Payment Methods Online – The Most Important Providers

Share article
Share on facebook
Share on linkedin
Share on twitter
Share on whatsapp

Arber Bullakaj

CEO
Read time: 6 minutes

E-commerce generates higher and higher profits every year. This might be one of the reasons why it is not surprising that more and more companies position themselves online, or at least do implement a multi-channel strategy. For the online business to flourish, it is crucial to take some success factors into account. The new generation of online customers is more selective, whilst their attention span is lower than it’s ever been. If a website does not perform well or involves a longer loading time, users won’t sympathize. Quite the contrary applies – they leave the website altogether. Studies show that almost 70 percent of customers abort their online purchases, if their preferred online payment methods are not available. If you, as a web shop owner, do not provide the right online payment systems, you’ll have to pay dearly for that mistake. So, which payment methods should you include? Find out more about them in the following blog article!

Payment Methods for Online Shops – Payrexx & PayPal

If you want to avoid or at least reduce shopping cart abandonment, you should provide your customers at least with the most popular payment methods in your online shop. Classic methods include the purchase on account, direct payments or cash on delivery, credit cards, advanced payments as well as installment purchases. On average, around seven different payment methods are available in online shops that promote the likelihood of a successful sale. Yet, not only the availability of as many payment methods as possible is a decisive factor – the payment systems should also meet the customers’ needs. One of the latter is data protection, which is why the purchase on account enjoys great popularity. It does not require the disclosure of sensitive data, whilst the seller bears the whole transaction risk. It is precisely for this reason that several online shops replace this payment method with other solutions that harbor fewer risks. These include advanced payments, as well as Payrexx and PayPal.

Payment Method Online: Payrexx

An important digital payment provider – for everyday internet purchases – is Payrexx. Though, it is not a direct solution for private households. Instead, it is aimed at communities, educational institutes and companies in different sectors. In order to use Payrexx, companies can register for free, specify their sales web page and choose a payment provider. After creating and completing a form, they can link their sales page to their website or send the sales page via e-mail. The fees are definitely a remarkable advantage: Payrexx’ fees are amongst the lowest, as well as those that the payment provider Stripe requires – another external provider that we are going to take a closer look at in our next blog article.

Payrexx is a solid all-in-one solution since it is not only a conventional payment provider, but also a so-called payment facilitator. Furthermore, the company offers a plug-in for a large number of different online shops – for WooCommerce, Shopware, Magento and so many more. Payrexx also creates digital invoices, payment links or one-page stores. The latter are landing pages introducing one or a few products that include an online checkout area. Therewith, you can market your products and services, as well as enable your customers to purchase them on the same page. Payrexx allows any company to sell their products, services, vouchers, tickets and even memberships!

Let your online shop also benefit from Payrexx:

Payment Methods Online: PayPal

PayPal is one of the most popular and well-known payment systems in the e-commerce business. PayPal belongs to the internet company eBay and is making massive waves. In fact, it enables fast and safe payments – without having to enter sensitive data or share them with the online shop owner. Instead, PayPal acts as an intermediary that takes care of the whole buying process. To use the service, customers have to register and create a PayPal account that contains important bank and card data. Both parties benefit from this procedure. Clients can’t cancel a payment as easily – whilst sellers can’t access the clients’ bank data. For private customers the service is free, whilst sellers pay from 1.2 % of the transaction value and a one-time fee. Those fees for sellers can vary, private persons only do have to pay them when the transaction is an international one. The payment process itself is quite simple and can be performed in the matter of a few seconds. Only one click on the PayPal button is required to initiate the payment and access one’s own PayPal account. Once customers agree to pay, the purchase is completed. Bottom line: PayPal is a must that every e-commerce should to offer!

By expanding your checkout area with these online payment methods, you can reduce shopping cart abandonment. The top priority is to enable an easy and fast purchase whilst protecting the customers’ data, PayPal as well as Payrexx do fulfill these standards. The same goes for Stripe and the Swiss company Twint, which we will introduce in our next blog article.

Find out more about PayPal's advantages:

Payment Methods For Your Online Shop – Integrated With Dinnova

The safest online payment method for customers is definitely the purchase on account. Many sellers do not provide this solution anymore, since they have to deal with way more disadvantages this payment method entails – some online sellers even suffer the consequences of payment delays or default. Nowadays, online payment methods take its place that not only protect the customer, but also the seller. Only integrate those online payment systems that offer maximum safety and convenience during the buying process. Whether it is Payrexx, PayPal, Twint or any other provider – Dinnova would love to advice you and help you choose and implement those systems that are trustworthy and efficient. You also need support with creating your website and online shop? Our programmers and designers will be happy to help. We create entire online strategies, individual applications and software that promote your company’s success. Digital products that are able to meet high demands are our strength.

Feel free to reach out – our service team is looking forward to hearing from you, and we are looking forward to cooperating with you in the near future.

Design your digital future – with Dinnova.

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.