Online Payment Methods – Part 2

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Arber Bullakaj

CEO
Read time: 6 minutes

Online payment methods are crucial factors when it comes to a company’s success. Since more and more transactions are performed online and studies are conducted concerning this topic, online payment systems are now the center of attention. They are a decisive factor whether or not an online purchase is completed successfully or aborted. Up to 70% of customers abort the process – because unexpected fees have been added to the original price, the usability of the website is rather low, or because their preferred payment method is not available. In this phase, such a realization can be a great disappointment. This becomes apparent when one tracks the customer journey: the customer finds the company’s website, browses their product range, finds the perfect product and is now ready to buy. The only problem: their preferred payment method is not available. Now the customer can only switch to another digital payment system which might bear a higher risk or requires entering sensitive data. If a product or service is available in other online shops that offer popular methods of payment, customers might choose to abort the buying process on the previous website. Not a desirable outcome, right? In order to avoid such an order of events, you should integrate established payment methods into your online shop. In our previous blog article, we have already introduced Payrexx and PayPal – in part 2 of this series, we will explain two other providers in more detail: Twint and Stripe. Find out more about these two systems that will influence tomorrow’s online buying processes vehemently.

Online Payment Method: Twint

The payment method Twint is well established in Switzerland. The company accomplished this milestone by building their own application that facilitates everyday purchases. Private customers can shop offline and online by simply using their smartphones. Whether they want to pay their menu at a restaurant, their parking ticket, or in your online shop – users only have to download their bank’s Twint app, connect their bank account to the application or register their credit card digitally. Once these steps are completed, customers can shop safely and comfortably! Plus: customers can save their loyalty cards in the app, as well as send their friends money. Cashless payments have never been easier! Both Android and iOS smartphone users can benefit from these advantages.

This payment method is also extremely useful for business clients: sellers can display a Twint-beacon in their offline shops, or provide a QR code on a display which the customers can scan. In order to integrate the convenient payment method into your online shop, in-house programming is required, a respective plug-in or a payment-service-provider. Another advantage? Definitely the fact that companies can offer their customers a digital loyalty card to collect loyalty points or redeem a coupon with. Thus, it comes as no surprise that Twint is the leading mobile payment provider in Switzerland.

Online Payment Method: Stripe

Do you want digitalize your business? Then you shouldn’t ignore Stripe! As one of the biggest providers for online payment systems, the company acts as a so-called payment service, as well as a payment gateway provider. The first term circumscribes a provider that enables transactions between customers, sellers and financial institutions. The second concept describes a technology that enables online sellers to process and accept transactions performed with debit or credit cards. Therewith, Stripe supports transactions of famous companies like Under Armour, Lyft or Pinterest. This is one of the reasons why 89% of all credit cards have already been involved in a transaction enabled by Stripe.

The payment system offers its services in more than 135 currencies, which is why it is of great interest for international companies, too. Furthermore, Stripe offers several more advantages that make it stand out from its competitors. The verification process is very easy and agile. Sellers have to register online and are being verified shortly thereafter. If you want to reconfigure your website and e-commerce with reasonable tools, Stripe has many options in store. The only requirement: most additional functions require an integration by a programmer – our team would love to support you in implementing the popular payment method. It is also popular because it assures a high level of security. This is important since unfortunately, terms like ‘digital data theft’ or ‘phishing’ are not uncommon any more. As a countermeasure, Stripe offers security functions like SSL and encryption – for every account, without any additional fees. Other services include the Stripe Radar for fraud prevention that involves additional fees, but definitely increases your systems’ security. No single online payment provider can guarantee 100% payment security – but these tools can bring you closer to achieving that goal. Via a characteristics profile, you can determine your company’s risk disposition and install the Stripe Radar in a way that does not compromise existing workflows. Since your coworkers do not have to control processes manually, you can save a lot of precious time – and money.

Update Your Online Shop – With Dinnova

Topics like transaction security and data privacy are more relevant than they have ever been. In order to meet these expectations, online businesses have to integrate payment methods that ensure safe transactions. Amongst these are payment providers like Payrexx, Twint, PayPal and Stripe – in Switzerland, as well as internationally. Our professional team of developers is looking forward to supporting you in choosing and implementing the right online payment systems. The latter do not only make the buying experience more pleasant for the customer, but they do also protect the seller: a win-win that your competitors have already realized. We would love to plan and implement the best payment methods as well as your digital products – in order for you to not emulate your competition, but to be one great step ahead of them! Whether you need support in conceptualizing your new website, designing an e-commerce or developing a software: we are your best bet when it comes to digitalization! Reach out to our service team to book your first consultation. We are looking forward to hearing from you!

Arber Bullakaj

CEO
Not only is Arber Bullakaj an Innovation Expert with an Executive MBA in Innovative Management and Development, he is also certified as a Senior Project Manager (IPMA Level B). These skills, combined with an absolute passion for innovation, represent a big advantage for our clients’ needs and for the future of Dinnova AG. As a full-blooded CEO he prefers to ‘go all in’ into projects and challenges as likes to act as a sparring partner for our team.