Initially focused on Europe, New Zealand and Australia, the partnership will see eight new payment methods go live this autumn, to be followed by further releases of popular APMs operating in China and South America later in 2018. The first APMs to be included are eps, iDEAL, giropay, Przelewy 24, Sofort, Bancontact and Trustpay, which predominantly operate in Europe, and Poli, which operates in New Zealand and Australia.
APMs – including real-time bank transfers, cash-enabled payments and direct debits – are preferred to card-based methods of payment in many parts of the world. Merchants considering an international payments strategy need to understand that a failure to provide APMs can impact sales, with consumers more likely to end transactions if their preferred payment option is not available.
Offering APMs not only improves the customer experience by offering more ways to pay, they also reduce the likelihood of a customer abandoning a purchase. This in turn increases the chances of a successful payment, improving payment conversions and ultimately increasing sales. Offering a mix of payment options that are in line with country preferences is therefore crucial to maximising sales.
For Pay360’s existing merchants, the new range of APMs can be easily added to their existing payments journey, ensuring consumers in different territories can pay for goods and services using their preferred payment method. Better still, merchants can use their existing reporting tools to reconcile payments made via APMs alongside their card payments.