Quickly optimize your indie site collection methods!

In the globalized e-commerce market, the independent station, as a bridge for merchants to reach consumers directly, has been the first choice of many sellers. But the independent station and the platform is not the same, the platform will help sellers to collect money, you only need to consider the problem of withdrawing cash. But to do independent station you need to register your own collection account, including the back of the cash withdrawal also need to find their own channels.

Today, Xiaojie will talk to you about the independent station of the collection problem, to help sellers better understand the cross-border collection, so as to optimize your collection channels, to maximize the user to meet all the payment methods, to enhance the conversion rate of the independent station.

First, the global user payment habits

Consumers in different countries and regions, because of the cultural background, the level of local economic development and the financial system and other differences, the formation of a distinctive payment habits, but in general, the payment habits of consumers can not be bypassed in these five: PayPal, credit cards, local payments, international remittances, cash payments.

1、Paypal：As a widely used online payment tool in Europe and the United States, Paypal has won the favor of a large number of users by virtue of its convenience and security.

2、Credit Card: Globally, credit card payment is still a mainstream and efficient payment method, especially in Europe, America and some Asian countries.

3、Local payment: including bank transfers, e-wallets and other methods, these payment methods are widely used in different countries and regions, especially in niche markets such as the Middle East, South America and other places.

4、Cash payment: Although digital payment is becoming popular globally, cash is still an important payment method in some developing countries.

5、International remittance: Applicable to large-value transactions and traditional foreign trade business, buyers can remit funds to the seller's designated bank account through wire transfer, Western Union and other means.

Second, the introduction of common collection tools

After understanding the user's payment habits, sellers need to choose the right collection tool to meet user needs. The following are some common collection tools:
1, PayPal

Features: widely used in Europe and the United States, similar to the domestic Alipay, the account is convenient, PayPal also supports customers to pay by credit card.

Rate: According to the different amounts of transactions, the rate of 3.4%-4.4% + 0.3 U.S. dollars or so.

Advantages and disadvantages: The advantage is that it is convenient to open an account, and a Chinese enterprise business license can be opened. The disadvantage is that the rate is high, the wind control is very strict, if you encounter customer disputes, too many refunds, false transactions and other problems, it is easy to be blocked.
2、Stripe

Characteristics: The payment process is simple and direct, no need to register or use other accounts, you can pay directly with mainstream credit cards.

Rate: Generally 2.9% + $0.30.

Advantages and disadvantages: the advantage is that the user payment is convenient, the disadvantage is that the registration of the collection account needs to be overseas company qualification, and the wind control is more stringent, can only meet the conditions of overseas companies independent station sellers.
3、Shopify Payment

Features: Shopify platform built-in payment processing services, fully integrated in Shopify, support a variety of payment methods.

Rate: roughly between 2.9-3.9%.

Advantages and disadvantages: the advantage of not having to pay Shopify's collection commission, the user payment process is very silky smooth, the disadvantage is that it is limited to Shopify platform customers, if your independent station is not built with Shopify can not be used. In addition, Shopify Payment also does not support mainland company registration.
4, Payssion

Features: provide a variety of payment methods of global payment platform, support more than 200 kinds of local payment methods, covering almost all countries and regions around the world. In terms of local payment services, Payssion is also a more professional service provider.

Rate: The specific rate is not too good to summarize, it depends on the country and payment method.

Advantages and disadvantages: the advantage is applicable to niche markets, the disadvantage is that the specific account opening requirements and rate calculation may be more complex in different markets.

5. International remittance

Characteristics: International remittance is a traditional and widely used payment method for all kinds of large-value transactions worldwide as well as traditional foreign trade business. Through international remittance, buyers can directly remit funds to the bank account designated by the seller.

Methods: Including wire transfer, Western Union and bank check, etc. Wire transfer is the most common method of foreign trade collection, Western Union is expensive and suitable for urgent small transactions, bank check is a very traditional paper transaction, almost eliminated.

Advantages and disadvantages: the advantage is safe and reliable, but the processing time of international remittance may be relatively long.

Third, a little bit of advice on independent station collection channels

1, due to the high popularity of PayPal in Europe and the United States, if your independent station is mainly facing customers in Europe and the United States, then you can open the mainland PayPal account, and now PayPal support direct settlement to the domestic bank card, also supports credit card payments.

2, if you have an overseas company, you can open a stripe, although the wind control is also more stringent, but because the payment method is more convenient, can improve the user's payment success rate.

3, international remittance is also a very common independent station collection method, you can find Jetway to open a bank account that can receive international remittances, direct collection and settlement of remittances together. In addition, PayPal withdrawals and remittance accounts, overseas local bank accounts, Jetway can also be opened.

4, try to provide diversified payment channels, the more your payment channels, the more the user's optional payment methods, the higher your conversion rate of the independent station, and can also reduce the risk of problems caused by a payment method.

5, different payment channels for different product types will have restrictions. For example, PayPal and other service providers will refuse virtual, service type products, so do this virtual product sellers, usually to save the chat records between the customer and the service contract, order screenshots, product display page, product description manual and other information, in case of emergency.

Overall, the independent station collection and settlement is a very important link, directly related to the user's purchase decision, but also affects the seller's profitability. Sellers need to continuously optimize the collection process, improve user experience, and maintain competitiveness in the international market.