It is absolutely essential that you choose a payment solution that is suitable for your online store in order to get low costs, a satisfactory conversion rate and a good customer experience. There are several considerations that must be taken into account when choosing a payment solution, including that the solution can be integrated with your online shop platform and is user-friendly for both you and the customer. Here we go through the most important factors for you to be able to choose the right payment solution for your online store.

How you can take payment in your online store

You need something called a Payment Service Provider (PSP), also called a card acquirer, if you want to let your customers pay for goods and services using bank cards. You should consider whether you want to use a payment solution that includes card redemption, or whether you want to use a third party that handles the payments.

In short, the card acquirer is the one who handles the actual payment and forwards the funds to your bank account. The payment provider is the link between the online store and the card acquirer. Below we will take a closer look at good payment providers that offer solutions both with and without a card acquirer.

Good payment options in Norway

Collector Bank, Dibs Easy, Klarna and VIPPS as good alternatives for payment in Norway. They offer various solutions, including card payment, invoice payment and complete checkout solutions that include invoice, card and repayment plan. The advantage of the latter is that you usually do not need third parties such as card acquirers.

Collector Bank is a payment solution that offers invoices for online shopping and is used by large online stores such as Boozt and Nelly. Dibs offers both invoice and card payment, as well as a total solution called DIBS Easy. This means that you can easily take payment by both card and invoice, and you do not need a separate agreement with third parties to use the payment solutions.

Klara is a very popular alternative with its own checkout process called Klarna Checkout. The customer can pay by card, invoice or choose to pay the amount through their customer account with Klarna. You can also choose to use certain solutions such as Klarna Faktura, rather than replacing your entire checkout solution. The redemption agreement is included in Klarna Checkout, and you therefore do not need a third party to use the services.

Vipps is today a good alternative for many online stores. You can easily increase the conversion rate and ease of use by adopting today’s innovative and modern payment system. The customer pays via the mobile phone, and the threshold for buying is often lower when the customer does not have to look for the wallet or enter card details. As of today, Vipps is used by over three million Norwegians, and you thus reach a large customer group. The customer only needs to enter their phone number and then pay in Vipps’ app with just one click.

Why it is important to choose the right payment solution

Some of the most important criteria for choosing the right payment solution for your online store are costs, conversion rate and user experience. It is these three that we will go into in more detail in this article, but it is recommended that you also have the following point in mind when choosing a payment solution:

•   Kundeservice: Du bør raskt kunne få hjelp med tekniske problemer
•   Internasjonale løsninger: Du bør sjekke at betalingsløsningen er akseptert i utlandet
•   Sikkerhet: Kundens personlige opplysninger blir lagret trygt
•   Eierskap: Er det du eller betalingsløsningen som eier kundeopplysninger?

Costs and fees are one of the first things you should consider when choosing a payment solution, and examine establishment costs and monthly fees carefully. It is important that you get a complete overview to be sure that the payment solution fits your budget. There are solutions that are well suited for both newly established and larger companies, for example Klarna and Vipps. It makes it easier to scale your company in the long term, as the budget increases.

Another important point is the conversion rate, and this is also linked to the user experience. DIBS Easy and Klarna are good examples of solutions that allow returning customers to pay with just one click. The system remembers the customer’s information, so that they do not have to fill in information every time they want to shop with you.

It can be beneficial for both the customer experience and the conversion rate to offer several different payment methods. You can increase your sales figures by letting the customer choose the payment solution that is most optimal for them. It is important to make the shopping experience as easy and hassle-free as possible for the customer in order to increase conversion.

It is recommended to think about which payment solutions are suitable for your target group. Young adults, for example, appreciate being able to pay with VIPPS, while invoice payment and the possibility of installments are a good option for you who sell more expensive services and products.

Payment solutions that integrate with the online store

Most of the payment solutions can be easily integrated with Shopify, Magento, BigCommerce and other major platforms, thanks to a good API. Most payment solutions have an overview of which platforms are supported on their website.

It is worth mentioning that complete payment solutions such as Klarna and Dibs give you a good and simple overview of the accounts, as you have all payments collected in one place. You can thus choose to receive a lump sum payment to your account, and the accounting goes faster.

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