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.
Ecomz Payments: 4 Different Methods
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
eWallet
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.
Cash On Delivery (C.O.D.)
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.
Bank Transfers
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.
Debit/Credit Cards
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
Payment Gateways: Features and Operations
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:
- Collecting the credit card information temporarily.
- Encrypting the collected data.
- Authorizing the transaction by sending the request to the credit card company.
- Approving or declining the payment.
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.
Integrating With The Right Payment Gateway
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.
2Checkout
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.
- Global payments - 180+ countries
- Subscription billing
- Tax and financial services
- Risk management and compliance
- Services for startups, SMEs, and large corporations
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
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.
- MENA focus
- Loyalty programs
- Gift card program
- Customizable plans
- Services for startups, SMEs, and large corporations
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.
Checkout
Another global payment provider with some impressive names under its sleeve like Samsung, Adidas, and Gettyimages. Checkout ensures speed, reliability, and also data transparency.
- 50 countries - Eurppe, MENA, Asia, and USA
- 150+ currencies
- Data-driven monitoring tools
- Fraud protection
- Disputes management
This unified platform bolsters a market-leading technology that focuses on improving the customer experience through safe and quick transactions.
Cybersource
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.
- 190+ countries - 97% of all territories in the world
- 300+ fraud detectors
- Easy integrations
- 24/7 support
- Services for startups, SMEs, and large corporations
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.
Hyperpay
Another regional payment solution focused on the MENA. Hypepay is connected to over 400 methods and currencies allowing merchants to reach global markets.
- Fraud management
- Reporting and analytics
- Omnichannel payments
- One-click checkout
- Multicurrency acceptance
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
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.
- Local MENA support
- Installments and recurring billing
- Invoicing service
- Fraud protection
- Real-time dashboards
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.
PayPal (Express/Pro)
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:
- PayPal Express: customers are redirected to the PayPal website but they complete the checkout process on the online store itself. This gateway is available in more than 190 countries.
- PayPal Pro: customers can directly checkout from the ecommerce website without being redirected to PayPal however, it’s only available in USA, Canada, and UK.
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
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.
- 168 currencies
- Anti-fraud protection
- Smart dashboards
- Express checkout
- Dedicated ecommerce plugins
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.
Offering Safe Transactions with Ecomz Payments
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).
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