Virtually all eCommerce providers share a common challenge: for some reason, a huge amount of their customers don’t complete the sales process. In 2020 shopping cart abandonment was happening at the alarming rate of nearly 70% of all transactions, according to Statista.

There are several reasons, and multiple ways to increase the number of online shop conversions and prevent shopping cart abandonment. One important reason is to optimize your checkout process by giving your customers the payment experience they want. How? By offering multiple payment methods with the support of several different Payment Service Providers (PSPs) to ensure a smooth checkout. Below we have listed 13 different providers and what they can offer you and your customers.

PSP Overview: Payment Providers in Comparison

Adyen: Global Big Player

Adyen, one of the world’s leading payment service providers, was founded in 2006. The platform allows companies to accept payments, protect revenue, and control finances in a single system.

What Does Adyen Offer?

Adyen supports more than 250 payment methods, and businesses can use the company’s APIs to integrate with their own systems. Plus, you don’t have to worry about fraud, as Adyen’s advanced risk management ensures your business is well protected. The all-in-one payments optimization toolkit helps you increase your revenue and optimize customer satisfaction.

Klarna: Easy on the Eye

Klarna was founded in 2004. The Swedish payment provider, known for its clean and appealing design, wants consumers to shop online without the need of paying upfront and without a credit card. The company has more than 147 million active shoppers and over 400,000 companies using Klarna.

What Does Klarna Offer?

With Klarna customers have the option to pay either immediately after the purchase via instant bank transfer, direct debit, credit card, or direct debit subscription or on account within 14 days optionally with a payment pause of 60 days. In addition to the pay now and pay later principle, there is also the possibility of financing or installment payment to pay for the purchased items. Customers can pay off the installments either in 6, 12, or 24 installments or choose an individually selected model.

Founded in 2009 in Berlin, Ratepay was established as a FinTech company and is a white-label payment provider. They work with the most popular payment methods in Germany, Austria, and Switzerland.

What Does RatePay Offer?

With RatePay, customers can choose between several payment systems like invoice, installment payment, or direct debit. The purchase on account offers customers more flexibility and at the same time increases the conversion rate. The installment purchase allows a repayment period of up to 36 months, with early repayments and payment breaks also being possible. Ratepay completely takes care of the administration of the equally popular direct debit, so you have one less thing to worry about.

Computop: One-Click Shopping

Founded in 1997, the payment service provider Computop is now a global player with locations in DE, CN, UK, and USA that offers 350 payment methods and processes 35 billion USD in transactions volume in 127 currencies.

What Does Computop Offer?

With Computop both invoice and installment purchases are possible, as well as payments by debit or credit card. In addition, Computop’s portfolio has bank transfers, prepaid and cash-in, but also e-wallets such as Skrill, Paypal, Apple Pay, and Bitcoin. Machine learning is used to prevent fraud through various security checks and a BI tool visualizes payment data in real-time to provide analytics and reporting. In addition to all these features, Computop’s white-label solutions for banks and other PSPs are considered another benefit.

AfterPay: Convenience Is Key

AfterPay (or Arvato BFS) is a payment provider originally from the Netherlands. In 2013, Arvato Financial Solutions, a German financial services provider, acquired AfterPay. More than 6,000 online businesses in the Netherlands, Belgium, Germany, Austria, Switzerland, Denmark, Norway, Finland, and Sweden now trust Afterpay to provide payment options for their customers.

What Does AfterPay Offer?

AfterPay offers multiple payment options. Online customers can pay by direct debit, purchase on account, or by installment. Another benefit is the option to execute every single step of the payment process – whether selecting the payment method or receiving the invoice – conveniently via smartphone or tablet.

Payone: Omnichannel Provider

Payone is one of the biggest payment providers in Europe. They offer cashless payment transaction services to more than 270,000 customers.

What Does Payone Offer?

Payone has a large selection of payment methods: credit and debit cards, cash on delivery, direct debit, and instant transfer. In addition, Payone offers maximum security based on international guidelines through fraud protection and integrated risk management, as well as a smooth integration into existing systems.

Stripe: Great for Customization

Stripe is an American online payment gateway service provider covering over 25 countries. It uses primary online payment mechanisms. Stripe has become the world’s sixth-largest unicorn with assets of 35.3 billion USD.

What Does Stripe Offer?

What makes Stripe special is the integration of the payment process into websites and the maximum customization in finding creative solutions. Among the payment methods offered by Stripe are credit card payment, direct debit, instant transfer, Giropay, and Apple and Google Pay. Depending on the country, however, the offer may change. There are no setup fees.

Mollie: For Small to Medium-Size Businesses

Founded in 2004, Mollie is located in Amsterdam and specializes in payment-gateway software for small to medium-size businesses. With more than 130,000 business customers, Mollie is one of the fastest-growing PSPs in Europe.

What Does Mollie Offer?

The payment service provider Mollie has a seamless checkout process that leads to an increase in the conversion rate. On the plus side, you don’t have to pay monthly fees, instead, you only have to pay a transaction fee for each purchase, which is especially interesting for small businesses. There are also a variety of different payment options available.

Sezzle: Great Way for Customers to Build Credit History

Sezzle Inc., founded in 2017, is a ‘buy now, pay later’ technology-driven payments company based in the US. They have more than one million customers. In February 2022, Sezzle announced they would be acquired by Australian-owned Zip Co.

What Does Sezzle Offer?

Sezzle is particularly popular due to its uncomplicated and easy-to-use app, which makes online shopping even smoother. With Sezzle, customers have the option of paying an initial 25% of the purchase price immediately after making a purchase and then paying the remaining cost in three bi-weekly payments, interest-free.

Payment Methods Your Customers Will Love

In addition to the classic payment as a service provider like the ones mentioned above, there are also direct payment methods that provide a convenient payment process for customers that know and trust them. We’ll take a look at some of the most popular international payment methods in the following section.

PayPal Plus: Offers Everything in One Place

PayPal was one of the first to offer online payment services and has remained one of the most popular platforms in California since it began in 1998.

What Does PayPal Plus Offer?

With PayPal Plus, your customers can pay by direct debit, credit card, or invoice even without a PayPal account. PayPal takes over the risk, so you don’t have to worry about your payment. The checkout process is user-friendly and thus simple and straightforward. PayPal develops and accepts payments through subsidiary Venmo, QR codes, payment links, and buy-now-pay-later financing and offers more than 100 currencies.

Amazon Pay: Great for Amazon customers

Amazon Pay has offered online payment processing services since 2007. It provides a gateway for Amazon customers and merchants. The platform is fast, easy, and secure. Millions of people use it to buy and sell goods on Amazon Pay has two different plans: Pay With Amazon for merchants and Log In And Pay for shoppers. The company also offers voice commerce with its virtual assistant Alexa.

What Does Amazon Pay Offer?

To use this payment method, customers need an Amazon account, since the payment is made using the already saved payment data. This makes the payment process even faster and smoother, and your customers can easily pay their orders without creating a new customer account. In addition, Amazon Pay can also be linked to their Alexa voice recognition system, for which no additional registration is required. Transactions made via Amazon Pay are protected by Amazon’s A to Z guarantee.

Apple Pay: Easy to Use Within Apps and Websites

Apple Pay, the mobile payment and digital wallet service, was announced at Apple’s iPhone 6 event in 2014. The platform is available on the iPhone, Apple Watch, iPad, and Mac. It can work with any merchant that accepts contactless payments. Now, customers can use Apple Pay in Messages for Business and iMessage extensions.

What Does Apple Pay Offer?

This payment method is only available for Apple users and is known for its quick checkout process. Your customers can easily add debit or credit cards to their e-wallet and pay in many stores or online, even if they forgot their wallet at home.

Google Pay

Similar to Apple Pay, Google Pay is a digital wallet that allows customers to store their credit and debit cards, as well as loyalty cards, in one place. Google Pay can be used to make purchases in stores, online, and within apps.

What Does Google Pay Offer?

Google Pay offers several convenient features: customers can store their credit and debit card information on their Android Phones, view transactions and balances for all of their accounts, and get real-time notifications about account activity. Google Pay also offers a range of security features, such as fingerprint authentication and fraud protection.