The continuous and exponential growth that’s driving the online shopping industry as a whole is the result of the different advancements achieved in each of its components.
One of these elements (practically an important one!) is online payments - the ability to easily and safely conduct financial transactions on ecommerce websites.
While this information is definitely not new, especially to e-retailers and online shoppers, companies continue to develop innovative ways to provide efficient checkout processes through reliable payment methods and gateways.
Common reasons for cart abandonment: lack of trust, limited payment options, and complex checkout/technical issues
Almost half the reasons behind shopping cart abandonment are related to payment in some way. That’s not all, most reports suggest that the average rate of incomplete purchases sits at 70% - that’s almost 3 out of every 4 orders!
Luckily, there’s a solution for these staggering numbers and it can be summarized in just 3 words: security, simplicity, swiftness. This is the trifecta of success when it comes to online payments. In other words, you’re bound to reduce the number of abandoned carts if the gateway you integrate with includes all three characteristics.
Naturally, not all shoppers prefer using the same payment method. On top of that, countries tend to have varying regulations and laws regarding online transactions. Each one of these methods has its own pros and cons but the good news is that most ecommerce platforms allow you to activate several of them at once
Global ecommerce payment methods - Estimations* and Forecasts**
Source: Worldpay.com
Digital wallets are on the rise and not just in the online world. Shoppers install their ewallets on their smartphones and use them to quickly pay in-store or on the internet.
That’s not the only reason behind their increasing popularity though, they’re considered really safe since you can deposit the amount you need before completing any transaction.
As the name suggests, C.O.D. allows customers to pay once they receive their products. This method has been around for quite some time now and that’s due to the credibility associated with it. Shoppers, especially those using an online store for the first time (or don’t have credit cards), tend to choose Cash On Delivery to build trust with the retailer.
Another technique used in both offline and online shopping! Bank transfers are highly secure and can be used to settle international payments without resorting to credit/debit cards. Business owners are fond of this method since these payments are generally irreversible.
It’s fairly common to use a debit or credit card to pay for your products online. To make this possible, ecommerce websites integrate with local or international payment gateways that process these transactions on-site or by redirecting users to the gateway’s website, also known as a redirect.
Payment gateways offer comprehensive functions
to streamline the checkout process
It goes without saying that not all payment gateways are similar, different companies offer varied solutions. While there are some common features such as tax calculation, it’s the way they operate that sets them apart from other payments methods.
Contrary to payment processors, gateways finalize all the necessary steps to complete a transaction and subsequently transfer the money from one account to another. The process includes:
Nowadays, credit/debit cards provide this secure service with minimal effort and within seconds which explains the popularity of this solution. That said, retailers must learn about each payment provider before adding the gateway to their online store in order to make the right decision.
As mentioned before, countries may have different regulations when it comes to online payments and the same thing applies to financial institutions. It’s important for businesses to take a deeper look at the services of each gateway and in which locations it’s operating.
A global payment provider that simplified ecommerce transactions. 2Checkout helps e-retailers maximize their revenue by accepting payments from (almost) all over the world through a safe and user-friendly gateway.
With more than 17,000 clients in their portfolio, 2Checkout created different plans to suit the needs of every company. In addition, it’s always reassuring to know that your payment provider is backed by a global private equity firm.
Areeba is a Lebanese payment solution with local and regional operations servicing banks, financial institutions, governments, and private businesses. Whether you have a physical store or ecommerce website, you can create a seamless shopping experience.
They describe their solution as a one-stop shop offering all the help businesses need to drive traffic to their stores, improve the customer experience, and ultimately increase their revenues.
Another global payment provider with some impressive names under its sleeve like Samsung, Adidas, and Gettyimages. Checkout ensures speed, reliability, and also data transparency.
This unified platform bolsters a market-leading technology that focuses on improving the customer experience through safe and quick transactions.
You couldn’t ask for a more reliable payment company! Cybersoure is owned by Visa and processed 13 billion transactions in 2018 valued at almost $500 billion. The user-friendly and secure service resulted in these outstanding numbers which in return made this brand trustworthy.
Cybersource even has dedicated plans for tech-savvy developers who are looking for advanced solutions to boost their businesses. They even have a global partner network supporting innovation and growth.
Another regional payment solution focused on the MENA. Hypepay is connected to over 400 methods and currencies allowing merchants to reach global markets.
As a bonus, you can download the dedicated mobile application to access your business account no matter where you are. This is just one aspect of the simplicity and peace of mind merchants find with this payment gateway.
Payfort is an Amazon company based in the MENA but operational all over the world. If you have an online business then you can definitely offer local payment solutions.
Payfort was recognized as the best fintech company by Entrepreneur magazine which, along with a high-profile acquisition by one of the biggest companies in the world, served as a boost for the company to expand its services beyond the Middle East.
Probably one of the most recognized names in the digital payment industry. PayPal grew exponentially thanks to its innovative services and international reach; servicing more than 200 countries.
There are 2 distinct solutions:
This company stands out from the competition by offering a plethora of services that go beyond payments. Businesses can use PayPal to securely grow their reach, conversions, and revenue.
PayTabs offers an entire ecosystem of customized online payment solutions so you could operate your business securely. You can easily integrate your online store with this gateway to benefit from numerous features.
PayTabs takes protection seriously which is why all customer data and transactions are protected in order to prevent any form of fraud or identity theft. This is mainly ensured through dual-layer protection system and 3D secure authentication.
With all this information in mind, merchants must remember that offering a seamless payment process is crucial to create a great customer experience. This goes beyond integrating with a gateway, you should also consider adding multiple currencies to your online store.
Don’t forget to offer different payment options as well while focusing on installments since they’ve been increasing in popularity in recent years and they’re certainly a key ecommerce trend in 2020.
Now you can start working on Ecomz Payments. Check out our in-depth payment manuals to find out how you can fully benefit from this crucial tool. Don’t hesitate to contact us in case you need any assistance or just feel like chatting with our awesome support team.
About
Ecomz is an award-winning ecommerce platform that allows merchants to create their dream store, manage it like a pro, grow it better and faster. It is the only solution that offers the ultimate shopping experience to customers thanks to an AI recommendation engine, a suite of advanced marketing apps, and innovative multi-channel capabilities.
Ecomz operates in more than 55 countries, serving more than 7,000 merchants helping them generate over $50M in sales. Named 2018 Top 5 B2B website by Seamless Conference, 2017 Top 10 Business by ArabNet, Ecomz has also been recognized by Google, Disrupt San Francisco (TechCrunch) and MIT Silicon Valley Program for its achievements and has been awarded by the 2018 Touch Innovation Program (TIP) and BLC Bank’s 2018 Brilliant Lebanese Award (BLA).