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Expert opinion

Why should online merchants adopt alternative payment methods?

Wednesday 10 February 2016 | 08:57 AM CET

Wolf Kring, Alternative Payments: We focus on providing credit card alternative payment methods that foster global ecommerce sales

Online merchants today can realise immense value from the rising tide of international opportunities. Many private businesses and government entities are rallying to create a globally accessible marketplace. Ecommerce platforms are pushing multi-lingual and regional payments support. The EU Commission and related agencies established a roadmap to a borderless online marketplace. Adding alternative payments is now only a few clicks away for online merchants.

Ask a merchant today "Why do you take credit cards?" They would have a hard time answering because the answer seems so obvious. If you could ask one of our clients, "Why do you offer alternative payments?" they would feel the same way, it's obvious, more sales. A merchant who provides trusted payment methods to prospective buyers is adding trust and a sense of ease through the buying process. These two factors will translate into increased sales.

There are benefits of alternative payment methods which add value for a merchant. Several charge back free payment methods are popular in the EU largest e-shopping nations. This provides security for merchants dealing in digital goods or high ticket items.

Merchants should be aware that, by adding local payment types, they will access new markets. There are several countries with populations clamoring for goods from outside their borders. Growing internet penetration and young populations accelerate this trend. Banks and traditional payments take time to get established in these new markets. Connecting to these new consumers means merchants need to adopt payment options familiar to the consumer. Don't reinvent the wheel, grease it.

Consumers are able to navigate an unending web of choice. This presents a small or mid-sized business the question of how to engage the visitor who landed on our website. Familiarity breeds comfort. Trusted payment types, language, and currency will offer comfort. A viewpoint many of our clients that target market specific countries have is to first clear a path to the sale. Getting a consumer to the front is not the goal, getting them all the way to the register is what matters. Merchants simplify the customer's path to the register by offering the most trusted payment methods.

Payment technologies are moving faster now than at any other previous time. The changes are exciting for a merchant looking to tap into the global market. I have seen this first hand with our own payment products. EuroDebit began as a patchwork of available European countries. Today it serves as a merchant's gateway to millions of EU bank account holders. The future is even brighter as in 2017 this will be a real time payment experience.

The connections between merchants and consumers exist before the transaction. Alternative payments acceptance by a merchant drives the connection by removing obstacles. This can also be a valuable competitive advantage for merchants. Alternative payments are an important driver in the ecommerce buying experience.

About Wolf Kring

Wolf Kring is the CEO and founder of global payment processor Alternative Payments. With nearly two decades in payment processing and fintech, Wolf remains committed to building payment products that eliminate borders and currency concerns for ecommerce merchants.

About Alternative Payments

Alternative Payments provides a global payment infrastructure to ensure ecommerce merchants can convert international web traffic into approved transactions. The core gateway handles cross border payments by streamlining a robust portfolio of global payments solutions into a single checkout flow. Alternative Payments is the exclusive provider of the direct debit solution EuroDebit, reaching over 500 million EU consumers. Merchants experience frictionless onboarding and quick access to the global online marketplace.


 

 

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