October 14, 2024
Why getting paid is often the hardest part of business – and how Wero makes it simpler.
As a merchant, you know how tough it is to break into a new market. But once you’ve done the hard yards finding out who your customer is, what they want and how to reach them, you’re finally ready to sell. So why is simply getting paid so often the hardest part for online merchants?
A big part of the answer is the hugely fragmented European payments market. From the big international card schemes to national payment schemes, tech-led systems like Google Pay and Apple Pay, Buy Now Pay Later schemes and more, consumers have a bewildering number of ways to pay – and every single one of them needs its own checkout integration.
Every integration adds complexity and comes at a cost, both financial and in terms of resources needed to manage the ever-increasing compliance burden. With so many payment methods out there, it’s hard to know which will have the traction to help you make money… and which will just become a drag on operational efficiency.
Things get even more complicated when you try and reach customers over a border. If you’re a Dutch business looking to sell in France (or to the French tourist who just walked into your Amsterdam store), for example, you need to know how French consumers like to pay. And once you’ve integrated those new payment methods, you become subject to new national regulations, compliance and dispute resolution processes.
The good news is it doesn’t have to be this way. The European Payments Initiative (EPI) is working to consolidate payments to make it easier for merchants in Europe to sell – and consumers to buy – across borders.
With its new Wero digital wallet, the result of collaboration between banks and payment providers, EPI is introducing a single European account-to-account payment system. Initially available in France, Belgium and Germany, with the Netherlands coming soon and more countries on the way, Wero allows customers to pay simply, securely and seamlessly online and in-store, both at home and across borders.
For merchants, one integration offers access to over 75% of people in the three launch countries, who can pay right from their regular banking app or the standalone Wero app. It’s built to be compliant with national and European banking regulations, and there’s a single dispute resolution system to keep selling simple.
With its consistent, intuitive payment experience, no separate accounts to manage and no third-party apps to download, Wero gives customers an easy new digital way to pay. For merchants it means more opportunities to take advantage of the European Single Market and to avoid the complexity and cost a fragmented European payments ecosystem brings – and truly realise the convenience, speed and flexibility of account-to-account payments.