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Alternative payments…what should you be offering?

January 29, 2020 at 10:00 AM

No-one visits a shop, restaurant or website to pay for something. Similarly, when it comes to gaming, customers want to play not pay. Payment is just a necessary part of getting the goods, service or experience.

And it’s the same for business owners. No-one sets up a business to become an expert on payments. Unless, of course, they’re running a payments business. Payment is just a necessary part of selling the goods, service or experience.

So when it comes to payment, what are customers and businesses looking for?

Well, everyone likes things that are the least hassle. People prize convenience. They also prize familiarity. It’s how they usually pay or are paid. And they’re comfortable with that. Convenience plus familiarity equals ‘sorted-ness’.

 

Where do alternative payments fit into all of this?

There’s no single, global way to pay. While international card brands are accepted worldwide, not everyone chooses to use or accept them.

In fact, only around 45% of global e-commerce and 52% of point-of-sale purchases are made on cards, according to the Worldpay Global Payment Report 2018. That means if you only accept card payments, you could be missing out on as many as one-in-two sales.

The term ‘alternative’ payment is misleading, particularly when the ‘alternative’ is actually the preferred payment type in many markets. For example, in Poland more than half of e-commerce sales are made via bank transfer, such as Przelewy24 or BLIK. In Russia, e-wallets account for almost one-third of e-commerce sales (e.g. Moneta.ru, Qiwi Wallet, WebMoney, YandexMoney).

When cards are heavily used in a market, sometimes they are local brands, such as Dankort and Cartes Bancaires in Denmark and France respectively. Business owners need to accept local payment types to reach more customers, maximise conversion, increase customer loyalty and ultimately drive revenue.

 

How we can help

PXP Financial offers many integrated payment types to choose from. These range from international card brands, such as AMEX, Mastercard and Visa, to domestic debit brands, bank transfer methods and pre-funded options. Now, if you’re worried that this convenience of choice sounds like the inconvenience of choosing. Don’t be.  

We narrow down the options for you and your customers by offering certain pre-selected payment bundles, based on country and industry sector. Because we’ve done the integration at our end, there’s practically zero implementation risk to you.

If one option is not popular, we can switch it off. If a new option launches, we can usually integrate it in less than a fortnight and turn it on. And the convenience continues…

If the consumer’s first payment doesn’t go through, we have an built-in roll-over to automatically suggest an alternative. It’s convenient for the customer and means that you’ll never unnecessarily lose a sale.

As to all the behind-the-scenes stuff around payment. The stuff everyone just wants sorted. Well, we’ve sorted it. Our plug and play technology allows people to pay and be paid. Through any channel. Across many countries. In a secure and simple way.

It’s all available through one contact/interface, one contract, one settlement into your account, one report. That’s one less thing (or many less things) to worry about.

 

To find out more

For more information how local payment acceptance can drive your business forward, e-mail sales@pxpfinancial.com or complete your details on the contact form below.

 

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Tags: Payments

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