{"id":19134,"date":"2016-12-13T00:00:00","date_gmt":"2016-12-12T23:00:00","guid":{"rendered":"https:\/\/trilogi.com\/blog\/the-right-payment-methods-for-an-ecommerce-store\/"},"modified":"2016-12-13T00:00:00","modified_gmt":"2016-12-12T23:00:00","slug":"the-right-payment-methods-for-an-ecommerce-store","status":"publish","type":"post","link":"https:\/\/trilogi.com\/blog\/en\/the-right-payment-methods-for-an-ecommerce-store\/","title":{"rendered":"The right payment methods for an eCommerce store"},"content":{"rendered":"

Choosing online payment methods<\/a> is one of the most important decisions when setting up an eCommerce store. The more options you offer users, the more opportunities you create to convert. But you need to study every aspect carefully: the market<\/strong> the online store targets, the customer profile<\/strong>, the product<\/strong> being sold, the fees charged<\/strong>, etc.<\/p>\n

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Does the type of product we sell matter?<\/h2>\n

The major gains in efficiency by leading logistics companies and the use of dropshipping business models make it easier to sell any product online. While buying furniture, home d\u00e9cor or large appliances online is no longer unusual, a few years ago it was unthinkable due to their size, weight or higher price.<\/p>\n

\u00a0The product<\/strong> is a key factor when deciding which payment methods to offer an online store\u2019s customers.<\/p>\n

When we sell high-value products, conversions can drop if we only accept immediate payment of 100% of the price. This is where financing or installment payments<\/strong> come into play.<\/p>\n

Companies offering these micro-loans have evolved as the online market demanded. They can now pre-approve installment payments in real time and have cut down the paperwork, making access easier for customers and management faster for merchants. So much so that many online stores let customers conveniently pay in installments through providers such as Cetelem<\/strong>, Cofidis<\/strong> or Paga + tarde<\/strong><\/a>, among others.<\/p>\n

And does the country we want to expand into affect the decision?<\/h2>\n

A good strategy to grow an eCommerce business\u2019s sales is, without a doubt, selling in other countries. Going international is a smart move, but it requires thorough research to make the right decisions, including which logistics companies to work with, pricing and competition in each country and, of course, which payment methods to offer customers.<\/p>\n

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Every country has its own particularities shaped by culture, climate, technological development, economic and political situation, etc., so something we consider normal at home may be less common elsewhere or face restrictions that prevent it from being implemented properly.<\/p>\n

Closer to home, Spain has a very specific case: the Canary Islands. Due to their tax and invoicing complexity, plus some customs issues, many merchants choose not to sell there. For this specific case there are solutions such as Click Canarias<\/a>, which makes it easier for merchants to open an eCommerce channel in this market.<\/p>\n

Using a payment method that isn\u2019t widespread in a given country can lead to very low conversion rates due to lack of user trust.<\/p>\n

PayPal is an international payment method widely accepted by internet users almost everywhere, but it isn\u2019t allowed in every country (Andorra, for example), and in other countries different platforms have much deeper market penetration.<\/p>\n

To avoid this, it\u2019s common to use payment aggregation platforms focused on different markets. If we make a very broad split of the markets we might try to enter, we\u2019d find these options to implement, among many others:<\/p>\n

Payment methods for the global market<\/h2>\n