Payment methods in e-commerce are many and varied. As a rule, operators of online stores, for example, implement quite different payment methods in order to offer their customers as diverse a choice as possible. When ordering goods, customers are given the opportunity to choose the payment method that suits them best. For the majority of e-commerce transactions, customers choose payment methods they trust. For this reason, ordering on account, against prepayment or cash on delivery, and by direct debit are the most common. Other payment methods that have become established are credit card payments, direct online transfers and online payment solutions such as PayPal. Both retailers and customers attach great importance to functioning solutions and security in the processing of transactions.
Trusted payment methods for transactions on the Internet
Customers and merchants alike attach great importance to security in payment processing. For merchants, for example, minimizing the risk of non-payment is particularly important. However, it is clear that customers will only accept this security concern if different payment methods are offered for an order. If only payment in advance is available, 90 percent of users cancel the order process. For this reason, the classic payment methods that have already proven themselves for retailers and customers in payment transactions away from the Internet have established themselves in particular. These include ordering on account or buying in advance as well as cash on delivery. And credit cards are equally valued as a payment method by customers and retailers alike.
Payment methods optimized for e-commerce increase their reach
In addition to traditional payment methods, online payment and telephone payment are becoming increasingly popular. PayPal, for example, is the most widespread form of online payment after the classic methods. Here, the customer is redirected to the operator’s site during the ordering process, where he logs in and verifies the invoice. Direct bank transfers such as Giropay are also gaining in importance. For merchants, Giropay eliminates the risk of non-payment because the customer’s bank issues a payment guarantee. Due to the increasing importance of e-commerce, it can be assumed that payment methods will continue to gain in diversity and security.
- Payment Processing
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- Payment Processing