CommerceCore™ Payment solutions for Shopify Merchants
Driving checkout conversion through smarter payments

      Running a business today is no easy task. There are so many things to keep track of, and the competition is fiercer than ever. Designing and creating a layout of your business can be the fun part, whereas overcoming challenges of maintaining a steady business can be quite demanding.

      The information available to shoppers increased. So, shoppers, especially the savvy ones, spend a lot of time researching their purchases and considering the overall customer experience before committing.

      As an eCommerce company, you must provide new, unique and innovative means to meet the demands of your customers. The eCommerce companies who do not shy away from the challenge are bound to excel, as we have seen recently.

      Deloitte has reported that customers will spend up to 140% more if they have a positive experience than those who experience a negative experience. You will agree that this figure isn’t far-fetched because the information age has created ample opportunities for both buyers and modern eCommerce companies.

      Therefore, it is clear that to keep buyers loyal; you need the right tools while putting in place innovative measures to stay ahead of the crowd.

      In this article we explain how using different payment acquirers can lead to more checkout conversions.

      E-commerce considerations for point-of-sale (POS) software


      By 2024, online sales are expected to make up nearly 22 percent of all retail sales globally. This means that current in-store retailers are taking their stores online in an attempt to capture part of this market.

      eCommerce sites have different needs than physical locations, especially when it comes to their point-of-sale (POS) systems.

      What is POS?


      Operating your own small business or eCommerce store is a process that requires a lot of different tools and processes. Aside from an excellent idea and a dedication to your niche, you’re also going to need a platform through which you can handle transactions.

      A point of sale system, or “POS”, is essentially an environment where you can handle a lot of the financial and administrative work of running your business.

      Within your POS you ensure that there’s enough inventory for your customers. You can also use your POS software to track sales trends, and handle transactions.

      CommerceCore™ Payment Solutions for Shopify Merchants


      Whether you're an eCommerce owner or a Shopify user, chances are you've struggled with the checkout conversion process.

      It's no secret that most people abandon their cart in the final stages of purchase because they can't find what they need to know about shipping costs or estimated delivery times. This is where CommerceCore™ comes in!

      The CommerceCore™ platform has been tailored for eCommerce businesses with features like single page checkouts, inventory management, and more.

      By using this software to power your website, you'll be able to provide your customers with all of the information they need on one seamless web page rather than having them click through multiple pages before reaching checkout.

      Overview


      The CommerceCore™ Point of Sale module is based on a simple, user friendly interface. The application can be used online or offline on iPads, Android tablets or laptops.

      The CommerceCore™ POS module is fully integrated with the Inventory and the Accounting applications. Any transaction with your point of sale will automatically be registered in your inventory management and accounting and, even in your CRM as the customer can be identified from the app.

      You will be able to run real time statistics and consolidations across all your shops without the hassle of integrating several external applications.

      Which payment methods are right for me?


      A major part of offering multiple payment options is ensuring that your business accepts payments via the right payment methods. Depending on your own business needs, you may end up using multiple payment options, or only one or two of them.

      When you’re deciding which payment methods to accept, make sure to consider all your strategic goals and identify which ones will aid you in achieving them.

      Once you know what they are, consider choosing payment channels and payment acquirers that will help you meet them.

      Offering multiple payment options can be a real game changer for your business, so it’s important to get it right. When you connect your eCommerce company with the right payment acquirer, you’re taking another step toward putting consumers first and truly delivering an exceptional user experience.

      Why you must offer multiple payment options to your customers


      There are many business-boosting benefits to offering your customers multiple payment options. These are the big ones:

      Convenience and expectation


      The average global shopping cart abandonment rate for retail is 72.8%. Plus, 73% of shoppers will leave a poorly designed website for one that makes purchasing a product or service easier. One of the factors driving this large number is sluggish checkout processes that cause shoppers to hesitate and ultimately go elsewhere.

      Offering multiple payment options helps to ease the checkout process, giving shoppers more confidence in their purchase. As a result, expecting consumers are willing to complete your business’s revenue generation goals if you give them the ability to pay how they want, where they want.

      By offering multiple payment options, you will position yourself as a forward-thinking business with your customers’ interests at heart. In turn, this will raise your brand profile while increasing your sales. Offering more payment options will also take the hesitation out of making a purchase.

      Audience growth


      By offering a wealth of seamless payment options, you can attract a wider audience. Different generations and demographics of shoppers prefer using different payment methods. Cater to them all and you will accelerate the growth of your audience.

      Gen Zers and millennials, for instance, tend to prefer alternative payment methods like in-app purchasing mobile wallets and mobile payments while shoppers from Gen X like to use debit or credit cards. 

      If you set up a range of payment options across your main channels and touch points, you can better serve your entire audience.

      Brand trust


      In the modern world of retail, consumers value trust. If your brand is seen as transparent and trustworthy, you will reach more customers and keep most of them.

      Trust is a sustainable growth tool for any modern commerce or e-commerce business owner, and offering multiple payment options is an effective way to build it.

      Providing a cohesive mix of safe, secure ways to pay will make your shoppers feel valued as well as protected, and your revenue will increase in tandem.

      Consumer trust


      Customer loyalty is a delicate commodity that can be lost in an instant. Sometimes it doesn’t even take much—a customer may have had a bad experience with your company or website in the past and are wary about giving you another chance.

      Offering multiple payment options gives your customers the freedom to choose how they want to pay for your products or services, allowing them to steer clear of their previous bad experiences with your brand. It also shows that you trust them and value their business.  

      Consumer insight


      When you’re using different payment acquirers in CommerceCore™, you’re able to see all of your sales data in one place. This allows you to more easily conduct analysis and gain valuable insights about your customers and their buying habits, including which payment methods they prefer.

      Invoice Online Payment


      To make it more convenient for your customers to pay the invoices you issue, you can activate the Invoice Online Payment feature, which adds a Pay Now button on their Customer Portal. This allows your customers to see their invoices online and pay directly with their favourite payment method, making the payment process much easier.

      Here is a brief explanation on the payment acquirers in CommerceCore™:

      Alipay


      Alipay is an online payments platform established in China by Alibaba Group. It's one of the most popular payment service platforms in China.

      Features: 
         * Track payment status
         * Online payment.

      Wire Transfer is the default payment method available. The aim is providing your customers with your bank details so they can pay on their own. This is very easy to start with but slow and inefficient process-wise. 

      Buckaroo


      Buckaroo provides a variety of payment services that enable end-users to fully automate their entire system of payment and collection and all related administrations. With a significant number of (international) methods of payment and a truly digitised billing system, one would be likely to save a lot of time on back-office operations, and will also be able to collect your purchases and debts quicker and more customer-friendly. Both online, and offline.

      Features:
         * Online payment
         * Tracking of payments.

      Ogone


      Ogone is a European leader in payments with over 35 years of experience in the payment industry and more than 10 million end users. Ogone supports online merchants by providing an end-to-end payment solution that enables shoppers to pay easily, securely and in confidence.

      Features:
      *Online payment
      *Payment status tracking
      *Subscriptions
      *Save cards
      *Embedded credit card form.

      PayU Latam


      PayU is one of the leading financial service providers in Colombia, Argentina, Mexico, Brazil, Chile, Peru, and Panama. With one account and integration, it allows accepting and paying the local payments. PayU Latam enables merchants to create, manage and securely run their own payment process through the use of its APIs for both mobile and web environments.

      Features:
      *Online Payment
      *Payment status tracking.

      Sips

      Sips is the leading payment service provider in Russia and CIS, which helps businesses accept payments from visitors all over the world. This payment acquirer supports all major credit cards, including VISA, MasterCard, Maestro and JCB (UnionPay).

      Features:
      *Online Payment
      *Payment status tracking.

      Mollie


      Mollie is an online payments platform established in the Netherlands. Mollie supports both online & mobile stores and offers the choice of 30 different payment methods from plastic cards to instant bank transfers.

      Features:
      *Online Payment
      *Payment status tracking.

      PayPal


      PayPal is one of the leading global online payment service providers, with approximately 193 million active accounts (in 28 currencies) worldwide. PayPal is part of eBay Inc., a company that operates e-commerce sites in more than 30 countries and territories. PayPal supports online money transactions around the globe thereby, acting as a digital alternative to traditional paper forms such as cheques and money orders.

      Features:
      *Online Payment
      *Payment status tracking.

      PayUmoney


      PayUmoney is a simple, secure, flexible & reliable online payment platform. With an aim to develop robust payment infrastructure in India, PayUmoney has provided a wide range of services to ecommerce merchants across the country. It allows small scale businesses to avail of the service of the online payment gateways.

      Features:
      *Online Payment
      *Payment status tracking.

      Stripe


      Stripe is one of the most popular payment gateway services all over the world. Stripe specialises in partnering with leading ecommerce platforms, billing systems, and marketplaces to drive successful payments for any business type. Stripe offers the technological, fraudulent detection, and banking resources needed to run online payment systems.

      Features:
      *Online Payment
      *Payment status tracking
      *Subscriptions
      *Save cards.

      What to look for in an acquirer?


      There is no “*one size fits all*” when it comes to selecting an acquirer. Your choice depends on how well an acquirer supports your business. Here is a list of the top things to consider when looking for an acquirer:

      • The types of payment cards you are willing to accept (for example, some acquirers do not support the Discover card).

      • The average number of transactions expected weekly or monthly in your web-shop (this is specifically important due to some acquirers asking for a monthly fee which can be a costly burden on a merchant that has a low number of transactions in its early stages).

      • The average amount per transaction made in your web-shop (this number can help you calculate how much will potential acquirers charge you for each transaction).

      • The services offered by the acquirer (for example, some acquirers will offer you integration services if needed while others do not. It is important to know ahead of time how much work you will need to put in yourself).

      • The types of ecommerce platforms supported (if your web-shop is built on a specific platform, it is imperative that your acquirer supports it).

      Conclusion:


      World is moving towards a cashless economy every single day by leaps and bounds because it not only eases one’s life but also helps authenticate and formalise the transactions that are done.

      It’s quite necessary nowadays that your ecommerce store or online shop has an online payment option enabled and all the stores are synced with a Merchant Operating System like CommerceCore™.

      If you’re looking for a way to increase your sales, consider how customers are making their purchasing decisions. People expect more from businesses than ever before and that means offering them the payment options they want is vital.

      CommerceCore™ offers several different payment acquirers that allow your customers to pay on their Customer Portals or e-Commerce website with their favourite payment methods. We can show you how our solution will work for your eCommerce company by scheduling a demo, so contact us today!


      Was this article helpful? 

      Merchant Operating System (MOPS) refers to a type of software used by Shopify merchants to handle day-to-day online-business operations including warehouse management, multichannel product management, invoicing, payment tracking, order processing, and much more.

      The Merchant Operating System also includes corporate performance management software to help with planning, budgeting, forecasting, and reporting.

      The MOPS is built on the widely popular open-source ERP Odoo Enterprise Framework. 26000 apps/plugins/modules/extensions are available from an Integrated App Store. We help our customers carefully pick and integrate apps based on their needs through our Professional Services.

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      CommerceCore™ Payment solutions for Shopify Merchants
      Irena Milovanovic 21 April, 2022
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