Merchants can now integrate Amex and Discover online
After Visa, Mastercard, Alipay, WeChat Pay and UnionPay, Silkpay has launched American Express and Discover payment methods acceptance for e-commerce Websites. This means that we have expanded our services to cover almost all major payment methods currently used by consumers. Silkpay has always been committed to supporting your business by helping you accept a variety of payment methods. This business expansion will also bring you more business opportunities.
In this article, we will talk about the market value of US bank cards, the significance of accepting American Express and Discover for European and American merchants. Lastly, we will introduce how to add these two payment methods into your e-commerce business.
Market value of US bank cards
According to a summary by Zippia of annual data from various credit card companies, the leading credit cards in terms of market share are Visa, MasterCard, American Express, and Discover. Visa dominates with a 53.99% share in payment volume, followed by MasterCard at 22.94%, and American Express at 18.99%.
Interestingly, despite having fewer cards in circulation compared to the others, American Express cards represent nearly 20% of payment volume. This indicates that the average expenditure per American Express card is higher, suggesting that its cardholders tend to be of a higher income bracket.
American Express and Discover are both card issuers from the United States. Nearly half of their cardholders are from the United States and the other half are from overseas. American cardholders usually have high spending power and willingness to buy online. This means that accepting both payment methods is crucial for European and American merchants, because they can provide customers with very familiar payment options.
Therefore, for any business, the high-income people are a consumer group with high value and worth operating. Integrating American Express and Discover as a payment option could allow customers holding Amex and Discover cards to pay more smoothly and enhance shopping cart conversion rate.
Why accept American Express and Discover online?
Accepting customers to pay with American Express and Discover cards is very important for European and American merchants. It not only helps increase sales, but also improves customers’ shopping experience and satisfaction. For European and American merchants, it is a wise choice.
Reaching a wider customer base
American Express and Discover have large numbers of cardholders in North America and Europe. By offering these payment methods, merchants can attract more consumers, especially those who prefer or only use these card types. If a merchant doesn't accept these cards, it may lose potential customers who only use these cards.
High-income customer group
Especially for American Express cards, its users are usually high-income groups. These customers usually have higher spending power and purchasing power, which may result in higher average transaction volume and larger profit margins.
Enhance brand image
Accepting multiple payment methods, especially high-end credit cards like American Express, can improve a merchant's market position. This approach sends a message that merchants pay attention to customer needs and are willing to provide customers with convenience and choice. This can enhance the professionalism and reliability of merchants in the minds of consumers and enhance the overall brand image.
International shopping friendly
For merchants looking to attract international customers, it's important to accept widely used international credit cards. This provides convenience for international visitors, as they may be more inclined to use payment methods with which they are familiar. This variety of payment methods not only benefits international customers, but also helps merchants increase international sales and brand recognition.
How to accept American Express and Discover
Silkpay can help European and American merchants to accept Amex and Discover in your e-commerce via API, PaybyLink or Plugins. In this way, we can provide flexibility and convenience for the merchants, enabling them to adapt a wider range of payment preferences and attract the spending power of American Express and Discover cardholders. This not only increases sales potential but also enhances the customer experience.
Silkpay's diverse range of integration options ensures that there is a solution that fits every merchant's needs, making it easier than ever to satisfy a global audience.
Conclusion
Silkpay’s recently launched service that helps European and American merchants to accept Amex and Discover into their payment solutions. Accepting these payment methods is crucial for European and American merchants because they can attract more consumers, especially high-income user groups, thereby increasing average transaction values and profits. Silkpay provides multiple methods such as API, PaybyLink and plug-ins to facilitate merchants to easily access these payment methods.
Source
https://letschuhai.com/36krchuhai-airwallex-online-payment-dtc
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About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.