Payment Solutions in E-commerce in 2022

According to a report done by Worldpay digital wallets were the most preferred mode of payment at 36.3%, followed by credit cards at 22.6%, debit cards at 19.6%, cash at 4.8% and other methods accounting for 16.7%.

Implementing Various Payment Solutions

This means that as an e-commerce business, if you do not accept multiple payment options, then you are at risk of losing clients. Also if you have a retail store and do not accept cards you are also losing money.

However, implementing various payment solutions also comes with other challenges such as:

  • Fraudulent transactions
  • High costs of online payment solutions
  • Integration challenges
  • Charge backs
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TOP payment processors

It is important that your online shop is providing the right payment solutions for your country. In Germany for e.g. only 20% of all users have credit cards and most users prefer alternative payment types like pay on invoice (pay later – after delivery).

Top 5 Processors worldwide

Ranking Processor Market Share
1 PayPal 58.45%
2 Stripe 16.48%
3 Amazon Pay 3.52%
4 Square Payments 2.59%
5 Stripe Checkout 2.31%

Top 5 Processors in Germany

Ranking Processor Market Share
1 Stripe 49.48%
2 PayPal 24.55%
3 Klarna 16.91%
4 Amazon Pay 3.02%
5 GiroPay 1.98%

Source: Datanyze, Inc 

Finding the right Solution

While there seem to be many problems to solve, there are still solutions. For example, staying up to date with different legal and financial requirements will help you avoid unreasonable fees and enable you to all kinds of payment options.

Navigating all these challenges is not easy, and the variety of payment options does not make it easy. That is why we have a team of experienced individuals dedicated to implementing various payment options on your platform so that your customers can have a smooth payment process and also free up your time to handle your core business.

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Working with morgan Andrews LLP

A global leader in consulting, law, technology services and digital transformation, MORGAN ANDREWS LLP is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms.

We believe that business value cannot be achieved through digitalization or technology alone. It starts with people: experts working together to get to the heart of your individual objectives and develop the most adapted solutions to fit these requirements. MORGAN ANDREWS enables you to transform your organization and improve performance.

We aim to empower you to respond more quickly and intuitively to changing market dynamics. By bolstering your ability to harness the right technology, we help you become more agile and competitive. With MORGAN ANDREWS you will always be one step ahead.

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