Payment systems for online purchases
Internet commerce is booming and growth rates are still expected to rise. However, merchants who only offer the payment option prepayment come away empty-handed in nine out of ten purchase transactions – customers usually abandon their purchase. On average, larger retailers therefore offer at least five different payment systems. A payment system has to be fast, secure and convenient to use; if customers aren’t satisfied, they simply keep clicking.
What payment systems are there?
The following payment systems are the most widespread:
- Invoice
- Credit card
- PayPal
- Direct debit
- Prepayment
- Sofort
- Amazon Payment
- Giropay
- Click and Buy
- Cash on delivery
The shopper has a choice with these different systems as to how they want to pay. The security is similarly high, at least as far as data security is concerned. However, with direct debit or collection, the problem arises that the money can be booked from the account, but the buyer does not have to receive any goods. In addition, the merchant receives all account data. Those who pay by credit card have the advantage that it is not charged until the next statement. In addition, the merchant does not receive the account data, so security is ensured at all times. Chargebacks are also possible free of charge. If payment is made in advance, the buyer is also free to decide whether he will receive the ordered goods after payment. However, discounts are usually offered for this payment method.
