Choosing the best payment solution for WooCommerce

Is it time to revamp your e-commerce strategy or maybe review your payment solutions? With numerous options available, choosing the right solution is crucial for both you and your customers. Here, we’ll explore some of the top payment solutions to help you make the best choice.

When it comes to payment solutions, there’s no one-size-fits-all service. Each solution has its strengths and weaknesses, making it important to choose the right one for your specific business needs. In other words, the best payment solution depends on your target audience and business model.

It’s all about providing the customer with the best possible choice from several different payment methods. If the customer finds a payment method that he trusts, the possibility for conversions is higher.

WooCommerce is designed for seamless integration with other systems, making it compatible with most popular payment solutions. Scale up your e-commerce with the payment solution that suits you and your customers best.

Which payment solution fits you?

The goal of choosing the right payment solution is to make sure it’s secure and simple for your customers.

There are several important aspects to consider when choosing a payment solution; here are some things to keep in mind.

Who is your target audience? Choose the payment solution that fits your customers

Before choosing a payment method, you need to know your customers. Which payment method customers prefer is different depending on age, gender, and location. Find out which payment methods your customers prefer by analyzing your target audience.

“1 in 10 customers cancel their purchase because they can not pay through the desired option”

British online customers generally prefer to pay by card, followed by digital wallets, and bank transfers. If your customer base is broader, it can be good to use several different payment methods.

The most important thing for most British customers is that it’s easy and secure to pay. In general, card payments are seen as the safest and invoice payments as the simplest.

If you do global shipping, you should also take into account that preferred payment methods can look very different from country to country.

Order value and order volumes can determine your choice

Something that can affect your choice of payment solution is the average order value and the number of orders per month. This is because different payment solutions have different types of fees.

With lower order values, it is easier to use card payments, both for you and the customer. In contrast, high order values imply 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 is probably preferable. Similarly, a payment solution with low transaction costs is preferable if you have a higher volume of orders per month.

If you need to use several payment methods, remember to calculate the fees against how many more purchases are potentially made with the additional payment methods.

Choice, simplicity, and security

These three key words should always be kept in mind while in the process of choosing a payment solution.

Security – Known payment solutions will make your customers feel secure. Simply because they know that these work and are safe.

Simplicity – It should always be easy for your customers to pay. Choose the payment solution that appeals to your customers and is most comfortable to use for the target audience.

Choices – More choices will generate more customers. If you offer several different payment methods, you’re more likely to satisfy more customers.

Klarna

Klarna is one of Scandinavia’s most popular solutions for online payments. Simple and recognizable. 

Klarna offers two solutions for e-commerce with seamless integration. The complete solution Klarna Checkouts and modular Klarna Payments.

Available payment methods:

• Credit Card
• Invoice
• Installment payment
• Direct payment (via Klarna)

Read more about Klarna as a payment solution.

Nets Easy

Nets may not be something that most private customers will recognize, but as an entrepreneur, you will probably have clear associations to it.

Nets want to make it easy for all customers, both private and corporate (B2B). It also offers a solution for subscription payments, something that is becoming increasingly popular with all of today’s streaming services.

Nets Easy is a complete solution with seamless integration, a good option to Klarna.

Available payment methods:

• Credit Card
• Invoice (30 days for B2B)
• Card acquisition
• Subscription payment

Read more about Nets Easy as a payment solution.

Qvickly

Qvickly is a payment solution that highly focuses on the shopping experience. This is done, among other things, by offering a wide range of payment-integrated methods. An example is Swish, which is becoming an increasingly popular payment method. 

Qvickly is a complete solution with seamless integration.

Available payment methods:

• Credit Card
• Invoice
• Installment 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 various payment options into your WooCommerce store, allowing your customers to pay in the way that suits them best.

Available payment methods:

• Credit cards (Visa, Mastercard, American Express)
• PayPal
• SEPA Direct Debit
• iDEAL
• Bancontact
• SOFORT Banking
• Giropay
• Apple Pay

Read more about Mollie as a payment solution.

Ledyer

Ledyer is a specialized 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
• Installment payments
• Bank transfer

Read more about Ledyer as a payment solution.

Briqpay

Briqpay offers an innovative payment solution for B2B transactions. With easy and seamless integration into WooCommerce, Briqpay can handle various payment methods, making it easier for your customers to complete their purchases. It’s a more advanced solution, making it a better fit for larger businesses.

Available payment methods:

• Card payments (Visa, Mastercard)
• Invoice
• Swish
• Bank transfer
• Installment payments

Read more about Briqpay as a payment solution.

Dintero

Dintero offers a comprehensive 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 with a single plugin and unified backoffice. The solution includes features for customer loyalty, discounts, and coupons, trusted by major brands like Europris and Staples. With competitive pricing and extensive support, Dintero helps businesses increase revenue and reduce costs.

Read more about Dintero as a payment solution.

Summary

The most important takeaway is to choose the payment methods that your customers feel safe with.

If you sell smaller volumes, you probably want to use payment methods that have low monthly costs. If you sell large volumes, you would probably want to use payment methods with a monthly cost and a lower transaction fee. For cheaper purchases, card payment is preferable, and for more expensive purchases, we recommend invoicing.

More payment methods imply a higher operating cost, but also result in more completed purchases.

Scale your E-commerce with Qala

Are you ready to take the next step and scale your e-commerce with better payment solutions? We at Angry Creative 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.