That’s it, you’ve decided to get into e-commerce. To get started, you have created a website through a web agency (or by yourself) and you now need to define the payment solution (s) that you wish to offer to your future customers.
What payment solutions can you offer to your customers?
When you start e-commerce, you realize very / too quickly the difficulty in finding efficient and above all inexpensive means of payment.So what means of payment to offer your customers? The bank card is an essential standard (VISA, MasterCard, etc.)
In terms of online services, I advise you to offer Paypal, which has become a standard in online payment. Note that Paypal is now the largest bank in the world with more than 130 million active accounts. Finally, a means of payment that e-merchants often forget is wire transfers. However, the transfer is available to all holders of a bank account. From the moment you offer these 3 different payment methods, we can consider that 99% of your internet users will be able to finalize a purchase on your site.
However, remember to adapt your payment methods according to the products you sell. Indeed, if your average basket is very high, it would be interesting to offer your internet users the possibility of paying for your products in 3 installments, for example. In the same way, it is essential to offer a mobile payment method if your Internet users will come to your site mainly via a mobile device.
What steps should you take to integrate a payment solution on your e-commerce site?
To integrate a payment solution on your e-commerce site, you have two choices: Go through a traditional / physical banking establishment which requires taking out a distance selling contract and paying fairly large fees (installation, subscription).Use a payment solution called “full service” (such as Paypal): the administrative procedures are generally more reduced, and usually payment is made on commission only (no subscription or installation costs). For example, paypal is paid only for the transaction.
If you want to go through a traditional banking establishment: There are two specific steps to have a payment solution and therefore sell on your e-commerce site: Subscribe to a Payment Solution Provider (PSP) contract with the establishment you have selected. This step will allow you to have at your disposal a payment module to integrate directly on your website.
Sign a VAD (distance selling) contract. This contract is negotiated directly with your banking establishment and authorizes you to use the banking terminal of the establishment in question as a means of payment. Please note that your banking establishment may refuse to sign this VAD contract with you. You will then have to turn to another banking organization.
Payment methods available on DMTwebhosting.com, If you wish through a full service establishment. If you want a full service solution, you just have to select the institution with which you want to create a partnership. As mentioned above, there are many payment providers that offer this type of service. To access this service, simply select the service provider and follow the subscription steps. The big difference that you will have with a traditional establishment is that your money will thus be transferred to the bank account that you will have created within your provider. So this makes a bank account to manage.
Last step: integrate the payment module into your conversion tunnel
From the moment you have signed all of these documents with your banking establishment, you will then have to integrate the payment module of this establishment in your conversion tunnel. Note that almost all payment institutions offer extensions / modules to facilitate integration with CMS such as Magento or Prestashop. Thus, the integration of your payment solution will be facilitated, especially if you do not have technical skills.
Which payment institution to choose?
The easy solution is to get closer to the bank in which you have your business account. However, the costs can quickly be very high for your activity and eat away at your margin (ouch!). I therefore advise you to prospect the main alternative establishments which often offer better pricing conditions. These payment institutions generally offer to manage the VAD contract for you or do not require them to sign such a contract, which saves you time as well as peace of mind. And the advantage for you who are considering opening an online store is that there are no set-up fees and no subscription. And you know like me that it is important to save every dollar when you start your own account.
Final advice before you start:
By studying a little more closely the Paypal solution, I was able to verify that they offer an optimized payment page allowing to comfort the customer in his purchase and specially to facilitate this crucial step which is the payment. Indeed, the payment form that you will offer to your customers is an integral part of the conversion tunnel. It is therefore essential to look after this page to avoid losing sales (and therefore reduce its conversion rate). When a user arrives at the key moment when he must take out his bank card and indicate his contact details, it is necessary that he is confident on your site. Another important point, it highlights the different logos of bank cards accepted. If you have been working in e-commerce for several years, you know that this reinsurance is essential in a step as decisive as payment because it puts the surfer in confidence.
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