According to a study on the digitization of French companies carried out by the French Treasury, of the 32 % companies with a website in France, 6 % will be trading online in 2020. Managers of very small businesses are the least inclined to adopt this channel to sell their products. The difficulty of setting up a secure payment system is one of the obstacles to digitization. And yet, 58 % of consumers have already abandoned a shopping cart because of payment methods.
However, entrepreneurs can overcome these difficulties thanks to platforms such as Prestashop. By 2021, Prestashop will be supporting nearly 60,000 e-tailers in France. With over a million users, this open source solution is equipped with an integrated payment module. However, it can still be customized. So it's up to the e-merchant to choose the Prestashop payment solution best suited to his target market, with the help of a prestashop agency like Soledis.
Why choosing the right payment brick is crucial?
Explanation of the impact of the payment solution on the customer experience and transaction security
Cart abandonment is one of the challenges e-tailers have to overcome. According to Fevad, three out of four consumers do not validate their shopping cart. This figure varies from one sector to another, but the conversion rate for an e-commerce site is around 2 %.
In 15 to 30 % of shopping cart abandonments, consumers stopped at checkout. The main reason cited was the complexity of the payment process. In 26 % of cases, consumers find this step tedious. In 17 % of cases, customers are not confident about providing their banking information to a third party. Finally, the lack of payment options represents an obstacle to purchase in 6 % of cases.
The importance of compatibility with different payment methods and currencies
According to a study by Médiamétrie, consumers often use two methods of payment for their online purchases. In this sense, credit card payment represents the minimum service for an online store. Electronic wallets such as PayPal and Lydia have also been gaining in popularity in recent years.
Offering comprehensive online payment solutions is advantageous for both buyer and seller. For the e-tailer, various payment methods compatible with consumer needs reflect a modern image and proof of professionalism. Thanks to these solutions, the online store remains open 24 hours a day, without the need for human assistance.
The various payment methods are also part of a marketing strategy implemented by our prestashop agency. For example, the company can offer easy payment terms to attract customers.
Online payment methods also offer greater transaction security than conventional payments. All thanks to security systems such as 3D Secure.
Popular payment brick options for PrestaShop
Overview of the most common payment solutions (e.g. PayPal, Stripe, etc.)
The most popular payment solutions vary from country to country. In North America, PayPal leads the way, ahead of Sezzle and Stripe. The ranking is more or less the same in Latin America, where this online payment solution is still the leader.
Europe is following more or less the same trend, with PayPal in the lead. Stripe and Skrill are recurring payment methods in countries such as Finland, Denmark and Germany. In France, beyond PayPal, French consumers appreciate Adyen and Mollie. Stripe is in fourth place.
Advantages and disadvantages of each solution
For an international company, PayPal is the best alternative. Most buyers already have an account with PayPal. Nevertheless, the platform charges 2.9 % and 0.35 euro on each transaction. Although there are a number of free solutions, those with a fee are the most appropriate. The cost ofonline payment integration starts at 60 euros.
Stripe currently offers its services in over 110 countries. Stripe's advantage lies in the diversity of its payment solutions. The payment process is simple, since the buyer is not redirected to the Stripe page. However, once a transaction has been validated, it takes 7 days for the funds to reach the account. Fees are more or less the same as those charged by PayPal.
Skrill is a modern, secure solution offering access to nearly 40 currencies. It enables users to offer around twenty local payment methods. With millions of users worldwide, Skrill offers a more competitive rate with 1.2 % and 0.29 euro on each transaction. Its main advantage is that it's quick and free to set up.
Factors to consider when choosing a payment brick
Safety and compliance with industry standards
Visit e-commerce transaction security is the second most common reason for shopping cart abandonment. Internet users are especially wary of the absence of security badges. So it's important to choose a payment service provider with certifications such as PCI DSS, 3D Secure 2 and Visa Merchant Agent. E-merchants can display these certifications on their site to build customer confidence.
Compatibility with target customer payment preferences
Buyers can easily become frustrated when they realize that the payment method they use regularly is missing from the solutions offered by the e-commerce store. To avoid this problem, it's important to analyze the profile of your target customers and choose the most appropriate payment methods.
The first factor to consider is location. In the Netherlands, almost two-thirds of buyers prefer iDeal payment. In China, Alipay has 54 % of market share. Therefore, a company wishing to target these markets needs to take this into account.
Age is another factor. Younger targets are more comfortable using wallets, for example. The size of the average shopping basket is a decisive factor. If it's high, payment solutions such as Oney may be of interest.
To help you analyze the payment method best suited to your targets, the ideal solution is to call on the services of a prestashop agency such as Soledis.
Easy to integrate and manage
Some payment bricks offer their services free of charge. What's more, payments are executed instantly. This is an asset when it comes to accounting management. As an e-commerce store, it's also important to manage refund processes. Finally, check that the solution offers a test mode to analyze the success or failure of the integration.
Cost and pricing structure
Each solution offers a unique pricing structure, although platforms such as PayPal and Stripe offer more or less similar rates. The best platforms offer a single cost. If you're a high-volume business, you'll want to consider services that offer discounts or customized offers.
Installation and configuration tips
Basic steps for integrating a payment gateway on PrestaShop
To add a e-commerce payment brick on Prestashop, the user can call on the help of our prestashop agency to choose from the many modules offered by the platform.
There are several paid solutions, but it's best to stick with the official version. These are generally free, as is Stripe. Users can then turn to the paid solutions to add further functionality.
Once the module has been installed, the user has direct access to the configuration of his payment gateway. Please note that services such as PayPal impose a number of conditions for proper operation.
Tips for testing and optimizing the payment process
To test the available payment methods, the user is accompanied by his or her prestashop agency can create a customer group and assign the tester's account to this group.
To ensureoptimizing payment processes and prevent other customers from seeing these payment methods, they must be reserved for this group only.
Conclusion
Prestashop has around 240 payment bricks available. Some payment solutions, such as PayPal, Skrill and Stripe, are considered reliable. They've been around for years, if not decades. What's more, they represent an ideal alternative for companies operating internationally.
You should be cautious about some of the lesser-known solutions. Sure, they offer attractive prices, but they're generally young startups with little chance of making it through the year. Such is the case with Freepay.
The most important thing is to choose a solution tailored to your target market, and to enlist the help of a prestashop agency like Soledis, experts in this field. Even if a brick includes some twenty payment methods, this professional will help you select those that are adapted to the specific needs of your customers and their business.
