Bancontact is Belgium’s most popular online payment method. With over a whopping 15 million cards in circulation, you’re missing out on a lot of potential customers if your business is not offering this alternative payment method or APM to your loyal patrons.
If you are not yet accepting APMs for online payments, now is the time to make the switch. Here’s everything you need to know about this payment method and how it can benefit your business.
What is Bancontact?
This Belgian payment method allows customers to pay online using their bank account. It’s similar to iDEAL in the Netherlands and SEPA Direct Debit in other European countries. But what sets this APM apart from others is its wide adoption in Belgium.
Consumers in Belgium love this APM because it’s a safe and convenient way to pay. From utility bills to online shopping, Bancontact can be used for all sorts of payments. For businesses looking to scale up, offering local payment methods as a payment option is a no-brainer.
Not only does it make it easier for customers to pay, but it also opens up your business to a whole new market of potential customers who prefer using this local payment option over other payment methods.
Why Use Bancontact?
Whether you’re a small business just starting out or a large enterprise looking to expand your payment options, integrating an APM can benefit you in many ways.
Increase your customer base
As we mentioned earlier, there are over 15 million Bancontact cards in circulation – that’s a lot of potential customers! By offering this payment method on your gateway, you’re opening up your business to a whole new market of Belgian consumers.
Boost your sales
This APM is incredibly popular for online shoppers in Belgium. In fact, over 70% of Belgian eCommerce transactions are made using Bancontact. By making this APM available to your customers, you’re more likely to see an increase in sales and revenue.
Get paid faster
Payments are processed in real-time which means you’ll get paid faster than with other payment methods such as bank transfers or cheques. This is especially beneficial for businesses that rely on timely payments to keep their cash flow positive.
Reduce fraud
This payment method uses 3D Secure technology to protect both businesses and consumers from fraud. This means that customers are required to enter a one-time code (which is sent to their mobile phone) when making a payment. This extra layer of security makes it much more difficult for fraudsters to steal customer information and defraud businesses.
Lower your costs
Compared to other popular payment methods such as credit cards, Bancontact has much lower transaction fees. This can save you a significant amount of money in the long run, especially if you process a high volume of transactions.
How to Accept Bancontact Payments on Your Website
Now that you know all the benefits of offering this payment option on your website, you’re probably wondering how you can get started.
The good news is that it’s actually very easy to start accepting alternative payments. All you need is a Bancontact Merchant Account and a Payment Gateway like Macropay.
If you’re interested in learning more about how Macropay can help, feel free to get in touch with our team of experts today. We’ll be more than happy to advise you on the best solution for your business.
