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What are alternative payment methods?

Ecommerce Payment methods

This post is also available in: ES

In Spain, the most common payment method is the credit card: according to several studies, 89% of users still prefer to pay in this way. However, recent experience shows that this is not the case in other countries, while companies including Google, Amazon, and Apple are implementing their own payment methods.

Alternative payment methods: the user experience your client deserves

Do you sell outside of Spain?
Is your client dynamic and up-to-date with the latest technologies?
Do you sell high-value products and see many sales fall through?

If you answered ‘yes’ to any of these questions, read on! Implementing alternative payment methods (APMs) into your e-commerce will definitely increase your sales.

An APM is any form of payment other than by cash or card (Visa, Mastercard, AmericanExpress, Maestro, etc.).

Wherever you go, charge as you see fit

Build trust by implementing the payment methods that your customer already knows and uses.

When you sell online, one vital aspect is the trust that your e-commerce generates.

How is this done? With a great design, an outstanding user experience, clear and transparent information, and of course by offering the forms of payment that your client already knows and uses regularly. When your client trusts you and your product, the sales process is more rapid and fluid.

Offering payment methods that are commonly used improves your conversion rates

In Europe, the most popular payment methods are:

iDeal in the Netherlands: 60% of the population uses this direct bank-to-bank payment method.
Klarna, an automated transfer payment system, mainly used in Germany, Austria, Switzerland and Belgium.
Trustly, especially preferred in Scandinavian countries, allowing customers to buy and pay from their own bank account.
P24, in Poland, a payment system for funds transfer.
Bancontact, mainly used in Belgium: more than 85% of companies use this card with which online payments or transfers can be made.
Giropay for Germany. Allows payments via online transfer.
– ELV (Elektronisches Lastschriftverfahren o débito bancario electrónico) is among the most used payment methods in Germany, made through direct debit.
Multibanco is a banking network in Portugal that enables online payments.
Qiwi Wallet, one of the most used payment methods in Russia, works as an e-wallet that the user must reload.

If part of your web traffic comes from America, you can optimize payments with the following methods:

– Boleto Bancario in Brazil, the largest market in the Americas after the U.S. This is a document that permits an order to be paid at any bank or lottery office, or via online banking.
Mercado Pago, developed by Mercado Libre, the main e-commerce platform in Latin America. Allows you to charge online, by way of a payment button.

Innovation and payments go hand-in-hand

In addition to local payments, made according to the practice and custom of each country, other means of payment have been developed by well-known technological platforms. Implementing these makes the payment process more fluid and builds trust among consumers. They include:

 – Bizum, a leader in innovation developed in Spain. The user has merely to enter his or her phone number and confirm the payment via mobile – it’s that easy.
 – Amazon Pay, uses the cards that a consumer has already saved for purchases on Amazon. Improve the user experience with the “one-click payment” button.
 – Google Pay, a virtual wallet that uses cards already associated with Google to make online payments.
 – Apple Pay, a virtual wallet that uses cards already registered on the Apple platform to make payments.

Finally, a very effective way to recover and increase sales is to offer financing options during the check-out process. This is a very useful alternative, especially when operations are denied due to insufficient balance or very high average charges.

The best known of these in Spain are:

Instant Credit
Aplázame
– Sequra
Paga+Tarde

In Nordic countries, the Klarna system is very popular.

In sum, there are many alternative means of payment that you can implement if you’re looking to increase conversion. The PAYCOMET payment platform offers these and other payment methods with one simple integration, saving both time and management costs.

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