There are many online payment solutions to choose from, and comparing them can be a real headache. Despite all the care you take, there's still a real risk that you'll choose the wrong solution for your business. Yet this choice is of the utmost importance: the payment solution contributes to the conversion rate of e-commerce sites and plays an important role in the customer experience.
SMEs in particular dread this step, as they are afraid of investing in a tool they know nothing about, and receive little support in the process. To help you make the right choice, here's an article outlining the different types of PSP and how they work. In a nutshell.
Choosing an online payment solution: what's at stake?
58% of consumers say they have already abandoned their shopping cart at the checkout stage[1]. The main reasons cited are
- payment did not work,
- their preferred payment method was not available,
- the actions required to validate payment were perceived as too complex.
Payment is therefore a critical phase: it's at this precise moment that many sales fail, and the proposed payment solution has a lot to do with it.
To choose it correctly, you need to make sure it meets the following 4 main objectives.
- It must reduce the disincentives to purchase by offering customers a secure, fast and easy-to-use payment system.
- The aim is to prevent fraud and disputes.
- It must offer different payment methods (credit card, but also online payment wallets).
- It must be compatible with your platform or CMS, i.e. your website manager.
Other criteria to consider include currencies accepted, transaction fees and the speed and conditions of payments into the merchant account.
The different online payment methods
Here are the main online payment solutions available to SMEs.
Distance selling contracts
The distance selling contract binds the merchant and the PSP. The latter may be a traditional bank or a payment institution accredited by the ACPR, a regulatory body of the Banque de France.
Using a payment solution that requires the signature of a VAD offers several advantages. Firstly, the service providers involved are carefully selected and therefore reliable. They take care of the online transaction and relieve you of any liability in the event of a problem.
Finally, on the payment page, the bank's logo appears, bringing credibility and reliability to your SME. This is the best way to gain your visitors' trust and encourage them to complete the payment process.
Choosing a bank as your service provider also protects you from fraud and any disputes you may encounter with your customers. However, the relatively high price of this remote payment solution means that it is generally reserved for medium-sized and large companies.
The online payment wallet
For entrepreneurs and small businesses, the online payment wallet is a particularly attractive choice. It allows you to pay online without disclosing your bank details to a third party, which naturally inspires confidence among users. In fact, this type of service is extremely popular in France, as it responds to the new habits of Internet users in terms of online payment. All you need is a password to log on to your account and pay for your purchases.
Online payment portfolios are quick and easy to set up. However, they do have one constraint: both buyer and seller must have an account with the same provider.
While this process is practical and accessible, it can't stand alone. Not everyone has an online payment wallet, so you need to offer your customers other solutions, such as payment by credit card.
New online payment methods
Recently, new online payment methods have emerged and are developing rapidly. There's split payment , which, as the name suggests, allows you to pay for your online purchases in instalments.
In the same vein, deferred payment offers the possibility of paying for orders at a later date. Then there's one-click payment: bank details are already registered on the merchant's site, which represents one less obstacle to online sales.
Last but not least, Pay by Link offers customers the option of making cashouts from a link via mobile applications such as WhatsApp or Instagram. It is also possible to pay by SMS or e-mail. This type of online payment is particularly well suited to the younger generation.
It's tempting to want to offer all online payment solutions on your merchant site. But the number of providers to manage would be too great. However, some providers, such as EasyTransac, offer several payment methods, which limits the number of contracts and makes management easier.
Easytransac: the online payment solution for VSEs and SMEs
Just a few years ago, online online payment solutions were expensive and therefore reserved for market leaders. Today, they are becoming more democratic, offering extensive, personalized services that are accessible to small and medium-sized businesses.
With Easytransac, your online store benefits from the very best technology, and can finally put cashiering at the service of its growth.
As acontractor, you need a service that's easy to set up. That's why we offer a system that's quick to set up. In just a few clicks, you're ready to make your first cash receipts. To help you get started, we've provided a step-by-step tutorial on how to use your new tool.
Easytransac also guarantees a professional image that inspires confidence in your visitors. The checkout page we offer is designed in your brand's colors: your identity is asserted, and your customers are efficiently guided through the purchasing process.
Are you concerned about your data and that of your customers? Security is a priority! Easytransac meets PCI DSS D-SP 3.2.1 security requirements and hosts your data exclusively in France.
Finally, Easytransac is more than just an online payment solution. It's also a practical, intuitive management tool that lets you visualize all your financial activities. From a dashboard that updates in real time, you can track your sales from the different channels you use (point of sale, e-commerce, marketplace, etc.). This makes your accounting and overall management much simpler.
With Easytransac, enter a world where electronic payment is as easy as 1-2-3!
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