Every online merchant is familiar with losing a sales opportunity when the consumer was already about to pay for their order. While there are multiple reasons why this could happen, a long or complicated checkout process is one of the major decisive factors, accounting for 26% of shopping cart abandonment cases1.
Fortunately, there are ways to address this frustrating issue. Express checkout enables shoppers to make a payment in a matter of clicks instead of struggling to fill up lengthy forms. Read on to find out more about the different types of one-click transactions and learn how to implement them to boost your store’s performance!
While this is typically not noticeable for the consumers, there are key differences between the ways in which their payment data is stored to facilitate express checkout.
Below, we list the three parties that can store customer information for one-click payments and explain the pros and cons of each of them:
1. The Business
As a merchant, you can choose to keep your customers’ details in your database so that the next time they shop at your store, their data will be filled in automatically.
There are two types of consumer information you can save to facilitate express checkout:
The advantages of this express checkout type are:
On the other hand, the downsides of this approach are:
2. The Payment Method
Another party that can store the consumers’ sensitive details is the payment method. This approach to data storage ensures faster order placement across sites, as long as the user selects the same payment option enabled with the express checkout feature. Some providers of such services include:
All the customer has to do to initiate an express transaction is to click a payment method's logo on the checkout page and log in to their account. After that, the last step would be to confirm the payment with biometrics, a password, or another authentication option, if requested.
The pros of this type of express checkout are:
The cons you may encounter when using this approach include:
3. Third-Party Solution
Finally, businesses can outsource services from companies that focus on boosting the checkout process speed.
The clients will be able to pay within just a few seconds after logging in to their account with the third-party service provider. What’s more, there are also examples when an express checkout solution enables its customers to purchase the products of partner businesses directly through its site.
The benefits of this one-click checkout type are:
The downsides of third-party express payment solutions are:
Every merchant’s goal is to make the clients’ shopping experience as smooth as possible, and express checkout is of great help in achieving it.
Regardless of the type of one-click payment integration you choose, make sure you follow these tips for the best results:
With these principles in mind, you are sure to minimize card abandonment instances and boost conversions!
1 - Kinsta - How to Decrease Shopping Cart Abandonment on Your Ecommerce Site