The COVID-19 pandemic has led to the increased share of e-commerce in global retail sales, making online channels crucial for the growth of small and medium-sized enterprises (SMEs). As a result, payment infrastructures and payment experiences have become more critical for e-commerce success.
A study by PYMNTS, which focuses on payment systems, revealed that 7 out of 10 consumers abandon their cart at the checkout step on e-commerce sites. Factors that contribute to cart abandonment include complicated payment processes, limited payment options, and security concerns.
According to the CEO of PayBull, a payment services company that offers solutions such as Virtual POS, Receive Payment with Link, and Mobile POS for SMEs, 9 out of 10 people select the seller based on their payment experience. Meanwhile, good paying experiences convince 9 out of 10 people to make repeat purchases.
When choosing a payment infrastructure, SMEs should consider factors such as installment options, easy installation and integration, commission rates, dealer collections, and different payment products. SMEs should choose payment service providers that offer easy integration with different e-commerce infrastructures, such as WordPress, Magento, OpenCart, PrestaShop, and Joomla.
SMEs should also check whether the payment services provider they choose has a suitable solution for their dealership structure and different branch locations. It is essential to offer as many payment alternatives as possible to customers.
Additionally, SMEs should consider their current and future needs when choosing payment service providers to avoid incurring additional costs in the future. For example, SMEs that run a physical store in addition to an e-commerce store can benefit from solutions such as Mobile POS that enable them to turn Android phones into POS devices.
Finally, SMEs should choose payment services companies authorized by the Central Bank of the Republic of Turkey and with certificates such as the Payment Card Industry Data Security Standard (PCI-DSS), which is considered the global standard in payment, in terms of security.