Boost Your Profits by Improving Your Customers’ Payment ExperiencePosted: June 19, 2019
What is the most overlooked aspect of your e-commerce website? According to industry experts, it’s your customers’ checkout experience. Delighting your customers during the checkout process is crucial to improve your customer retention rates. A recent Gallup poll found that 46% of e-commerce shopping cart abandonment occurred due to a lengthy and complicated checkout process. As a small and medium-sized business owner, you should strive to make the payment experience easier and less time consuming for your customers. This will directly benefit your bottom line, leading to increased revenue growth and higher customer satisfaction.
As a business owner, it’s easy to believe that the success of your company is directly proportional to the effort you expend on marketing and public relationship building. After all, business gurus never cease to tout the importance of knowing your customer. Your payment process often falls to the sideline and payment barriers, like not providing a guest checkout option or failing to present upfront order totals, often deter customers from making a purchase.
When customers are making an online purchase, they should experience a smooth, secure and convenient payment process. Your customer’s ease of doing business on your site is directly proportional to the amount of money they will spend, a fact that you must keep in mind to prevent unnecessary payment losses. To help you enhance your customers’ payment experience, we have identified 7 areas that must never be overlooked.
1) Provide Multiple Payment Options
A great payment experience begins by giving your customer access to their preferred payment method. If a customer gets to the end of the checkout process and discovers limited payment options, they are 27% more likely to look for a competitor that offers their preferred payment type. Today, there are a myriad of payment options available: e-wallets, mobile payments, cryptocurrencies, debit and credit cards, online merchant accounts and bank transfers, just to name a few. When choosing an e-commerce platform, ensure that it can handle a variety of payment methods. This will help capture more sales and lead to higher customer retention rates.
2) Boost Your Security
Protecting personal data and financial information is one of the major concerns that customers worry about when paying for goods and services online. Fraudulent activities, social engineering and card cloning are just some of the security issues that your buyers worry about falling victim to. When making improvements to your payment process, security should be a top priority. Making your security visible by displaying a badge during the checkout process can yield an 18% increase in cart completion rates.
Secure your website by using the SSL protocol and always ensure that your checkout platform is PCI (Payment Card Industry) compliant. The PCI Data Security Standards (PCI DSS) require merchants to use data encryption while processing payments. Articulating your compliance with these standards improves the credibility of your website and can dramatically boost customer retention.
3) Start Accepting Mobile Payments
Mobile payments are quickly becoming a viable alternative to traditional payment methods like cash or credit cards. The popularity of mobile payments continues to grow in North America and Europe, but they have been successfully used in emerging markets for over a decade, where underbanked consumers have come to rely on mobile payments to make their day to day purchases. According to Statista, the worldwide revenue garnered through mobile payments is expected to exceed 1 trillion US dollars by the year 2025. By integrating mobile payments with your payment processing platform, you make it easy for young, technologically savvy consumers to choose your site over your competitors.
4) Embrace Automation
Integrating automation features can lead to faster payments saving both you and your customer time. An automation system will help you effortlessly send recurring payment requests and overdue payment reminders. It will also help you create proposal-based invoices and track billable time. Studies conducted by Ardent Partners show that 51% of e-commerce sites have automated their payment processing, a decision that has led to faster check-out time, reduced duplicate payments and payment errors.
5) Simplify Your Checkout Experience
Research shows that just over 30% of online shoppers abandon their shopping carts due to the check-out process being too complicated, slow or taking too long to complete. When you simplify your checkout process, you will immediately see gains in your conversion rate. Strive to implement measures like providing a one-step checkout or putting in place a quick-order system that allows shoppers to register their payment method in advance.
It is equally important to test your payment process to ensure that any obstacles which could lead your customer to prematurely abandon their shopping cart are eliminated. Ensure that the payment process exemplifies the feel and look of your brand. This is especially important if you are using a third-party payment processor.
6) Embrace Omnichannel Shopping
Payment processing technology is expanding rapidly, with new innovations being added every year to the industry. This has increased consumer expectations and demands, which is why omnichannel shopping has become a new buzzword in the payment processing world. Omnichannel shopping integrates the promotion, distribution and communication of your products and services across various business channels to provide a seamless shopping experience.
Whether your customers are using a desktop, a mobile device or paying in a traditional brick and mortar store, their personal data is securely shared between each channel, creating a seamless and straightforward checkout process. Besides improving your customers’ payment experience, your business will reap higher return on investment as shoppers are provided multiple channels through which to complete their purchases.
7) Capitalize on Your Branding
Branding must never be overlooked during the checkout process. Besides ensuring that your name, logo and visual brand elements are present throughout the entire payment experience, reminding customers about your bestselling branded products and services and providing them with the option to add them to their shopping cart is an excellent revenue-boosting strategy. Used by the likes of Amazon, Walmart and Apple, your checkout platform is yet another important way to retain customers by upselling them complementary products or by offering them individualized promotions and discounts for their continued loyalty. Don’t miss this opportunity to delight your customers.
SolidTrust Pay – Boutique Payment Solutions for Your Unique Needs
It is easy to forget that your payment process should reflect the preferences of your customers. All too often, e-commerce platforms embrace a one-size-fits-all model, forcing companies to use services and features poorly suited to their needs. SolidTrust Pay is different. We will work with you to create a bespoke checkout experience that will reduce cart abandonment rates and boost customer loyalty and retention. If you are an entrepreneur, startup or business owner trying to find your way through the maze of online payment options and companies, our single, simple interface gives you access to your customer’s preferred payment methods quickly and easily. Let us get you up and running today!