Vantiv continues to extend its international processing portfolio, enabling merchants to reach the largest global eCommerce markets and offer a rich set of payment options.
To maximize conversions – and conversely minimize cart abandonment – merchants should be offering their products and services in the local currency of their target market. And, since buying preferences vary by geography, it’s also imperative to offer “alternative” (i.e., non-card) payment methods (APMs).
This spring, Vantiv launched three new APMs that are preferred by significant numbers of European consumers: iDEAL, SOFORT, and Giropay. Each of these is a real-time bank transfer method, with which funds are “pushed” from consumers accounts to Payment Service Providers (PSPs)/processors and then to merchants’ accounts – all with little to no risk of fraud or chargeback.
Here’s a bit of detail on each:
- iDEAL is used in the Netherlands, and represents a whopping 60 percent of all eCommerce transactions in this market which generates more than $10B in annual eCommerce purchases¹.
- SOFORT is used in several European countries, particularly in France, Germany, and Spain, and was the payment method of choice for more than 24 million consumer purchases in 2016².
- Giropay represents 5-to-10 percent of purchases in Germany, the second-largest European eCommerce market (the U.K. is largest)³.
Earlier this year, Vantiv also launched SEPA Direct Debit, which is among the most-used APM in Europe, and later this year we will be adding support for PayPal international payments.
For more information about Vantiv’s various international payment options and how they can help you expand your business, please contact your Vantiv eCommerce merchant or partner relationship manager.