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The most important online payment systems for e-shops at a glance

On average, German online shops offer their customers seven different payment methods. However, the largest possible selection of options is not the only decisive criterion for a positive buying experience. It is even more important to be precise about the range of payment methods to match the needs of the respective target group (s).

For German consumers, these are the issues above all privacy and Transaction security significant. Media reports about phishing and data theft have led to a healthy level of skepticism when it comes to paying on the Internet. This also explains why many customers continue to enjoy purchasing by invoice - the risk lies entirely with the shop operator and no sensitive bank details are transmitted to him.

Despite these tendencies, however, there is a clear one discrepancy between the wishes of the customer and the offer of the seller. Because according to the above-mentioned ECC payment study, only slightly more than 50 percent of buyers were able to use their preferred payment method for their last online purchase. For many shop operators, payment by invoice is actually being phased out and is therefore no longer available in many cases. Instead, they mainly offer online payment systems that are less risky for the seller, namely PayPal and / or prepayment.

In order to make the step from interested party to paying customer easier for site visitors, however, it is advisable to also accommodate customers when it comes to payment methods. The following applies: The perfect solution for transferring money on the Internet does not yet exist. Each payment method offers both advantages and disadvantages for consumers and shop owners. Secure online payment systems are therefore often a compromise between buyer and seller protection.

A basic distinction is made between traditional and modern Payment methods. The traditional payment methods are purchase on account, payment in advance, the SEPA direct debit (S.ingle E.uro P.ayments A.rea), cash on delivery, credit cards, installment purchases and the use of vouchers. Modern methods include PayPal and Klarna's instant service. Traditional payment methods are still the most popular and this will not change anytime soon because of the decades of customer trust in them. However, modern payment systems have gained significantly in importance in recent years. This is where PayPal stands out in particular.

In the following we present all common online payment systems in detail: