Alternative Payment Solution
Alternative payments are defined as any e-commerce payment other than credit or debit card payments. They include real-time bank transfers, offline credit transfers, direct debits, eWallets, paper-based systems, and mobile payments. Today, these payment types account for 22 percent of the total value of e-commerce transactions around the world (more than $200 billion worth). Based on the array of payment methods it makes available to online merchants around the world, our panel of judges chose WorldPay as their winner in the Best Alternative Payment Solution category.
WorldPay says it provides merchants with the greatest concentration of payment services in the world, offering alternative payment functionality for more than 200 payment schemes worldwide, with more being added regularly. It also advises merchants interested in branching out internationally on issues they might not foresee.
As e-commerce merchants begin looking beyond their own borders, merchants need to understand the cultural preferences in the regions in which they’re looking to sell that manifest themselves in preferred local payment methods. WorldPay says understanding this and offering payment choices accordingly can result in merchants experiencing as much as 20 percent more traffic on their Websites. Shopping-cart abandonment also can be a problem for merchants selling in foreign countries when shoppers reach checkout and find their preferred method of payment not available.
WorldPay says its single interface reduces the technical and operational overheads of implementing multiple payment types. Only dealing with one interface frees merchants to experiment with different payment types without the added costs traditionally associated with implementing new schemes.
“This enables merchants to implement a range of smaller domestic schemes which they could not have justified the cost of implementation for previously,” the company said.
In February of 2012, WorldPay entered a partnership with China UnionPay it says makes it the first acquirer for online UnionPay transactions in the U.S. and most of Europe. The partnership enables merchants to sell directly to consumers in China, one of the most important emerging markets in the world, as well as UnionPay cardholders outside China.
“Through a single contract and API connection, WorldPay offers access to the broadest portfolio of alternative payment services in the market,” the company says. “A merchant can implement alternative payments via a simple interface with consistent reporting providing access to a wide range of disparate payment services through a single connection.”