How to choose the right payment method mix for your checkout page? 7 considerations to help you decide.

The choice of a payment method mix you offer your customers to pay for the goods or services you provide is crucial to the success of the checkout process on your website. The payment step is by far the most important factor in the customer journey as it’s here that you have a sale or a lost sale. Customers expect to be presented with several payment methods at checkout. There are hundreds of payment methods available but offering them all is the not the right solution either. Every business should consider a number of things before deciding on the payment methods mix to show on their checkout page.

Here are 7 key items businesses should consider when designing their payment method strategy on the checkout page.

1. The needs of your business model

Different business models require different payment methods to ensure seamless payments journey for their customers. A ride-sharing business model might find e-wallets the most convenient payment method for its customers, on demand businesses such as food delivery businesses would prefer hand-held terminals, or an online magazine might want methods enabling recurring payments for subscriptions. The choice of your payment method mix depends on your customers and your operational needs.

2. Localisation support for your customers

A deciding factor in choosing payment methods should be your customer’s needs. Your customers should be able to pay in a local payment method they are used to, a currency they prefer at a checkout page that is in their language. These localisation features make it easy for your customers to pay. Offering a local language and local currency along with a local payment method significantly improves your chances of conversion.

3. Location of your business operations

Businesses operating across the globe should consider local payment methods preferred in each country they operate. For example, the e-wallet Sofort, is used widely in several countries across Europe, while WeChat Pay with its QR code functionality is preferred by a large group of the Chinese population travelling worldwide. Any business operating globally should offer localised payment experience to their customers in various countries and also consider international payment methods travellers will look for.

Apart from providing a local experience to their customers, businesses with cross-border operations also need to deal with currency conversion, manage pay-outs to sellers across different locations and cater to a varied mix of customers with unique payment preferences. Businesses need to select the optimum payment method mix that covers the needs of buyers, seller and any other third parties that might be involved in your business operations.

4. Your payment service provider

Your payment service provider plays an important role in your business growth as it enables your success on your website checkout page. Key factors of success depend on:

  • The range of local payment methods it is offering
  • The efficiency and user-friendliness of its risk management solutions
  • Implementation options that are adapted to your needs
  • The right insight into your payments through adapted reporting

Choose a payment service provider who can provide full localisation of your payment pages with the right local payment methods mix, currencies and languages and can also manage cross-border payment requirements.

SafeCharge enabled ‘Everything 5 Pounds’, a business based in the UK, to expand in new regions across Europe by offering the payment methods they needed as well as the localisation support.
Read the case study.

5. Managing the risk involved

There are different kinds of risk involved with different payment methods. Some payment methods are more prone to fraudulent activities while others offer unique features to guarantee your payment. For example, iDEAL, a popular payment method in the Netherlands, does not enable direct payment reversals making this payment method guaranteed for businesses.

A good payment service provider should be able to advise you on the risks that come with each payment method. Fraudsters are very innovative and are adapting their techniques to the fast-evolving technology. That’s why your payments partner should be equipped to offer your business the most advanced fraud prevention technology.

6. Unified integration for all payment methods

Choosing to offer multiple payment methods does not mean it should be complicated to manage them all. Ensure that your payment service provider can offer a unified integration to easily get an overview of all payment methods on one platform. Another important feature that businesses should look for is transparent transaction data. The payment service provider should give you unified detailed reports about the transaction so that you can optimise the payments journey and have better control over your revenues.

7. Cost against value per payment method

Lastly, you need to judge the value a payment method brings to the business. You should ensure that the costs associated with payment methods are proportional to the future business expected via the method. For example, if a payment method costs you more in chargebacks than increased revenue, it is probably a good idea to rethink its existence on your payment page.

Selecting the right payment methods can bring agility to your business and help you reach newer audiences. It is always a good idea to re-look at the all the payment methods you provide and edit the list every now and then according to your business demands. The checkout page is a prime property in the payments journey and a healthy payment method mix is the first sign of a healthy business.

Want to know what’s an ideal payment methods strategy for your business?
Contact our team. We will be happy to help you.



SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of MasterCard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.