Is it time to update your strategy and review your payment solutions? With many options available, it’s important to choose the right solution for both you and your customers. Here we explore some of the best payment solutions to help you make the best choice.
When it comes to payment solutions, it may not be possible to choose one service that’s best for all occasions, rather it’s about matching the right solution to the right business. All services have their pros and cons, depending on the nature of the business and the target audience.
It’s about giving the customer the best possible choice with several different payment methods. If the customer finds a payment method that they trust, the possibility of conversion is greater.
WooCommerce is made to integrate with other systems and thus most popular payment solutions. Scale up your e-commerce with the payment solution that suits you and your customers best.
Which payment solution is right for you?
The goal of choosing the right payment solution is to provide peace of mind and simplicity for your customers, while meeting your requirements as a merchant.
There are several aspects to consider when choosing a payment solution, here are some things to think about when choosing a payment solution.
Who is your target audience? Choose the right payment solution for your customers
Before choosing a payment method, you should know your customers. The payment methods preferred by customers vary depending on factors such as age, gender and location. Find out which payment methods your customers prefer by analysing your target audience.
“1 in 10 customers cancel their purchase because they cannot pay in the desired way”
Swedish customers generally prefer to pay by invoice, followed by card, Swish and direct payment via online banking. If you have a broader customer base, it can be useful to use several different payment methods.
The most important thing for most Swedish customers is that it is easy and safe to pay. Generally, card payments are seen as the most secure and invoice payments as the easiest.
If you sell globally, you should also take into account that preferred payment methods can vary greatly from country to country.
Check out the E-barometer for the last year to see what the statistics look like for different payment methods.
Order value and order volumes are crucial
Something that can influence your choice of payment solution is the average order value and number of orders per month. This is because different payment solutions have different types of fees.
With lower order values, using card payments is most convenient for both you and the customer. While higher order values mean that customers usually want to pay by invoice.
If you have a low volume of orders per month, then a payment solution with a lower monthly cost and instead costs per transaction is probably preferable. Similarly, if you have a higher volume of orders per month, a payment solution with low transaction costs is preferable.
If you need to use multiple payment methods, consider calculating fees against how many more purchases will potentially be made with the additional payment methods.
Choice, simplicity and security
These are the three keywords you should keep in mind when choosing a payment solution.
Security – Familiar payment solutions will make your customers feel secure in using the payment method. Simply because they know that these work and are secure.
Simplicity – It should be easy for your customers to pay. Choose the payment solution that appeals to your customers and is easiest for your target audience to use.
Choice – It is often advisable to choose several different payment methods to meet the needs of your entire target group. More choices will bring more customers.
Klarna
Klarna is one of Scandinavia’s most popular online payment solutions. Customers recognise this solution and can easily choose between the different payment methods.
Klarna offers two e-commerce solutions with seamless integration. The end-to-end solution Klarna Checkouts and the modular Klarna Payments.
Available payment methods:
- Card payment
- Invoice
- Instalment payment
- Direct payment (via Klarna)
Read more about Klarna as a payment solution.
Nets Easy
Nets may not be something that all private customers immediately recognise, but as a business owner you will probably have clear associations.
Nets wants to make it easy for all customers, both private and business customers (B2B). It also offers a solution for subscription payments, something that is becoming increasingly popular with all today’s streaming services.
Nets Easy is an end-to-end solution with seamless integration.
Available payment methods:
- Card payment
- Invoice (30 days for B2B)
- Card redemption
- Subscription
Read more about Nets Easy as a payment solution.
Qvickly
Qvickly is the payment solution that wants to put the shopping experience at the centre. They do this by offering a wide range of integrated payment methods. One example is Swish, which is becoming an increasingly popular payment method.
Qvickly is a complete solution with seamless integration.
Available payment methods:
- Card payment
- Invoice
- Partial payment
- Swish
- Direct payment via internet banking
Read more about Qvickly as a payment solution.
Mollie
Mollie is a flexible and user-friendly payment solution that offers a wide range of payment methods. With Mollie, you can easily integrate different payment options into your WooCommerce store, allowing your customers to pay in the way that suits them best.
Available payment methods:
- Credit card (Visa, Mastercard, American Express)
- PayPal
- SEPA Direct Debit
- iDEAL
- Bancontact
- SOFORT Banking
- Giropay
- Apple Pay
Find out more about Mollie as a payment solution.
Ledyer
Ledyer is a specialised payment solution for B2B transactions, best for smaller businesses. It is designed to simplify and streamline the payment process between businesses, enabling fast and secure transactions.
Available payment methods:
- Invoice
- Instalment payments
- Bank transfer
Learn more about Ledyer as a payment solution.
Briqpay
Briqpay offers an innovative payment solution for B2B transactions. With simple and smooth integration into WooCommerce, Briqpay can handle different payment methods, making it easier for your customers to complete their purchases. It’s a more advanced solution, making it better for larger businesses.
Available payment methods:
- Card payments (Visa, Mastercard)
- Invoice
- Swish
- Bank transfer
- Instalment payments
Find out more about Briqpay as a payment solution.
Dintero
Dintero offers a complete payment solution for both online and physical stores, supporting multiple payment methods:
Available payment methods:
- Visa
- Mastercard
- Klarna
- Vipps
- Swish
- MobilePay
- Walley
Dintero simplifies the payment process through a single plugin and a unified back office. The solution includes features for customer loyalty, discounts and vouchers, and is trusted by major brands such as Europris and Staples. With competitive pricing and comprehensive support, Dintero helps businesses increase revenue and reduce costs.
Learn more about Dintero as a payment solution.
Executive summary
The most important thing to keep in mind when choosing a payment method is to choose the one your customers feel comfortable with.
If you sell small volumes, you probably want to use payment methods that don’t cost much per month. If you’re selling large volumes, you’ll want to use a payment method with a monthly fee and a lower transaction fee. For cheaper purchases, card payment is preferable and for more expensive purchases, invoice.
More payment methods mean a higher operating cost, with more completed purchases.
Scale up your e-commerce with Qala
Are you ready to take the next step and scale up your e-commerce with better payment solutions? At Angry Creative, we have extensive experience in integrating payment solutions in our e-commerce solution Qala, which is based on WooCommerce. Contact us today to see how we can help you grow.