Choosing the perfect payment method is crucial for any business. These payment methods should have versatile qualities like supporting international payments, reachability, and security.
However, there are a ton of options for payment methods available in the market. Some of them are international platforms, covering services across the borders. Others are local platforms that target one specific market.
Dominating International Payment Modes
The majority of the businesses nowadays are targeting international customers. This need heightened the requirement for payment platforms that can accept payment without restriction of political borders.
There are several major international payment modes. Some of such popular payment modes accepted worldwide are:
Payments using credit and debit cards are by far the most popular payment modes worldwide. Payment gateways like Visa and Mastercard have created an international network, and anyone with such cards can seamlessly transact with tens of millions of merchants using these networks
Paypal is undoubtedly the most widely accepted payment mode. It enables customers to make credit/debit card payments on merchant platforms and a few other modes. It has a global presence and is popular in several countries.
Stripe has taken online businesses by storm. It is one of the most preferred payment gateways used by online businesses, mostly because of the ease of integration and support. The platform also keeps its fees and charges transparent, making it suitable for small businesses.
Popular Local Payment Methods
Apart from the global giants, there are several local payment methods specific to countries. Though they have a confined reach, they are popular within their markets and responsible for a majority of local online transactions.
Some of these popular local payments platforms within Europe are:
Giropay was intriduced in early 2006 and is a popular payment mode in Germany. It allows customers to make payments on platforms using online banking. The platform has a massive reach within the German banking network and added most banks in the country on its platform.
iDeal is an online payment platform in the Netherlands. It allows customers to make payments from their mobile banking application or online banking environment. It is popular in making payments on e-commerce and captures a majority of the domestic online payments market.
Multibanco is the largest interbank network in Portugal. It is operated by the Sociedade Interbancária de Serviços, the body which is controlled by the participating bank in the network. The network links ATMs of the participating banks and provides mobile and internet banking services.
EPS is another payment method that allows online transactions through the customers’ banking platform. It is confined to Austria and is accepted by most online retailers in the country.
Bancontact is for customers in Belgium. It issues a card and further operates with a mobile app, which are connected to the customers’ bank accounts. It is the most popular online payment method in the country.
Sofort is another popular online payment method in Europe. It redirects customers to their bank portal and requires them to authenticate the payments. It is widely used in countries like Germany, Austria, Switzerland and Belgium.
|Stripe||Most of the countries|
There are hundreds, if not thousands, of payment methods. Most of them are local and serves customers in only one particular country. As an online business owner, you should study your target market and integrate the suitable payment method.
Various Payment Methods, One Integration
At Macropay, we offer an end-to-end service for integration of payment methods on online merchant platforms. We support all the leading payment modes that are popular in various markets.