Avoid cancelled purchases: the bigger the selection the better
More than a third of German online shoppers cancel the buying process if they don’t find their preferred payment method. A successful online shop should, in principle, offer at least two to three electronic payment procedures to keep the rate of cancelled purchases to a minimum. Our recommendation: offer credit card or PayPal for first-time buyers and international customers, combined with the direct debit procedure and an online banking-based procedure like instant transfer or Giropay.
Saving time and money
In order to incorporate a payment type in an online shop, you need to establish communication with the interface of the required payment procedure. If you want to offer various payment types, you can use existing interfaces and make all the necessary details in the administration area of your shop under Settings >> Payment.
Contracting a payment provider enables online sellers to reduce their technical and administrative costs and to process all the usual electronic payment methods through this provider by integrating the payment gateway provided
The return policy mentality
Completing a purchase does not necessarily mean a guaranteed profit because goods returned by customers represent a further challenge for online sellers. Interestingly, there appears to be a direct link between the return rate and the payment procedure on offer. Many sellers, particularly those selling fashion items, report an increased return rate in the case of payment on delivery, while customers who pay in advance, by credit card or instant transfer return significantly fewer goods.