Best Payment Gateways for online stores

The need to choose the best payment methods for your online store

The convenience of online shopping has led more and more consumers to opt for this method and, as a result, online stores should strive to offer an intuitive and agile experience, as well as secure and practical payment methods. Choosing the best payment methods is essential to guaranteeing customer satisfaction and increasing your online store's sales.

As well as influencing the purchasing decision, payment methods also affect the trust customers place in your brand. By offering several payment methods, you increase the possibility of conversion and, consequently, the success of your online store. A good payment gateway can facilitate the purchase of products and services and ensure secure transactions, strengthening the relationship with your customers and increasing your brand's reputation in the market.

Makes shopping easier

Making buying easier is one of the main benefits of having several payment methods. When you provide options that suit your customers' preferences, you make the purchasing process more agile and convenient. This means a reduction in cart abandonment rates and improved customer satisfaction.

Transaction security

With the increase in online fraud, users are becoming increasingly vigilant and demanding when it comes to protecting their financial information. By implementing secure payment systems that comply with data protection regulations, you convey confidence to your target audience and minimize the risks associated with unsafe transactions.

To ensure secure transactions, it is important to use recognized payment methods that implement data encryption protocols. In addition, transparency in privacy and data protection policies is essential for your customers to feel confident about buying products or services from your online store.

Payment Methods

Credit cards are one of the most widely used payment methods in online stores, as they provide the user with security and confidence. There are several widely accepted networks that offer convenience by allowing payments to be made quickly and securely, such as Visa, MasterCard and American Express.

The Multibanco Reference system is another common and secure payment method for the customer. After completing the purchase, the customer receives a reference to make the payment via an ATM or home banking. This method allows the customer to pay at their convenience, without having to enter their bank details in the online store. However, it can be less advantageous for online business, as failure to pay for the product or service quickly and promptly can lead to the purchase being withdrawn.

Bank transfers are another method that is still used, in which the customer transfers the amount directly from their bank account via an ATM. It is considered a secure method, as it does not require the sharing of sensitive information such as credit card numbers. Following on from Bank Transfers, MB Way has become increasingly important in online payments, due to its ease of use and versatility, as it allows payments via the APP on the cell phone, as well as the creation of virtual credit cards (in the APP) associated with the user's bank account.

PayPal continues to be one of the most recognized payment methods globally. Through PayPal, customers can pay for online purchases using their account balance, credit card or associated debit card.

With the growth of mobile payment methods, Digital Wallets - Apple Pay and Google Pay - have emerged as an effective solution for customers looking for agility in their online purchases. These payment methods allow customers to make payments via their cell phone, without the need to manually enter their physical card details. By using NFC technology and biometric authentication, they offer a fast and secure payment experience.

BNPL (Buy Now Pay Later) - e.g. Klarna, PayPal and Apple offer this form of payment - is also becoming popular in online stores. It works like a short-term, interest-free loan that allows the customer to make immediate purchases and pay in installments over a period of time, rather than paying the full amount at the time of purchase.

Which Payment Method is the safest?

It is essential to ensure that the payment methods in your online store offer protection against fraud and data theft. Provide payment methods that adopt strict security protocols and always keep your online store up to date to avoid vulnerabilities.

PayPal has emerged as one of the most secure online payment methods due to the protection it offers both buyers and sellers. Through PayPal, the user doesn't need to provide bank or credit card details with the online store, as everything is managed on the PayPal platform, and PayPal has 2-factor authentication which increases security against unauthorized access.

In addition to PayPal, payment methods such as MB Way, Apple Pay and Google Pay are also very secure, as they use biometric authentication - the user's fingerprint or facial recognition - and encrypted tokens to process transactions.

What are the most commonly used payment methods in Portugal?

The most commonly used payment methods in Portugal include ATM references due to their security. The customer receives a payment reference and can pay at an ATM or online via homebanking.

MB Way has also been growing significantly in Portugal and is especially popular among those who use smartphones to make payments at online stores. The convenience and security of the APP make MB Way a popular payment method.

However, credit cards - e.g. VISA - continue to be widely used in Portugal for online purchases as it is one of the most common methods, both in Portugal and internationally.

How do you choose the best payment methods for your online store?

When choosing the best payment methods for your online store, you should consider options that prioritize security, convenience and diversity. By offering payments through digital wallets, credit cards and payment platforms like the ones above, you can guarantee a better experience for your customers, who certainly value reliability when shopping online. What's more, by offering several options you can increase sales of your products or services by allowing each customer to choose the payment method that best suits their preferences.