PAYMENT METHODS

Various payment methods are available for in-store and on-line purchases to meet the needs of customers and merchants. 

1. In-store payments  

Card payments: Credit or debit cards are most commonly used for in-store payments, with the option of using contactless payments. 

Mobile payments: Solutions such as Apple Pay and Google Pay can be used for mobile payments via a smartphone or connected watch. 

Cash payments: Cash payments remain a common option, although the use of cash is declining as electronic payments are increasingly taken up. 

Cheque payments: Less common, cheques are still an accepted payment method in certain stores, particularly for large transaction amounts. 

QR code payments or payment links: Certain payment solutions offer the option of paying by scanning a QR code, or generating a payment link, thereby facilitating contactless transactions. 

2. On-line payments 

Card payments: Most websites accept credit or debit card payments. 

Mobile, XPay and wallet payments: Apple Pay, Google Pay and PayPal offer seamless, secure and quick payments for mobile purchases. 

Bank transfers: Offering payments by bank transfer for remote purchases with large transaction amounts may be a good way of avoiding the ceilings of credit and debit cards. 

Electronic wallet payments: Services such as PayPal can be used to store card details and make secure payments. 

Payments in instalments (Buy Now Pay Later): An increasing number of stores offer credit solutions or split or deferred payments directly for in-store or on-line purchases. 

The range of payment methods you offer depends on several factors related to your business, your customers’ preferences and the different payment methods provided by the payment solution of your payment service provider (PSP). 

1. In-store: adapting payment acceptance 

If you sell products on a daily basis, you must accept contactless and mobile payments to speed up the check-out process. 

If your customers are older, it may be useful to additionally offer cash and cheque payments. 

For large transaction amounts, prefer split or deferred payment solutions (Buy Now Pay Later), payments by bank transfer or credit or debit card payments with strong authentication. 

2. On-line: secure and diversify solutions 

Card payments remain essential, but offering mobile payments (Apple Pay, Google Pay) improves the payment experience and reduces the number of customers abandoning their baskets for mobile purchases and pathways. 

A payment in instalments or deferred service (Buy Now Pay Later) could encourage customers to finalise their purchases. 

Companies with an international clientele must offer several payment methods, including local solutions and payments in foreign currency. 

Mobile payments and XPay solutions such as Apple Pay and Google Pay offer many advantages for customers and merchants alike. 

1. Quick and easy to use 

Mobile payments can be used to make a contactless payment in only a few seconds, simply by tapping a smartphone or connected watch onto the payment terminal. 

For on-line purchases, card details are pre-recorded, thus avoiding manual entry. The user experience is designed for seamless and fast mobile pathways and purchases. 

2. Heightened security 

These solutions use advanced technologies such as tokenization, which prevent the transmission of actual bank card data during transactions. 

Authentication using a secret code, facial recognition (Face ID) or fingerprints improves protection against fraud. 

3. Improved customer experience 

Mobile payments reduce check-out queues and simplify in-store purchases. 

Merchants who accept mobile payments can broaden their customer base, including in particular Gen Z customers who prefer contactless payments. 

Card payments result in fees for merchants, which vary according to several criteria: 

1. In-store fees 

Bank commission: A percentage of the transaction amount is retained by the issuing bank and the Payment Service Provider. 

Payment terminal fees: The use of a payment terminal (EPT) incurs purchase or rental costs. 

Contactless transaction costs: Contactless payments generally incur the same fees as conventional card payments. 

2. On-line fees 

Interchange fees: A commission is charged for each on-line transaction. This varies depending on the type of card (CB, Visa, Mastercard, etc.). 

Payment security costs: The use of 3D Secure for on-line purchases may result in additional fees. 

Currency conversion fees: For international sales, additional fees may apply for the management of foreign currencies. 

With MONEXT, benefit from a payment solution that is optimised for your business, with a wide acceptance of payment methods and competitive rates aligned with your sector! 🚀