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Marketplaces: What payment methods do sellers and customers prefer?

Marketplaces could be defined as a virtual shopping center. The difference is that, in this case, the mall instead of charging the seller a rent and expenses, it charges a monthly fee plus a commission on its sales. And these commissions can be really high, as is the case with Amazon, which charges its sellers up to 15% on sales as a commission.

 

Knowing this, it is easy to understand why the payment methods offered by the giant marketplace are limited: the cheapest in terms of commissions and the most popular among consumers, since the commission of the payment platform must be added to the commission on the sales, as we’ve seen.

However, each marketplace has totally different prices, for example Ebay commissions on the seller do not exceed 7%. And these are just two of the most popular examples, but in recent years the number of online marketplaces has multiplied rapidly. And not in vain, because during the pandemic the best established platforms have grown to 100%, 200% or more. Without a doubt, it is a business model that really works today.

 

So how do you choose payment methods when launching a marketplace? It will be necessary to take into account the preferences of the sellers and, above all, those of the buyers, since are them who are going to make use of the payment gateway.

 

What payment methods do sellers in a marketplace prefer?

 

The short answer is: those that cost them a lower commission and improve their conversion rate. Without a doubt, payment by credit card is mandatory, since it is the one preferred by customers and (depending on the provider) one of those with the lowest commissions.

And the improvement of the conversion ratio can occur in different ways, the main one is to give the customer a payment method that they trust. Undoubtedly, it is also important to choose a payment gateway that is integrated within the same web to give greater confidence to the buyer, and also using alternative payment methods such as MoTo, which allow to recover abandoned carts and potentially save sales that were considered lost.

 

What payment methods do marketplace customers prefer?

 

The short answer is: the more options to choose from, the better. Because while it is true that the percentage of cyber shoppers who are reluctant to enter their card payment details is decreasing, it is also true that this type of user continues to exist and that due to the pandemic, new inexperienced buyers have appeared and they also fit that profile.

 

But not only that, new payment methods appear every day that have the option of becoming the favorites of some sectors of the population and that should not be left aside, as is the case with Bizum or even cryptocurrency.

 

 

At PaynoPain we are experts in online payment methods and we have all the tools to provide our customers’ marketplaces with the favorite payment methods of the Spanish and European, in addition to offering the best anti-fraud security measures and a control panel that facilitates the control of all transactions and business expansion.

 

 

Find out without obligation about our payment methods for marketplaces:

 

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    Secure payment gateway: PSD2, PCI and other factors to consider when choosing it

    Today, online shoppers are more informed and more demanding than ever. When shopping at an online store, they want to make sure that it is a secure service that will guarantee that their data is protected and that they will not suffer any setbacks in the purchase process. How to guarantee this? Choosing a secure payment gateway that allows you to comply with the PSD2, PCI-DSS and other important factors for the user.

     

    Secure payment gateway: PSD2

    There has been much talk about the new European directive that regulates online payments and that, after a moratorium, will be mandatory since November 2020. This regulation seeks to increase security for the online buyer and requires he to be identified and authenticated by two different ways (mobile, pin, fingerprint, etc.) to avoid the use of stolen cards. This is simple to comply with 3DSecure technology, which through the mobile phone authenticates the buyer twice.

    In the case of special businesses such as hotels, they will need a Merchant Initiated Transactions and card tokenization service to be able to make subsequent charges with a single initial authentication.

     

    Secure payment gateway: PCI-DSS

    Any company that stores customer payment data needs to comply with PCI-DSS or Data Security Standard for the Payment Card Industry. It is for this reason that any payment gateway will need to comply with these regulations to guarantee the legality and security of its customers.

    An alternative is to opt for a PCI PROXY service to comply with the regulations without needing to be PCI. This service is quite new and especially interesting for businesses in the hotel sector such as PMS or Booking Engines.

     

    Secure payment gateway: card tokenization

    A secure payment gateway will always offer cards tokenization as a security tool, as it is the safest way to work with sensitive data with the total guarantee that they cannot be stolen or decrypted. The operation is simple: the payment data of the card is transformed into a token or code without any logical relationship between them that will be the one that will represent that card within the system from that moment.

     

    Secure payment gateway: intelligent anti-fraud system

    That it has an intelligent anti-fraud system that allows to establish dynamic risk rules is definitive to know that we are facing a secure payment gateway. This tool allows you to establish suspicious behavior parameters and block users who are at risk of using a stolen card, for example. The more customizable it is, the better it will work when it comes to avoiding fraudulent activities.

     

    At PaynoPain we are experts in online payment technologies and our Paylands payment gateway has all these security technologies and more. Without a doubt, our service offers the highest security guarantee in the market, something really important when it comes to offering trust to online customers today.

     

    Do not hesitate, find out more about our payment gateway.

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    Christmas 2019: we reveal the perfect tool to achieve the best results and comply with the PSD2

    There are a few weeks left before Christmas and the families are starting to buy their gifts right now, so it is certainly time to be sure about the strategy you are going to follow this year so your online business has better results than ever. If you are not, we recommend that you apply or at least review these strategies that we shared to sell more on Black Friday and Cyber Monday.

    But as we know that all help is little when it comes to selling more, we have decided to share with you the secret to get better results this Christmas and also comply with the new European payment regulations PSD2.

    The tool we are talking about is called Paylands, it is our payment gateway with cutting-edge technology and the ability to change the direction of your online store sales. How is it possible? Let’s see it:

     

    Did you know that today 6 out of 10 online shoppers buy through mobile?

     

    So it will be essential that this Christmas you have implemented a payment gateway that adapts perfectly to this device and facilitates the purchase to make it a quick and simple process. This is one of the qualities of Paylands.

     

    Did you know that the average cart abandonment rate is 65%?

     

    And that 11% of them abandon the purchase process for being too complicated and 7% for not finding enough payment methods?

     

    Your goal this Christmas campaign is to reduce the abandonment rate of your online business, and with our payment technology you can simplify the payment process and offer a variety of methods to achieve it (even with cryptocurrencies!). In fact you can offer one-click payments to your regular customers.

     

    But it also allows you to resume unfinished sales by different means, such as e-mail and telephone, so you can remind users to finish their purchases and facilitate the process with the direct purchase link.

     

    Did you know that in Spain 27% of Christmas purchases are made between December 16 and early January?

     

    This can be considered last minute purchases and these are characterized by being much more impulsive. With the one-click purchase that Paylands offers to your regular customers, you will be able to repeat orders that they liked and want to give away to more than one person. A quick purchase process for purchases that need to be fast.

     

    Did you know that your online business (in Europe) must comply with PSD2 before the end of 2020 and that with Paylands you can get it right now?

     

    The new European payment regulations have focused on online payments and have greater security requirements. Updating your payment system before the end of 2020 is necessary if you want to comply with the law, but if you change to Paylands you will not have to do anything at all, apart from enjoying all the advantages it offers.

    Contact us today without obligation and in 24/48 hours you will have Paylands running in your online store so this Christmas you will enjoys the best selling results.

     

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    How to sell more than ever on Black Friday and Cyber ​​Monday

    Last year we already showed you the importance of your payment gateway during Black Friday and similar dates in which a great sales peak is expected. And this year we are going to focus on marketing strategies that have proven to work especially well in these important days for online stores. Get ready to sell more than ever on Black Friday and Cyber ​​Monday!

    We will assume that you already know well the best practices that get more sales nowadays: free shipping and returns, offer the highest possible discount, do marketing campaigns in Google Ads and social networks, send mailings to your customer bases… But, just in case, here you will find several posts with different strategies to consider to improve sales results:

     

     

    But focusing on Black Friday and Cyber ​​monday, which are the dates that most worry these days, we will see some important tips to sell more than ever and that are not usually taken into account:

     

    Prepare your website (and not just the offers)

     

    Not all online businesses take into account that higher sales also means more traffic on your website and higher chances of running out of stock. Therefore, it is important to anticipate possible problems and write specific terms and conditions these dates, that are accessible from the website and that take into account any possible user complaints.

    Slow website, lack of stock or delays in shipments are the most common problems, but the more scenarios contemplate the terms and conditions, the more headaches you will save.

     

    Differentiate discounts for each day: flash deals

     

    Every year more online businesses decide to join the whole Black Friday’s and Cyber ​​Monday’s Black Week. This means starting to make discounts from the first Monday of the week (this year on November 25) and to Cyber ​​Monday itself (this year on December 2). And something that is very effective to take advantage of this week of offers and further improve sales is to differentiate discounts by days and make flash offers, as they create the feeling of urgency and reduce the amount of abandoned carts.

    So, you can choose a range of products to be on sale on Monday, another on Tuesday, another on Wednesday … And Black Friday itself and Cybermonday put more products on offer. But this is only one option: the possibilities are unlimited and you know better than anyone what can work for your business. And, of course, you must announce these flash discounts on the website, in mailings to customers, in social networks and in Google advertising, if not, it will do almost no good.

     

    Create specific campaigns

     

    There are many people who weeks earlier already start looking for products that they want to buy accompanied by the words “black friday” or “cyber monday”. Creating a Google Ads or social media campaign with these keywords and showing juicy discounts either in text or image format is a very interesting idea.

    You want to be the first result of these searches and the most eye-catching, so do not skimp on advertising, because if you reach your target audience and the discounts are worth it, the benefits will undoubtedly far outweigh the advertising investment.

     

    Use tools to create a sense of urgency

     

    There are countless tools that favor the visitor to complete the purchase process, such as complete descriptions, free shipments, verified opinions or having a payment gateway with a quick purchase process.

    But in these important days the competition is more voracious than ever, so you need to make sure that your visitors feel the need to buy in your online store and not in others, and that they do so as quickly as possible. For this there are tools that generate a sense of urgency, such as putting a counter of the items in stock or a countdown of the time left for each offer to end.

    As you will see, there are a lot of strategies to sell more these Black Friday and Cyber ​​Monday. If you follow these instructions and review the posts we have recommended, you will surely improve the results, and if you need a payment technology that favors sales while gaining security, do not hesitate to contact us.

     

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