As highlighted on the recently published European Ecommerce Regional Report 2020, jointly launched by Ecommerce Europe and Euro Commerce, the already increasing trend of European ecommerce sales has been significantly accelerated by the COVID-19 pandemic and its impact on business and consumer confidence.
As a result of this, retailers of all sizes have accelerated their digital transformation and further developed existing and new online commerce solutions.
But what are the key challenges for e-retailers in the current scenario?
For Ecommerce Europe Business Partner MyBank, the OBeP solution which enables safe digital payments through the online banking portal or mobile application, top priorities in e-commerce include ensuring a seamless customer experience with a frictionless payment phase, focus on security and data protection in compliance with the latest EU regulations as well as reduced costs through process optimisation, without underestimating the importance of transparent and timely information sharing.
Beyond adopting a payment solution for improving the user experience on their website, with MyBank e-retailers can count on a tool supporting many further aspects of their business and able to enhance their organisational and competitive capabilities.
Seamless payment experience
In ecommerce, trust is crucial. Having customers adding products into their shopping carts certainly shows interest and appreciation, however it is the check-out page to be the critical step for conversions. Completing the purchase and making sure that the shopping cart does not get abandoned is just as important as attracting the right customers. Therefore, offering trustworthy payment methods able to eliminate friction during this phase is vital.
OBeP solutions like MyBank, iDEAL and many others, allow customers to pay directly from their online banking through an immediate bank transfer with the highest security and transparency standards.
Today, more than 210 banks and Payment Service Providers have activated MyBank services across Europe.
Fast and easy, with no amount limits, with no need for new accounts, passwords or registrations, MyBank already offers secure and seamless payments to thousands of businesses in all industries.
Security, data protection and EU regulations compliance
When it comes to e-shopping, reliable and secure payments are key.
However, the concept of security is not only related to the payment transaction itself.
As ecommerce sales grow, cybersecurity-related risks are on the rise and data theft is the top threat. Digital consumers are increasingly aware of how important it is to also keep their personal data safe. Therefore, not only e-security is taking center stage, but also privacy and users’ data protection gain more and more relevance.
Any business should ensure the highest level of security throughout their website, with particular attention to payment options they make available to customers.
Offering a fully PSD2, AML and GDPR compliant OBeP solution like MyBank is a valuable asset for e-retailers.
Streamlined internal processes
Optimising costs and streamlining administrative tasks can be a valuable benefit allowing businesses to focus on further activities and become more competitive. MyBank, for example, offers 100% automatic reconciliation. Thanks to the payment information already available on the pre-filled bank transfer form that customers only have to approve, order details and amounts are never confused. Furthermore, the immediate collection minimises credit risks.
As far as fraud-related risks is concerned, MyBank transactions are extremely secure as buyers’ data authenticity checks are made by banks through strong customer authentication systems. This allows e-retailers to minimise their investments for both controversy resolutions and chargeback fees.
Transparency and information sharing
Transparent and real-time information sharing support an efficient and competitive ecommerce performance. Payment information is no exception.
Any ecommerce site should clearly display all payment methods accepted for online orders: having the available payment solutions logos on the homepage already, provides customers a clear overview of all the options they will be able to choose from.
A dedicated payment page is also a valuable support for customers, as they will find more details on the available options, which will make their choice easier. The more details available, the better: a dedicated FAQ may also further help. Clear and comprehensive information on how customers can pay on the website will convey a sense of transparency and trustworthiness.
In the era of ‘fast-shopping’, keeping customers informed in a timely manner on any phase of their order can also play a significant role. When paying with MyBank, for example, both customers and e-retailers receive confirmation of the transaction within seconds.
Everywhere in Europe
Recently, four major OBeP solutions (iDEAL, EPS, Giropay, MyBank) have started a joint working table in order to cooperate and prepare common responses to the European digital payment market demands of cost-effective and secure solution.
OBeP solutions can be the ‘fil rouge’ enabling the connection amongst the different evolutionary components of the European payment landscape to the benefit of citizens, businesses and public administrations through simplicity, efficiency, effectiveness and economic sustainability.
The trust of users in a specific brand or logo, the contractual framework clearly setting out the rights and obligations of all actors in the payment chain are the basis for the success of OBeP solutions along with the uniform and seamless integration with SEPA standards allowing easy clearing, settlement and reconciliation. The fact that payers can benefit from all these advantages without additional onboarding or registration provides the necessary reach to critical mass adoption and thus a win-win solution for all stakeholders.