1. The popularity of payment service providers
You should ensure that your chosen PSP is available to all stakeholders who want to have access to the system. In Europe and especially Germany, direct debit, bank transfer, Mastercard, VISA credit card, and payments via Paypal are available. Debit cards, e-wallets like Skrill, prepaid cards like paysafecard, mobile payments on platforms like mpass are also sometimes available.
1.1. International payments
Global retailers will need to break down and research to select different payment processor PSPs in different countries.
The major number of overseas transactions can’t be completed by eCommerce retailers because the payment methods aren’t available in some countries. Therefore, choosing the right payment service providers will help your website go global.
For example, if you want to open a website in Sweden, you need to adopt Swish, which more than 75% of residents use for their online transactions. Or else, you could lose a large portion of your potential sales.
1.2. Mobile payment offers