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What to consider when choosing different payment options

What to consider when choosing different payment options

If you are starting a new online shop there are a million things to think about. You'll probably spend a lot of time on the design of the shop, how your products or services are presented and how to attract traffic to your website. Additionally, you want to achieve a high conversion rate for your customers to check out or to register. You may also find it a challenge to select the right mix of payment options to offer to your customers – and your selection should take your customers' needs, the costs and the level of security of each payment method into consideration.

Various options for various requirements

Studies show that around 88 percent of all potential buyers leave an online shop if the only payment option offered is advance payment. By integrating further payment methods the purchase abandonment rate can be reduced to only 1%. Successful online merchants predict that in the next five years PayPal, credit card with and without 3-D Secure protection, and "payment through invoice" will gain further customer importance (ibi research, 2015, University of Regensburg).

Apart from the customer acceptance, merchants also need to compare the direct costs of a payment method as well as potential indirect costs. For instance, the University of Regensburg found out that for "purchase on account" other costs increased the direct costs such as those from late payments, payment irregularities, defaults, and even dunning expenses or encashment procedures.

Last but not least, security plays an important role for online businesses when selecting a payment method: on the one hand merchants want to establish the trust of customers by protecting their sensitive payment data (e.g. thanks to encryption), and on the other hand secure themselves by applying fraud prevention measures for each payment method.

Support by experienced Payment Service Providers

Online businesses should spend their IT resources on their own products rather than dealing with online security requirements. They can rely on payment service providers for support, who offer different options for accepting different payment methods. Startups and small and medium-sized businesses, benefit from the know-how of payment service providers. To serve merchants securely, providers should be PCI-certified (Payment Card Industry).

Because online shops are at risk of fraudulent behaviour, payment service providers usually apply additional fraud prevention measures. Automated risk checks and encryption of sensitive payment information help ensure online shops to not fall victim to fraudulent abuse, and reduce financial damages.


PAYMILL is a PCI-certified payment service provider which makes it easier for online businesses to process credit card payments. The free PAYMILL module offers an easy way for integrating card payments into your Shopware store. Shopware merchants receive the access data (API-keys) for the module by registering and activating a free PAYMILL account. Merchants benefit from a flexible technical solution which allows designing their own payment form and which offers the optional usage of the 3-D secure protection feature (known as Verified by Visa or MasterCard SecureCode). All these features help merchants increasing their conversion rates.

To the free PAYMILL plugin

To Paymill's website


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