Online payment was once limited to credit and debit cards alone. Today, however, there are literally hundreds of ways for consumers to pay online. Here are some popular payment methods you should consider accepting:
Visa: Visa is the largest global card network in the world. It’s a popular option for online shopping, offering a range of security benefits to users, including protection against fraud, loss and theft. Visa is also a well-known brand, and its presence on your website builds trust.
Mastercard: Mastercard is one of the largest globally accepted. Like Visa, it’s a trusted payment method thanks to its extensive insurance options for users – and it’s also a notable brand.
Maestro: Maestro is a debit card which leverages the Mastercard network. In several countries, local brands, like Bancontact in Belgium co-brand with Maestro. As a debit scheme, a Maestro transaction is immediately deducted from the customer’s bank account.
PayPal: PayPal is the most commonly used digital wallet in the world.
A recognisable and proven payment method, the PayPal brand can lend legitimacy to your webshop’s checkout process. In fact, websites with PayPal convert at an 82% higher rate than those without PayPal. In 2019, there were over 277 million active PayPal users across the world.
iDEAL: iDEAL is the leading online payment method in the Netherlands. One of its features is a QR code at checkout, allowing customers to scan the code with the iDEAL app (or their bank app), confirm their details, and confirm the payment via their online/mobile banking account.
Payconiq by Bancontact: Bancontact is the preferred payment method in Belgium. Payconiq is the smartphone app, and it also offers QR code functionality.
When your customer arrives at the online checkout, they simply choose ‘Payconiq’ or ‘Bancontact’ as their payment method, scan the QR code with their Payconiq app (or their bank app), and enter their PIN code to complete the transaction. Giropay: Giropay is the online equivalent of Girocard, the most common debit card in Germany and Austria. For online payment, customers choose Giropay, select their bank, and log in to their online banking. From there, they review the prefilled payment details and authorize the payment.
Giropay uses real-time bank transfers, meaning all payments are 100% guaranteed.
Depending on where you’re located, there are other online payment brands that you may wish to consider accepting:
- SOFORT (Pay Now by Klarna)
- Amazon Pay
- American Express
- SEPA Direct Debit
Note: It is advisable to first determine which payment methods you would like to offer to your customers. The vast majority of your customers will want to pay with the tried-and-trusted methods that are widely used by their friends and family.