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Why your business needs internet acquiring


Photo: Pavel Sadovsky

The era of paper money is gradually passing, and it is important for buyers to be able to pay for goods and services online with a bank card – literally in two clicks. The e-commerce trend also contributes to this. A business cannot but respond to the realities of the market, therefore, Internet acquiring is becoming one of the most effective tools for stimulating online sales.
Together with Alfa Bank in Belarus, we figure out what its main advantages are, how not to make a mistake with the choice and provide customers with a convenient payment service.

“In 2021, sales in online stores grew by 25%”

Experts note in Belarus a high level of use of card payments and a more loyal attitude towards e-commerce than, for example, other CIS countries. To provide customers with a convenient service for paying for purchases, businesses use acquiring. He can be:

  • merchant – for the ability to accept card payments at offline points of sale;
  • Internet – for non-cash payments in online services or stores.

– If we look at the statistics on the use of acquiring, we can note that our country is quite progressive in this regard. And over the past 5 years, of course, this trend has become even more pronounced. For example, compared to 2020, the volume of transactions with payment cards increased by 13.2%, notes Svetlana Shapovalova, Head of Product Development for Business Clients and E-Commerce at Alfa Bank in Belarus.

Let’s take a closer look at Internet acquiring, which is becoming increasingly popular during the heyday of e-commerce. The explosive growth of online shopping and the pandemic have further reinforced the habit of consumers to pay for goods using cards. It is impossible to imagine an online store where you can not pay for the purchase online. Or a hotel booking service that only accepts cash.

– We see an increase in the average check of online purchases and the fact that new industries and product categories continue to enter e-commerce. Therefore, we have singled out e-commerce as a separate direction of the strategy so that our customers can get a fundamentally new experience and a high level of online business services,” commented Svetlana Shapovalova.

Only numbers:

  • The share of e-commerce sales was 5.8%.
  • According to the data of the National Bank, in 2021 the number of organizations offering the possibility of paying using cards increased from 125 to 133.5 thousand, that is, by 6.8%.
  • Compared to 2020, the volume of payment card transactions increased by 13.2%.
Photo: www.unsplash.com

“Payment by card through a terminal or the Internet reduces the time of goods release by 1.5 times”

The figures confirm that Internet acquiring is not an additional option, but the basis of modern sales. What other business opportunities does it open up?

Multi-vector. Previously, a business that was presented only offline did not need Internet acquiring. But over the past few years, the situation has changed dramatically. Now many develop their business not only offline, but also online. And to remain competitive, you need to provide customers with the opportunity to pay for goods on the Internet. This allows you to increase revenue by 30%.

Entering a new level of sales. Any online payments increase the speed of sales and the flow of money into the account. Payment by card through a terminal or the Internet reduces the time of goods release by about 1.5 times.

Increasing turnover. When a business starts selling goods or services via the Internet, it significantly reduces costs and at the same time increases turnover, as this is a new sales channel with a different scale and geography. This is also confirmed by the numbers. As soon as a business makes it possible to pay online, its revenue increases by an average of 20-30%.

Conversion, manufacturability and service: how should a business choose acquiring?

The main question that a business must answer when choosing an acquiring service is what sales strategy it is going to implement with its help.

All businesses are different and have different needs. For example, companies that sell online and have delivery or offline stores need both acquiring options – both online and merchant. We consider each such case separately, analyze all the indicators and come to the client with a unique offer,” explains Executive Director of Alfa Bank Konstantin Zastolsky.

Photo: Pavel Sadovsky

Consider the most important criteria that you should pay attention to when choosing an acquiring bank.

1. Conversion rate, that is, the number of payments that are successful. If a business connects to an acquiring bank that has this level of 80%, then the client loses 20% of its potential revenue. It’s simple: the higher the bank’s conversion rate, the more successfully completed payments. For example, Alpha has a conversion rate of over 98% for online payments.

2. Deadlines for crediting proceeds to the account. The principle should work here: the faster, the better. So, Alfa Bank provides the opportunity to transfer revenue “to the day”. That is, the amount is credited to the business account on the day the client makes the payment within half an hour. The current practice in the market is 1-2 days.

3. The level of technology of the bank. Here, the key point should be what cards and services then business customers will be able to pay for purchases. The wider the list of available options, the better, of course. Alpha always strives to provide customers with not just a classic package of services, but to provide access to the widest functionality. So, by connecting Alfa’s Internet acquiring to the site, the business will be able to accept payments with Visa, Mastercard, Belkart and MIR cards; through Apple Pay, Samsung Pay, Google Pay, and Yandex Pay.

Photo: pixaby.com

4. Terms of registration and connection of acquiring. It is necessary to evaluate the options that the market offers in order to choose the most suitable one: monitor what commissions banks charge for using acquiring, whether there are installment options, how convenient the connection process is. For example, Alfa Bank in Belarus was the first to launch the possibility of online acquiring connection, which saves time and simplifies the registration process. This service is available for both merchant and internet acquiring.

To connect acquiring in Alfa Bank, just leave a request on the website. The bank undertakes all further actions for the preparation and execution of documents. You will only have to sign them.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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