Online payment platforms have revolutionized online financial transactions, offering secure and convenient methods for e-commerce.
This guide analyzes six popular solutions that can be configured in any Shopify B2B e-commerce: PayPal, Shopify Payments, Bizum, Klarna, Sequra, and Aplazame.
The 6 Best Payment Platforms for E-commerce
PayPal
PayPal is the most widely used online payment platform globally, facilitating purchases, money transfers, and access to credit.
Advantages
-
Easy to use with many features.
-
Widely accepted worldwide.
-
Free for many domestic transactions.
-
Secure, as you do not need to share your bank or card details with the other party.
Disadvantages
-
International fees can be high.
-
You need a PayPal account to receive money.
-
Withdrawing funds to a bank account can take a few days.
Bizum
Bizum is an instant payment system between Spanish bank accounts, developed by the Spanish Banking Association (AEB).
Advantages
-
Instant transfers between users.
-
Free for users.
-
Double verification system to ensure transaction security.
Disadvantages
-
Limit of 500 euros per transaction and 1,500 euros per day.
-
Not available in all Spanish banks.
Klarna
Klarna is a "buy now, pay later" (BNPL) solution that allows deferring payment for purchases.
Advantages
-
Offers an easy-to-understand payment plan.
-
Does not charge any fees or interest when you choose to pay in four equal installments every two weeks or pay in full within 30 days.
-
As of October 2024, it is enabled through Shopify Payments in Spain.
Disadvantages
-
Limited availability in some stores.
-
Requires credit approval for larger purchases.
Sequra
Sequra is a payment financing platform that operates mainly in Spain, Portugal, Italy, and France.
Advantages
-
Allows purchases to be made now and paid for with total flexibility.
-
Offers different financing options to pay for your purchase in various installments.
Disadvantages
-
May include interest depending on the chosen financing plan.
-
Requires identity and solvency verification.
Aplazame
Aplazame is a Spanish financing solution that allows online purchase payments to be split into monthly installments with transparent conditions.
Advantages
-
Total transparency in financing conditions.
-
Fast and digital approval process.
-
Multiple payment term options.
Disadvantages
-
It is mainly available in Spanish online stores.
-
May apply interest depending on the selected term.
Shopify Payments
Shopify Payments is Shopify's native payment processor, automatically integrated with store data and analytics.
Advantages
-
Automatic setup with Shopify stores.
-
Customers can purchase without re-entering payment details, improving conversion and user experience.
-
Secure data storage: PCI DSS compliance.
-
Option to select in-store pickup during checkout.
-
Every purchase contributes to carbon emission removal projects at no additional cost.
Disadvantages
-
Only available for Shopify stores.
-
Not available in all countries.
Which Payment Platform to Choose for Your E-commerce?
The choice of the right payment platform depends on several factors:
-
Target market: Bizum for Spain, PayPal for international reach.
-
Business model: Shopify Payments for Shopify stores, BNPL solutions to increase conversion.
-
Customer preferences: Offering multiple options increases conversion rates.
At Upango, we bet on Shopify Payments as a base, complemented by PayPal, Bizum, and financing options like Klarna, Sequra, or Aplazame, providing the greatest flexibility and reach for e-commerce.
As we see, the existing payment platforms are multiple and varied, but what is a reality is that the one that offers the best user experience to the customer will be the most effective.
And we bet on Shopify Payments, which can be supplemented with other options that the client may require, such as Paypal, Bizum, Sequra, or Aplazame, among many others.