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Stripe Tutorials

How to Accept SOFORT Payments Through Stripe: A Guide

A popular bank transfer-based payment system in Germany and Austria, SOFORT banking is beginning to make its round across Europe. Without the need to create an account, SOFORT is convenient to use and incredibly safe. If you’re considering introducing a trusted and easy way for customers to pay for your products and services, here’s what you need to know about SOFORT.

How SOFORT Banking Works

If paying through SOFORT banking, customers are redirected from a hosted payment page to SOFORT’s online banking environment. Then, users will decide which account they want to perform the transfer from. The payment will then be authorized, and the client will return to the merchant site. 

Once authorization is successful, the funds will take anywhere between 2 and 14 business days to funnel into your business account. Once received, they can no longer be reversed other than through business-initiated refunds. When selling low-value or high-margin items, businesses can consider the initial authorization as one that is final and need not wait for the receipt of funds. 

Fast Facts About SOFORT

Currently active in countries such as Austria, Belgium, Germany, Italy, the Netherlands, and Spain, payments made via SOFORT are accepted in the form of Euros. Payment methods occur exclusively through bank credit transfers and don’t accept recurring payments. If needed, businesses can grant full or partial refunds. 

Disputed Payments on SOFORT

Because customers are required to authenticate SOFORT payments with their banks, the occurrence of fraud or unrecognized payments is extremely low. As such, you won’t have to dispute chargebacks or have funds withdrawn from your Stripe account. 

Failed Charges on SOFORT

If a pending charge isn’t confirmed by customers within the cut-off period, the charge automatically transitions into a failed charge. On the other hand, if the funds are received only after the cut-off period, the customer is automatically refunded. 

On average, a small value of 0.2% SOFORT charges fail. This, of course, will vary according to your customer base and industry. To mitigate any risk to your business, consider your average payment amount and types of products being sold—then, depending on your ability to cope with failed charges, you can choose to fulfill orders only after you’ve received the funds. 

Refunds on SOFORT

As previously mentioned, SOFORT can shoulder full or partial refunds, sometimes automatically. However, they can only be submitted within 180 days from the date the original charge was made. After 180 days, your customer won’t be able to receive their refund. 

If charges are still pending or unconfirmed, you can still submit them for a refund. If you’re making a full or partial refund on a pending charge, you’ll only be able to transfer the fees after its status shifts from pending to succeeded. If the charge happens to transition from pending to failed, full and partial refunds are canceled.

Conclusion

When considering SOFORT as a payment option for customers on your page, you enjoy the benefits of sourcing funds from only one provider. A SOFORT system is also easy to navigate, making account tracking all the more efficient. 

If your European business needs a custom-designed payment portal, use our payment page builder upon launch day! By signing up today, you can enjoy a 30% discount on beautifully designed templates and convenient payment options. 

Categories
eCommerce

What Are the Benefits of Having Diverse Payment Choices?

The age of the internet has taken the world by storm. And as the world continues to progress, it continues to make ripples and trickle-down today, especially in the world of eCommerce. Small businesses, merchants, and huge companies from all over the world make use of various payment methods, all of which have been made possible thanks to digitalization. 

Cash has now become a rather unnecessary form of payment method—in the world of online shopping, credit cards, and digital wallets, such as PayPal and Apple Wallet, reign supreme. While the blueprint for business success still features marketing and traditional aspects, businesses all over the world are now urged to accept payments, regardless of location. 

By offering diverse payment options, businesses can extend their horizons, now reaching customers that have otherwise been inaccessible in the past.  

If you wish to learn more about the importance of accepting alternate forms of payment, here are some benefits you must take into consideration:

1 – It reduces the chances of cart abandonment

Shopping cart abandonment rates are high across the globe, and it’s an occurrence that has been hurting most businesses. If you’re one of the few suffering from abandoned carts, something as simple as allowing your customers the freedom to choose payment methods may be the answer. 

Experts postulate that most customers end up abandoning their carts due to the lack of payment method. In a world where customer behaviors and patterns dictate the name of the game, it’s important to always put your customers first—especially when it comes to payments. When you keep customers happy, they’ll keep coming back.

2 – It creates a better image

By offering diverse payment choices, you present yourself as a forward-thinking business. It raises your credibility and reputation, subtly letting your customers know that you’re here to stay—and therefore, worth knowing and engaging with. 

Staying on top of the digital game also lets people know that you take your work seriously, always ready to help a customer in need. It also helps you attract customers, especially the technically-savvy market pools. 

3 – It serves as a competitive advantage for businesses

Given the rapidly growing world of eCommerce and increasing competition, online businesses now compete for customers. Most online stores compete in terms of deals and prices, but payment options have now become prime competition grounds—the more convenient your payment methods are, the more attractive your brand becomes. 

Stripe checkouts, for instance, are the preferred method for many, which allows users to use cards more securely and conveniently. By offering your customers more options for payment, you not only address the issues of cart abandonment—you also create a better image for your brand, one that makes it even more attractive. 

Your Hosted Payment Page—Making Businesses For You

The payment industry has grown tremendously—from checks and cash payments, people now regard digital transactions heavily, especially since these methods make convenience and comfort possible. With online shopping rampant these days, it’s important now more than ever to heed consumer wants and needs, ever ready to exceed expectations. 

If you’re on the hunt for more payment methods to offer, we’re ready to assist! We make it easy for businesses to accept payments, especially through our special WordPress plugin that allows you to create a hosted payment page. Integrated with Stripe, we guarantee you safe and reliable options, one that will enable you to reach new heights. Reach out to us today to learn more!