There are diverse segments of customers, each with their preferred payment option. It is therefore not surprising that online store operators implement different payment systems. The most common payment systems include invoice, pre-payment or cash on delivery. Likewise, purchases based on direct debit or through credit card are common in e-commerce. However, pure online payment systems such as PayPal or eps Online payment are also being used increasingly. E-payment and telephone payment in particular are expected to become even more widespread.
Payment systems: security considerations influence choice of payment variant
With regard to payment systems, it is clear that the vast majority of customers will abandon a payment transaction if the online store only offers invoice payment. For this reason, operators of online stores usually implement a variety of payment systems. The range of secure and proven payment variants in e-commerce includes both traditional purchases and online payment methods. Thus, invoice or prepayment as well as direct debit, payment by credit card, but also direct online transfers such as Giropay are often an integral part of the payment systems in e-commerce.
Classic payment system on the Internet: Customers trust the tried and tested
Up to now, the payment systems in e-commerce have been dominated by those that are generally trusted the most by customers and companies alike. It is therefore not surprising that the most widespread payment systems are invoice or pre-payment, as well as payment by direct debit, credit card and cash on delivery, which were not developed for payments on the Internet – because these variants have already proven themselves in everyday payment transactions. As a result, they have been adopted for processing transactions on the Internet and account for a large proportion of transactions on the Internet.
Online payment systems are becoming established
In addition to traditional payment systems, operators of online stores offer customers the option of paying using online payment systems. One example of this is PayPal. There, the customer is redirected to the operator’s site during the ordering process to verify his identity and confirm the transaction. Another method is direct bank transfer, as is possible with Giropay. This payment method uses a customer’s checking account that is activated for PIN or TAN procedures. During the payment process, the customer is redirected to the login page of the respective online banking portal after entering the bank code of his or her banking institution. After logging in, an online transfer appears, which the customer can confirm by entering the TAN. In this way, customers do not have to provide third parties with information about their creditworthiness or allow them to check their account balance. In return, merchants receive a payment guarantee from the bank, which eliminates the risk of non-payment for them. The Giropay payment method has so far been limited to Germany. However, the aim is to link Giropay with other payment methods such as the Austrian sofort to increase the reach of online payment systems in Europe.
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