That’s it! That’s it! You have just embarked on the digital adventure: you have created a web platform to gain visibility, but above all to offer your products for sale online. However, when you do e-commerce, the issue of online payment is essential if you want to generate a turnover through your website. Your goal is therefore to offer your customers a fast and secure online payment solution. Choosing the right payment system is a strategic initiative on your part because it will give you confidence: it will attract new customers and retain those who already know you. We will therefore guide you step by step through this article so that you can offer an optimal payment system to your future virtual customers.
1. Select the available online payment systems
First of all, you need to define which payment methods you want to offer your customers.
Payment by credit card
It is the must-have for your customers. Without payment by credit card, few customers will finalize the sale on your website. It should be noted that 85% of online purchases are made by credit card (Fevad).
The bank transfer
Secondly, the transfer is all too often forgotten despite being the most accessible online payment method! It is available to all bank account holders. All you have to do is give your bank details and the amount of the purchase to pay to your customer. However, this method requires a follow-up from you to ensure that the purchased product has been paid for.
Payment via PayPal
Another service available online is the giant Paypal. This online payment system has become an indispensable asset in the sector with more than 250 million active accounts worldwide in 2018 (Statista).
2. Choose your banking institution
If you want to integrate online payment into your e-commerce, there are two main families of payment systems that you can use: traditional banking institutions (with a distance selling contract, known as VAD) and third-party services (without a VAD contract).
Most banking institutions offer secure online payment solutions, including BNP, Société Générale, Crédit Agricole and Caisse d’Épargne. Thus, if you wish to go through one of them, you will then have to subscribe to two contracts with it:
- A Payment Solution Provider (PSP) contract from the chosen bank that will allow you to make a payment module available on your website
- A distance selling contract (VAD) that will allow you to use your bank’s payment terminal, which will be the intermediary between you and your customer. This VAD contract is to be negotiated directly with your bank. To do this, you must present a solid and serious case. However, this solution is a guarantee of security for you and your customers, despite its often high pricing.
Third-party services are companies that specialize in online payment systems and are therefore much more complete and customizable than banks. You will be able to integrate payment by credit card, but also many other possibilities, such as Paypal, Apple Pay, Bitcoin, etc. Fees are generally charged on a commission basis or per transaction. Among them, we have selected those that we believe are the most optimal.
- Payline. It is probably the most professional solution with many highly developed features: we can mention the confirmation of payment by phone (a security guarantee that reassures customers) or the possibility of paying in several installments. The package with several options is around 35 euros per month for a limited number of transactions. If this bar is exceeded, a commission of 0.8% is added to each transaction made.
- PayZen. It is a very versatile system: it offers all payment methods (even the possibility of paying by SMS for small amounts!), it is secure, customizable and above all includes international sales, which is practical when selling abroad! The subscription starts at 14.90 euros per month, but the invoice can quickly increase with the extra options.
- Stripe. This is a revolution in the world of online payment systems: this tool makes it easy to use credit card payments but without going through a bank, you are totally autonomous! In addition, customers can make payments without being registered on your site, which encourages them to conclude their purchases more quickly on your e-commerce. At Stripe no fixed price, the site takes 1.4% commission and 0.25 euros per transaction made. It is also the online payment system that Discodery has chosen to set up for your e-commerce site: the payment solution will already be integrated into your website at no extra cost, making your life easier!
3. Don’t forget before you embark on the digital adventure
Be careful not to get started too quickly, because choosing an online payment system is not the only thing to do. Take the time to study the question and refine all the small adjustments so that your e-commerce is as safe and secure as possible.
Study the market you are in or want to enter
Indeed, depending on the geographical area you want to reach with your e-commerce, you will have to adapt to their respective payment methods; otherwise you risk making a limited number of sales, but there is no question of making your online business prosper without counter sales!
You must therefore carefully study the market you are entering and adopt the appropriate payment method. For example, the majority of Africans do not have a bank account, so online payment by credit card is impossible!
But don’t panic, there is another payment method very widespread in French-speaking Africa: payment by mobile phone (Mobile Money), available from several operators (Orange Money, MTN Mobile Money, Moov Money or TMoney).
If you want to integrate mobile payment into your website, an African start-up, CinetPay, offers an online payment system that will allow your customers to pay with their Mobile Money account, credit card and even their electronic wallet! This is precisely the payment system that Discodery has adopted for its customers located in French-speaking Africa, in order to best adapt to your needs.
Customize your payment page
Cette étape est primordiale pour mettre votre client en confiance. En effet, la personnalisation de votre interface de paiement fait partie intégrante du processus de vente en ligne et est même une phase décisive de celle-ci.
La customisation commence par afficher les logos des différents modes de paiement acceptés : VISA, MasterCard, American Express, PayPal, Orange Money, etc.
This step is essential to build your customer’s confidence. Indeed, the personalization of your payment interface is an integral part of the online sales process and is even a decisive phase of it.
Customization begins by displaying the logos of the various accepted payment methods: VISA, MasterCard, American Express, PayPal, Orange Money, etc.
This step can be overlooked by many people but we assure you that it changes the game because many potential customers can be worried if they do not see the logos.
In addition, make sure you take care of the payment form, a clean and aesthetic interface will reassure customers and comfort them in their purchase decision. They will then have no trouble drawing their credit card to finalize their order.
In this way, these little things that we don’t think about enough, will facilitate the critical step of online payment and will, therefore, prevent you from losing sales due to lack of information.
Beware of fraud
In 2017, in France, the fraud rate for online payments is 0.161% (according to the Observatoire de la sécurité des moyens de paiement); this figure may seem low but it represents 1.2 million fraudulent cards (out of 85 million in France)!
It is therefore important to choose an online payment system that actively fights online fraud and makes payment as secure as possible.
The best-known systems, including those mentioned above, include technologies such as biometrics, keyboard typing analysis, but also mouse movements to detect robots to prevent fraudulent transactions. This process will allow you to avoid additional costs due to fraud and will also allow you to build customer loyalty, which will be reassured by the security of your website.
4. Get started!
You are now familiar with all possible payment systems for your e-commerce. So you’re ready to get started and become a digital hero!
If you still wish to receive support in this step, do not hesitate to consult the all-in-one Discodery solution. You won’t have to worry about which payment system to choose!
And if this article has helped you in your research, feel free to share it with others, other small traders may need it!