We live in the 21st century, used to buying and ordering things remotely. As customers, being able to pay safely matters to us — so it's worth knowing which payment options are in demand in the world of e-commerce.
In today's world, shopping online just keeps growing. Beyond choosing the right products, the payment methods an online store offers matter a lot too. As customers, when we buy something from an online store, we want to be sure our payment method is secure and our money is safe. In this post, we'll look at what payment methods are out there, what sets them apart, and how many — and which — payment methods a store actually needs. It's worth knowing whether you're a customer or an online store owner.
ESTO Pay Later
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Online payment solutions: how many payment methods is enough?
These days we're used to having a choice. Is one payment method really enough for a modern online store? Sure, some stores still only offer one payment method today, and they still have customers — but honestly, the more payment methods and options a store offers, the higher the chance its customer base grows and the customer experience improves. Flexibility matters to customers — the freedom to pay exactly the way they want.
It's also worth noting that not every merchant offers card payments from major global or local banks — some choose e-wallets or crypto instead. That last option is used far less often, but it can occasionally turn out to be a real business asset in e-commerce, since crypto has recently been used more often as a payment method, for example by hotels.
Check out our ESTO online payments and take care of your finances.
Support for online payments: what are the options?
Let's look at the payment solutions typically available in a popular online store, and why they work.
• Online banking – online stores often offer the option to pay by bank transfer. It's a very convenient solution, since the process is fast and easy. Bank links are a popular checkout option for online stores, since the customer logs directly into their own bank to make the payment.
• Credit card payments – Visa and Mastercard are definitely the most recognizable. Larger, well-known online stores usually offer card payments alongside bank links, letting payments land in the merchant's account instantly. So if you spot one of these options at checkout, you can be fairly confident you're dealing with a trustworthy business and that your money is safe.
• E-wallets — an increasingly popular option for people who want secure payments, or who'd rather keep detailed purchases off their bank statement. Adding money to an e-wallet is quick and easy, and payments go through fast. The best-known wallets are Revolut, Skrill, and Paysera. E-wallets are one way to add an extra layer of security to your data.
• "Pay Later" solutions - both local and international online stores increasingly let customers pay for purchases later, on instalments. One of the best-known to our customers is the Estonian company ESTO, which offers a broad range of instalment solutions. You can find out more about ESTO's payment solutions here: https://esto.eu/lv?lang=lv. For example, the most popular option is ESTO 3, which lets you pay for a purchase in three equal instalments at no extra cost. Get the product right away and start paying only from the following month, then it's paid off in three equal parts. It's a good option for people who want to control their spending and don't want to pay a large sum upfront.
• Intermediary platforms – probably the best-known intermediary platform is Trustly. It's a trusted intermediary that uses your bank to help your money reach the right place. Trustly fills in the transaction details automatically, and the customer confirms the payment using their own bank's authentication method. That helps keep things anonymous.
• Cryptocurrency – admittedly, this is a rarer option, but it's becoming more popular. If you want to pay for a purchase with crypto, your choice of stores is smaller, but it's possible...
Making the decision
When there are a lot of ways to pay on offer, choosing can be hard. In general, customers already have their favorite payment methods. Paying by bank or card is often the most convenient, since there's no need to transfer money between accounts and no commitments involved. With "Pay Later" solutions, instalment decisions happen in real time, and confirming a purchase only takes 1-2 minutes — so if you need to make an urgent purchase, this option helps you get the product fast.
Overall, every payment method listed here is safe. Your choice may depend on the product you want to buy, and how much you want to stay anonymous. If you run your own online store and want to know which payment methods to offer, we recommend picking the easiest ones to use. Remember: the more payment methods available, the more satisfied customers.
ESTO LV AS hire purchase example: loan amount €427, repayment term 12 months, interest rate 19.9%, monthly payment €43.36, arrangement fee €0, monthly administration fee €2.9, annual percentage rate (APR) 39.17%. Total repayable amount €520.23. *This calculation is for illustration only. We will prepare an individual offer once we've received and assessed your loan application.