If you are looking for payment solutions for an online business, there is a lot to consider.
• What solutions are your customers used to?
• What solutions do your competitors offer?
• Is there a strong business advantage to offer more payment alternatives than your competitors?
In this article we are going to look at the reasons for offering multiple payment solutions, with a focus on an online financial markets broker, eToro.
Case Study: eToro Payment Solutions
eToro is a very successful, online financial markets broker, which was launched in 2007 by three entrepreneurs with a mission to lessen reliance on outdated financial institutions, but make trading accessible anywhere, to anyone. The big advantage that eToro has over its competitors was that it was first to market in launching social trading to the world in 2021, using their innovative CopyTrader feature, enabling anyone to copy successful traders.
But to add to this positive innovation, over time eToro has added in multiple payment methods to make it easier and more convenient for their trader clients to deposit funds in order to trade. This has been all the more important with the boom in cryptocurrency trading, in which eToro has been a key market player since 2017, and since 2021 is now offering eToro Money, with a debit card and deposit account linked to their investment accounts.
Here is a full eToro review looking at the full eToro offerings and not only the company’s payment solutions.
Let’s take a look at a list of the many payment solutions eToro has on offer:
|Method||Time||Currencies||Countries||MAX Single Deposit*||Withdraw Available?||More info|
|eToro Money||Instant||GBP||UK*||£250K / (Unlimited for Black Card holders)||Y (instant withdrawal)||Must have funds available on your eToro Money account balance|
|Credit/Debit Cards||Instant||USD, GBP, EUR and AUD||International||$40,000||Y||Supported cards: Visa, MasterCard, Visa Electron and Maestro.
Transactions will appear on your statement as: Etoro or www.etoro.com.
Transactions in the EEA region may require authentication.
|PAYPAL**||Instant||USD, GBP, EUR and AUD||International||$10,000||Y||Must have an active PayPal account with funds available on the account balance or a credit/debit card linked to it.|
|NETELLER||Instant||USD, GBP, EUR||International***||$10,000||Y||If you don’t have a Neteller account you can create one on www.Neteller.com|
|SKRILL||Instant||USD, GBP, EUR||International****||$10,000||Y||If you don’t have a Skrill account you can create one on www.Skrill.com|
|RAPID TRANSFER||Instant||USD, GBP, EUR||EEA*****||$5,500||N||There is no need to register with Rapid to make a deposit, but you will need to have access to your online banking to complete the transaction.|
||Instant||EUR||The Netherlands||$50,000||Y||There is no need to register with Ideal to make a deposit, but you will need to have access to your online banking system to complete the transaction.|
|Klarna / Sofort Banking||Instant||EUR||Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, Finland, France and Poland.||$30,000||Y*||There is no need to register with Klarna/Sofort banking to make a deposit, but you will need to have access to your online banking to complete the transaction.|
|BANK TRANSFER||4-7 days||USD, GBP, EUR||International||Unlimited||Y||Please always quote the Transaction ID to prevent delays in crediting the funds.
When possible, please make sure you transfer funds to the bank account in the same currency as your own bank account (USD, EUR or GBP), to avoid unnecessary bank charges
|Online Banking – Trustly (EU region)||Instant*||EUR, GBP, SEK, DKK, NOK, PLN, CZK||Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, Germany, Latvia, Lithuania, the Netherlands, Norway, Poland, Slovakia, Spain, Sweden and the United Kingdom*||$40,000||N||There is no additional registration process for this payment option. You will be required to access your online banking account to complete the transaction. Powered by Trustly.|
||Instant||AUD||Australia||$70,000||Y||No additional registration process is needed for this payment option. You will be required to access your online banking account to complete the transaction.|
||Instant||PLN||Poland||$11,500||Y||There is no additional registration process for this payment option. You will be required to access your online banking account to complete the transaction.|
Advantages of Offering a Range of Payment Solutions
You can see from this exhaustive list that eToro has done a great job of offering many different payment options for their clients. But what are the advantages of doing this?
Well first, it helps eToro maximise conversions, as a customer is more likely to convert if they have lots of options to pay. This brings us to the next advantage, that multiple payment options help to minimise abandoned carts.
A wide offering of payment options also reinforces brand perception, by adding credibility to the offering. Providing many different payment methods also makes it easier for customers to checkout, as it allows the client to choose the payment options that suits theme best.
Finally, multiple payment options appeals to a much wider demographic, as differing consumer types have differing, favoured payment preferences
The wide scope of payment options offered by eToro highlights an innovative, global company that is in tune with their client base.