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How to find your online payment solution

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Payments might not be the first thing you think about when setting up your online store but choosing the right payments supplier could be the difference between success and failure. To help you navigate the digital payments jungle we have put together a list of what we think are the most important questions to ask before making your decision.

How do your customers want to pay?

If you can’t offer your customers their preferred payment method, chances are they will move on to a competitor who will. That’s why you need to start by analyzing your product offering and your customers to see what payment methods are relevant for you. Invoice payment is popular for more expensive products, mobile payments like Swish, Vipps and Mobile Pay are perfect for smaller purchases and card payments are popular for all purchases. For products that customers buy often a subscription model might be the way to go.

One or more suppliers?

Once you’ve made up your mind on the right mix of payment methods, you need to find the right suppliers. If you can find one supplier that can handle all or most of your payment methods, that will make your life a lot easier. It means less administration for you, less time spent on integrations and one contact if there's a problem. If you choose a supplier with local customer service to answer all your questions, well, then you’ve made life even easier.

How will you integrate the payment solution with your store?

When choosing a payments supplier, you need to make sure you can integrate their solution to your store in a quick and easy way, so that you can start accepting payment as soon as possible. Bambora checkout, for example, has ready-made plugins for all the biggest ecommerce platforms, like Magento, WooCommerce and PrestaShop. If you are using a more uncommon platform, or if you’ve built your own, then we have an open API that you can integrate with the help of a few lines of code. The important part is that you shouldn’t have to spend time and effort on getting your payments to work.

What countries will you be selling to?

One of the biggest benefits of ecommerce is that it’s so easy to expand to new markets. But if you want to grow outside your own country you will need a payment solution that is up to the task. If you want to expand to different countries in the Nordics, for example, their different mobile payment solutions (Swish, Vipps and Mobile Pay) will be important payment options. So, choosing a payment supplier that is present in more than market is simply a good way to help you on your own growth journey.

How does your payment solution affect conversions?

Your choice of payment supplier can have a big impact on your ability to convert browsing visitors into paying customers. A confusing payment window or a solution that redirects customers to a new page can easily make them lose trust and abandon the purchase. Because of this, a frictionless payment experience and smart features like stored card details can affect your conversion rate more than you might think. For card payments it is also important to have a supplier (acquirer) who works actively to reduce the number of legitimate transactions that are flagged as suspected fraud. When the transaction is sent to the card issuing bank it is essential that it is coded in just the right way for the bank to approve the purchase and not suspect fraud. In a comparison that Bambora did with other acquirers it turned out that we, on average, had almost a four percent higher rate of accepted transactions. That can have a big effect on your bottom line.

What does it cost?

Comparing prices is a given when choosing any supplier but with payments that's often easier said than done. In the world of payments, pricing can be a complicated affair, with many different price points and price models for different payment methods. Try to find a supplier with a straightforward price model who makes it easy for you to know what you are actually paying for and to calculate your profitability.

Everything in one package. Make online payments easy with Bambora Checkout.