From bartering to the smartphone, the tools through which trade is regulated have experienced, and still experience, a long and continuous evolution. Regardless of the method in which payment is made, trust is always at the basis of the relationship between the seller and the buyer. In the world of e-commerce, characterized by the physical distance between the parties, transmitting reliability and security to potential customers is essential in all phases of the purchasing process, especially in the most delicate moment: payment. Generally in digital commerce, payment is immediate and the money is transferred in real time to the recipient's account. The most common methods are payment cards (credit, debit or prepaid) and payment platforms such as PayPal and Stripe. The last two have different operating logics and characteristics, but both facilitate the purchasing process, speeding up transactions and offering users a noteworthy experience in terms of speed and security.
The alternatives
In some e-commerce a deferred payment is also allowed, by bank transfer or cash on delivery. The latter is rarely used, both because customers are not always willing to pay a premium to pay cash on delivery, and because sellers do not want to ship a product that risks not being paid for. A recent trend is the so-called "split payment", which offers customers the possibility of placing an order and paying it according to pre-established installments. Some of the best known providers of this service are Klarna and Scalapay. The choice of payment methods to implement in your e-commerce depends on the evaluation of the applied costs (commissions), the type of goods marketed, their price and the reference target. For example, in the case of customized or made-to-measure products, offering cash on delivery may not be a good idea. With regard to the target, it should be considered that it is not only digital natives or generation Z who prefer electronic payments, but according to a research by the European Central Bank more than half of the population (55%) prefers to pay with a credit or debit card, for transparency of transactions, security and the ability to monitor your expenses in a simple way. The payments ecosystem is today in a phase of strong change at a global level. New technologies and the pandemic have exponentially increased trust in electronic payments and people have abandoned the "old" fear of entering their card details online.
More continuity
Digital payment services have proved to be a fundamental resource for both businesses and consumers, and have changed traditional exchange processes, allowing for greater continuity in daily activities. Offering users a satisfying experience in which the passage from product or service selection to purchase is fluid and rapid, must be a goal that guides the design of one's e-commerce. An experience can be considered satisfactory when simplicity is combined with transparency and process security, essential for obtaining (and deserving) customer trust.
Frances Muscas
