The German website Kreditkarte.net has published a comprehensive overview of the 60 payment service providers that are active on the German market. Their services are placed side by side, so you can compare them easily. See what every PSP cost, what payment methods they offer, if they can be used with your shopping cart software and if they offer fraud prevention.
The list of 60 PSP’s contains names such as Adyen, Amazon Payments, Braintree and Worldpay and shows all the big names that operate in Germany. Kreditkarte.net published a PDF which compares the most important criteria for choosing a payment service provider: what payment methods do they support, is there the possibility of connecting it to a certain ecommerce software solution and what are the service performances and fees?
A general recommendation for a payment service provider can’t really be given of course. “In the end, it’s up to every online retailer to decide what works best for him”, says Peter Weißenborn of Kreditkarte.net. “It depends of course on the fees, and last but not least the demands of their customers are taken into account. A principle is: he who doesn’t offer specific payment methods, might eventually harm its turnover.”
Payment methods in Germany
In Germany, consumers still like to use invoice to pay for online goods and services. Direct debit, PayPal and credit cards are other popular payment methods. According to Kreditkarte.net, experts advise to offer at least four or five ways in which the customer can pay. “Studies have shown that this has reduced the number of abandoned sales significantly.”