce should be renewed as the different payment methods are updated paying attention to the consumer’s satisfaction.
1. Payment methods proposed by the bank (virtual TPV)
Given that banks are increasingly likely to linked to the SME projects of ecommerce they can analyze your project from the bank itself and determine which virtual POS option suits your business best. If you choose their consultancy you will have insured security issues, obligations and guarantees.
Besides, one of the advantages of using the virtual POS is the low commissions posed for e-commerce - between 0.6% and 0.85% -. There are several types of payment via virtual POS but the most widespread is the triangular payment where the owner of the eCommerce does not know or store any information from the credit card or debit card the customer enters into the payment system.
The form of implementation is under SSL (Secure Sockets Layer) on the gateway of the bank itself. Although the consumer seems to remain in the web of the ecommerce they are actually on the bank gateway in order to ensure the safety of your purchase and that the owner of the online shop cannot.
For this step the most widely used platform is redsys.es.The basic service of the bank is optimal for billings of up two million Euros per year. If you exceed that amount you can already add other options that allow you to optimize costs in terms of management and administration.
2.Cash on Delivery (COD)
This means of payment is more frequent when the web is new and needs to earn the buyer’s trust. It is the customer who pays upon arrival when receiving the package and if the customer decides at the last moment he does not want the product the company is responsible for the shipping costs. Besides, the courier companies impose higher taxes on e-commerce opting for this method of payment which causes higher expenses for start-ups.
3.Electronic payment Model (EPS)
Electronic payment models are called EPS referring to Electronic Payment System. The main advantages of this method are security and trust given to the consumer. PayPal is the leader in the field of means of payment in an e-commerce. The new online shops like yours are presented with trust as their main adversity and PayPal is the best way to fight.
PayPal also ensures to each client that the e-commerce does not have your bank details. Another advantage is that as it is not necessary to enter the bank data this increases the possibility of a success cart, dropped more than 60% of the time in the online world.
From the point of view of the entrepreneur it is quite easy integrate any of these agents. It implies having a commission of around 3.4% for bills of up to 2500€/month and 1.9% for bills exceeding 100,000€.
4. Wire transfer
Bank transfers continue to being offered in numerous online shops, but they are not the most used because banks charge high transfer fees to individuals, so they prefer other alternatives with lower costs. Also paying with a bank transfer to an e-commerce increases the number of days of receipt of product as the company that receives the payment shall forward the purchase when having registered said payment in their accounts.
5.International projection
Your e-commerce might have been created with an international projection so it is really important to analyze the electronic payments of each country and pay attention to the payment habits of autochthonous consumers in order to adjust it according to the destination.
Another option is to take advantage of the EPS as PayPal has an international structure and is used in many countries.
We hope that with this information you are a little closer to launch your new project. At Sales Layer we love starting business projects that are to be successful. There is a world to conquer, what are you waiting for?
