Your payment solution can significantly impact your sales. It's vital to have a functional checkout process and offer the right payment methods. To ensure you have the optimal combination of payment options for your webshop, there are specific factors you need to address. In this post, we’ll cover the key elements to consider when choosing the best solution for your webshop.
First and foremost, you need to identify your different target audiences. Who are the people shopping on your site?
If your customer base varies significantly, segmenting your target groups based on products can be beneficial. Segmenting involves dividing customers into distinct groups based on specific factors.
This can be done using various segmentation models. Commonly, demographics, geography, and behavior are used as criteria for segmentation.
By segmenting your target audiences, you can better plan where to sell your products and determine the most effective payment solutions for your webshop. For instance, there may be a clear divide based on age or gender in terms of whether a group prefers paying with a card or MobilePay Online.
It can also help you assess whether your customers are primarily domestic or international. If a significant portion of your audience is international, integrating payment methods like Apple Pay, Klarna, or PayPal can be a smart move. This approach allows you to increase sales on your webshop by aligning with your target audiences and their preferences.
Although many new payment methods are entering the Danish market, credit cards remain the most commonly used option. A Dankort agreement is only available through Nets, and for certain audiences, this may be necessary. However, 96% of Dankort cards are co-branded with Visa, meaning they can be used under a Visa agreement. For most cases, a Visa/MasterCard agreement is sufficient.
If your target audience requires a Dankort agreement with Nets, this is easily supported through pensopay.
At the same time, the use of payment and credit cards has been declining in recent years. A quick look at FDIH’s biannual reports reveals this trend. In 2017, 78% of transactions were made with credit cards. By 2020, this number had dropped to 66%, and in the first half of 2021, it fell further to 56.9%.
The decline in card payments clearly indicates an ongoing shift. Meanwhile, there’s been a noticeable rise in mobile apps as a preferred payment method.
Accepting only Dankort, Visa, and Mastercard on your webshop is no longer sufficient. Expanding your options can significantly boost sales. Below, we highlight a few additional payment methods worth considering.
Anyday is an interest-free installment solution for your customers. This means they can purchase a product on your webshop and pay in four installments over four months. With Anyday, customers can shop for up to 5,000 DKK without any added interest.
Statistics from Anyday show that this option can even encourage customers to spend more.
It can increase the average basket size by up to 40% for typical webshops.
Additionally, Anyday assumes the risk. You’ll receive the full payment once the 14-day cancellation period expires. From there, Anyday manages the responsibility of collecting payments from your customer. Essentially, you’re adding a service that enhances the customer experience without taking on additional risk..
MobilePay has become a household name in Denmark. Most people have used it to send or request money. It’s a convenient and straightforward bank transfer solution that doesn’t require pulling out your wallet.
With MobilePay Online, payments can be completed without entering card details. Since most consumers already have this mobile app, it can help increase your webshop’s conversion rate.
MobilePay Online is particularly popular for smaller purchases that require little deliberation. However, for larger, more considered purchases, customers tend to opt for other payment methods.
Our statistics show that up to 7% of payments are made via MobilePay Online, which is a noteworthy share.
If your webshop has a significant number of international customers, these three payment methods are worth considering. It largely depends on where your foreign customers are from. For instance, in Germany, PayPal is widely used and trusted.
Therefore, PayPal is an excellent option if you have many German customers.
If your audience includes many Swedish customers, you should consider integrating Klarna. Klarna is Sweden’s equivalent of Anyday and is perfect for offering installment payments to your Swedish audience.
Apple Pay is another payment method that deserves attention. Customers can easily set up Apple Pay on their Apple devices by adding their payment cards in the Wallet app. This feature is built into all Apple products, making it as universal as the devices themselves.
There are numerous payment methods to consider when running a webshop. You also need to ensure that your payment solution provider can integrate all the payment methods you wish to offer.
Additionally, it’s crucial to ensure that your payment solution aligns with your accounting needs. Managing your cash flow and planning for growth can be challenging without the right setup.
At pensopay, we simplify the entire process and answer any questions you may have. We handle the practical work and tailor the perfect solution for your webshop. We offer a wide range of payment methods and help integrate them seamlessly into your webshop.
Furthermore, we prioritize excellent service, so you’ll always have access to the support you need. You can explore our solutions here. If you have any questions, feel free to contact us at +45 77 344 888.
Did You Know?
Mobile devices account for 60% of searches and 50% of purchases.
Make sure your webshop and its payment solution work seamlessly on mobile devices! Statistics show that nearly 60% of searches are conducted on mobile devices, and just over 50% of all purchases are made using them.
It’s essential that consumers can both browse and complete their purchases on a smartphone or tablet. If your webshop isn’t mobile-friendly, you risk losing nearly half of your potential sales.
Team pensopay