Local payment methods allow customers to pay using familiar bank cards from their region. This simplifies checkout, as customers can use their local debit cards. Most countries have popular local payment methods, and offering these options can significantly expand your market reach and attract more customers. Local payment methods also build trust with local customers, making them more comfortable completing purchases. For example, in mainland China, popular local payment methods are WeChat, Alipay, and UnionPay.
Benefits of local payment methods
1. Market trends: Align with market payment trends, making ordering and purchasing easier for consumers.
2. Security and stability: More secure and stable, free from credit card chargeback risks, and not governed by credit card organizations.
3. Expanded selection: This option offers a broader selection beyond typical choices, catering to local market preferences and product pricing. This enhances the overall selection and increases the variety of available options.
iDEAL: A Dutch payment method
iDEAL is a popular Dutch payment method used for online transactions in the Netherlands. With over 1.2 billion transactions annually, peaking at over 6 million, iDEAL processes 70% of all e-commerce payments in the Netherlands. It's the most successful and widely used payment tool there, similar to UnionPay in China. iDEAL supports most Dutch banks, holding an 80% market share.
iDEAL offers several advantages for both consumers and merchants. For consumers, it's a safe and fast payment method with a simple interface. It's secure, reliable, easy to use, and debits funds directly from the consumer's bank account, avoiding fees and security issues associated with credit cards or other online payment methods. Merchants benefit from real-time transaction confirmation and no rejection risk. Market research by GFK indicates that 80 million e-commerce payments were made through iDEAL, making it suitable for online shopping, travel, and even high-risk industries like gaming.
For more information about iDEAL, including how it works and its advantages, visit the official iDEAL website . For details on iDEAL's security measures and technical specifications, refer to the Dutch Payments Association .
Payment providers supporting iDEAL
Several payment providers support iDEAL, including:
- Shoplazza Payments
- AsiaBill
- Clipspay.com
- GoAllPay
- Oceanpayment
- ONERWAY
- Pacypay
- Pagsmile
- Paypal
- Payssion
- Stripe
Local payment methods like iDEAL are essential for businesses looking to expand their reach and cater to specific markets. Companies can increase customer confidence, improve conversion rates, and drive sales growth by providing familiar and trusted payment options. iDEAL's dominance in the Dutch market makes it a particularly important payment method for businesses operating in or targeting the Netherlands.
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