When it comes to e-Commerce, online payments are a critical aspect of running an online business successfully. Online payments are the lifeblood of your business.
More consumers are shopping online than ever before. In a 2019 report by Payment Methods, it was estimated that “global online transactions” will surpass $4.6 trillion by 2022. It was also found that online shoppers were using upwards of 140 online payment methods. Each one of these payments had its own “dedicated user base”.
These numbers reveal a trend that will continue to grow and expand across numerous industries. Because competition has become so fierce, it is critical that all online business owners prioritize offering an impeccable online payment experience.
Why Is Improving The Online Payment Experience Necessary?
Customers demand a seamless, safe,\ and convenient online payment experience. More online shopping cart abandonment occurs when there is any type of hindrance during the checkout process.
If this is what the customer ultimately encounters during their purchasing journey, then they will simply go elsewhere to shop. The inevitable result is that you will lose the potential for revenue and a potential customer.
Travis McKnight of Portent, a digital marketing agency had this to say:
“Every step your user takes must use minimal effort and cognitive load. The more work users need to do “” either physically or mentally “” the more likely they are to abandon the checkout and payment process”.
Customers do not want to waste their precious time trying to figure out every step of the shopping experience. They want it to be a simple, convenient, and straightforward process.
How To Improve The Online Payment Experience
Since we want to make the online shopping process as intuitive for your customers as possible, here are some tips you can implement in your business:
1. Make it easy
Avoid requiring your customers to jump through numerous hoops in order to get to the end of the purchase. The top reason why customers abandon the online shopping cart is that they find the website difficult to navigate. This is simply a website design issue that can be addressed immediately.
Customers also report problems with the website itself. The hosting platform can be the culprit for the website crashing or errors during mid-purchase. It’s always a good practice to test the effectiveness of your website to ensure any technical bugs are eliminated.
Another common complaint reported by customers is that the merchant’s website is too slow. The hosting service and the ISP could be the main reasons. Sometimes, websites include codes that are largely unnecessary and should be removed in order to improve the speed and performance of your website.
2. Take The Right Safety Precautions
It is no mystery that cyberattack incidents are growing in number as more large companies, organizations, and retailers have fallen, victim. Cyber criminals are clearly gaining the upper hand as they are continuously improving their tactics, taking advantage of any loopholes or weak links discovered on many of these websites.
Although the number of consumers shopping online has skyrocketed, especially during the pandemic, there are some customers who are well aware of the risks of fraud. They want to know that, when they enter their card information online, their sensitive information will be safe from fraudulent attacks.
One system you can implement on your website includes Address Verification Services (AVS). This solution allows merchants to identify suspicious credit card purchases and mitigate fraud.
AVS works because it validates that the billing address typed in by the customer is the same as the address tied to the cardholder’s credit card account. An “AVS response code” is then sent to the merchant during the authorization process. At this point, the merchant decides to either approve, decline or make an exception to this transaction.
Another method to fight fraud is to ensure that the payment services provider you work with complies with PCI DSS standards. A reputable provider will be well-equipped to provide your business with security solutions that meet your needs.
3. Don’t obligate your customers to create an account
Many online retailers ask customers to create an account before they complete their transactions. This is not advisable. Customers may simply not want to provide additional personal information. Others may not want to receive e-mail alerts about your latest product launches or receive news about sales or coupons. Most customers want to simply make their purchase and move on.
A better option is to provide a way for them to complete the transaction as a guest. This way, they not only get to purchase what they desire, but they also get to keep their privacy as well.
4. Reduce the steps for the transaction
This common complaint among customers also needs mentioning, and that is the excessive number of steps required to complete a transaction. A customer who shops on your website might not be a regular customer. Therefore, the need to create an account is not necessary. The only information needed from a customer should include their name, their address, and the actual credit card or debit information.
A good strategy is to feature a progress bar at the top of the payment page to inform customers where they are in the purchase process. Don’t overcomplicate things. It should all include just a few steps and just as few clicks.
Get Ready To Boost Your Sales
When you begin to implement the tips mentioned above, you will see a dramatic improvement in your customer’s online payment experience. Just because more customers are shopping online, it does not mean that every experience they have had has been a favorable one.
What they don’t want is an overly complicated, painful, and inconvenient process that ultimately discourages them from purchasing from you ever again. Get them to come back for more by making it a simple, safe, and enjoyable experience. This will ensure that you will have repeat customers, increasing your bottom line.