When it comes to learning how to offer debit card payments on your online store, it can get tricky.
Today’s consumers want seamless, flexible, convenient and transparent payment options. Choosing the right payment gateways is vital when trying to compete in the ever-changing eCommerce landscape. But knowing which payment gateways to incorporate can be confusing.
There’s no question debit card payments are an essential payment option for eCommerce websites. But while there are a plethora of credit card payment solutions out there, there aren’t many catering for this type of payment method.
Why offering debit card payments is essential for merchants
Worldpay’s 2018 Global Payments Report found that in the US, debit card payments accounted for 20% of eCommerce spend.
In addition, the COVID-19 pandemic has proven to be a major catalyst for debit card payments. More people are using them for purchases as they try steer clear of credit they may be unable to repay.
In fact, Visa estimates that there could be a $100 billion annual shift to debit card spending from credit-card spending over time. This is based on consumer behaviour during the 2008 recession where spending was migrated to debit.
In a South African context, there are only around 4 million active credit cards out of a population of 57 million people. This means that eCommerce merchants who aren’t offering debit card payment solutions are definitely missing out on a huge potential audience of shoppers.
Setting up debit card payments on your online store
Payflex offers merchants the ability to accept both credit and debit card payments online. This will likely be music to your ears if you’re an eCommerce merchant.
While Payflex is best known for its flexible buy now pay later (BNPL) solution, it also functions as a normal debit card payment system. This means your customers can pay the full amount upfront instead of splitting their payment into 4 interest-free instalments over 6 weeks.
Another major benefit is Payflex integrates seamlessly with your eCommerce site. This means you won’t have ANY hassles (You can thank us later).
Payflex supports major eCommerce platforms including: Woocommerce, Shopify, Magento V1 & V2, and Opencart. If you have a custom-built website, you can also integrate simply into the Payflex API.
Here to stay
Debit cards remain a fast, easy, and convenient way for South African consumers to pay at checkout. Especially as more consumers seek interest and credit-free payment alternatives. They also allow for contactless payments, something that is going to become the norm as we learn to live in a post-COVID world. As an eCommerce merchant, it is critical to ensure debit card payments are one of the payment mechanisms on your site. If you don’t, you are cutting out a massive potential audience who will go elsewhere to buy what they need.