Europe is always a huge market for e-commerce and foreign companies who desire to enter an alluring market. The correct payment options can significantly improve your online business’s performance and help you grow your business to the next level.
The Statista Europe says –
- By the end of 2022, the online eCommerce market is projected to reach US$827.90 bn, and it is expected that 564.4 million customers will be involved in the online market by the end of 2025.
- Revenue is anticipated to expand at 13.86% per year (CAGR 2022-2025), with a target market size of US$1,222.00 billion by 2025.
- The estimated average revenue per user (ARPU) will be USD 1.58k.
With these figures, you can imagine the growth of online businesses in Europe but this success of the online business also depends on the selected payment gateway.
If all the payment processors you provide are unknown or untrusted to your customers, the result will be losing out on sales. So, if your online store targets the European market, you must use the best payment options.
It is pretty challenging to find the perfect payment solutions but also not impossible. In this blog, you will learn which payment method is popular in Europe and what makes payment gateways the best. So, continue reading it.
Brefi Details About Payment Gateway Europe –
A payment gateway is a mechanism to process credit cards and direct online payments. The payment gateway’s critical work is to securely transfer sensitive data between the merchant websites and the acquiring bank.
However, all payment gateway must comply with the privacy and security policies issued by the European Union as it works like a double standard to participate in the European market.
Do Payment Methods Matter in Europe
In a simple sentence, you can say that payment methods matter significantly in the European market. Choosing the best payment methods for your online business has a massive impact on conversion rates.
Merchants who offer BNPL (Buy Now Pay Later) options for expensive products or services reported an increase of up to 200% in units per transaction, and open banking’s rising acceptance is a sign of the strong appeal of alternative payment options. Account-to-account transactions will rise with 4.5 million users of open banking by the beginning of 2022.
Payment methods preference also depends on geography. In some European regions, card payment varies from 99% of the population to just 27%.
Popular Payment Methods in Europe –
The merchant should be aware of the popular payment methods in Europe, but these payment methods also vary from one European region to another.
- Card Payments
- Account-to-account bank transfer
- BNPL (Buy Now Pay Later)
- Direct Debit
- eWallets
What Makes Payment Gateway Best?
You can get various payment solutions in Europe but choosing the best one that fits your business need is quite challenging. Before choosing the payment gateway for online business in Europe, the merchant should keep in mind that the best payment gateway has the following criteria –
Security System –
PCI DSS stands for Payment Card Industry Data Security Standard. It is a collection of standards that every organization must follow those accept card payments and is the best practice to build a secure environment for online business.
Online payment gateway providers, particularly e-commerce merchants, must comply with PCI DSS to safeguard and manage consumer data.
In Europe, payment gateway and 3D security are vital. Each payment company in Europe must have 3D security to confirm customers who pay for their carts because it not only safeguards cardholders’ information but also assists the merchant in reducing payment risk.
Simple Integration process –
We all know that merchant account is connected to payment gateways, and integrating online card processing with their merchant account offers them a variety of options. Merchants are encouraged to integrate payment gateways into their websites by differentiating characteristics that explain various transaction kinds.
Prestige –
Every merchant has high expectations when it comes to security. All merchant wants that their customer completely trusts them and their websites.
To fulfill the merchant’s requirements, every payment gateway service provider focuses on establishing and improving reliability, and somehow they get success also.
Risk management –
Risk management is crucial for any online business and one of the essential needs for a European payment gateway. The payment gateway protects the customer’s sensitive data and the online business platform by alerting them to payment-related issues.
Each merchant and enterprise has unique issues, and the payment gateway provider is responsible for identifying and resolving that issues. The merchant should have complete access to a dashboard to monitor the chargeback and fraud transactions. Merchant businesses may assess potentially fraudulent transactions more accurately and adjust their settings to counter the rising fraud trend.
Payment check-out customizations –
E-commerce sites must agree on how to buy and pay to ensure uniformity in the payment of customers and users. The custom capabilities of the payment gateway will primarily be applicable here.
An online merchant’s focus on the customer experience drives founders to create a website that is as comprehensive as they can make it to attract more customers and keep them around for a more extended period.
Best Payment gateway in Europe – WebPays
Many payment gateways are available in Europe but choosing the best one that completely fits your business requirements is challenging. So, we recommend you the best payment gateway in Europe, i.e., WebPays.
WebPays is one of the leading and best payment service providers available worldwide. It offers many benefits to the merchant, which help them to grow their business and earn more and more profits. WebPays fulfills all the criteria of the best payment gateway discussed above.
Let’s check some of the best features of WebPays –
- WebPays is an all-in-one solution that offers merchant accounts, payment gateway, and payment processing for all businesses.
- Allow the merchant to accept the multi-currency from all over the world and have various payment modes, including alternative payment modes.
- Integration is effortless and hassle-free.
- We offer a powerful dashboard to access and control transactions, refunds, invoices, virtual records, etc.
- 23*7 real-time reporting.
- As security is our top priority, we offer tech-savvy security tools such as anti-fraud, anti-chargeback, etc., and cover all PCI issues.
- Our pricing structure is simple and the best in the market.
Final thoughts –
Europe is always the first choice for any merchant as it has a massive market for online businesses. Most customers worldwide like to make payments online, so merchants need to offer their customers the best European payment gateway.
In Europe, there are many options for payment gateway, but having the best one is most important. We have discussed some criteria for the best payment gateway, but if it slips from your mind, we will repeat it –
- Security System
- Simple Integration process
- Prestige
- Risk management
- Payment check-out customizations
We suggest you choose WebPays as your payment gateway in Europe because we have tremendous experience dealing with most high-risk businesses. With us, you can get many advantages that help you boost your business and make more and more money. You can contact our expert team to know more about our services and finalize the deal.