Payment Conversions - A Quick Guide to Increase Them
Payment conversions equal the success of your business. We’ll review the reasons why they can be low, and how you can fix that issue.
It’s Pay Time
So, you’ve done the hard part: people are coming to your website, they browse the goods you offer and even click the Buy button, and then… nothing happens!
Somehow, they abandon their carts and never complete the purchase. Why is this happening? And how can you tackle that problem?
Meet the conversion rate. This smart marketing term means a number of purchase attempts that are successfully finalized.
Sometimes this rate is high. Sometimes it has peaks and dips. And sometimes it’s unmercifully low. What could be the possible reason behind the low payment conversions?
One of the most common reasons why the payment conversion rate, or approval ratio, suffers is that the customers refuse to seal the deal and don’t make a purchase at the last moment. There’s one of the possible explanations for that: awkward payment process.
According to Baymard Institute, 18% of the US online shoppers give up on purchasing because the checkout process was too long, complicated and byzantine. And as the same research reports, 7% of them didn’t find payment methods that would suit them.
So, using this info, we can actually look inside the customer’s mind. So, here are some of the primary reasons why your approval ratio may be in decline:
- It takes too long. It can sound prosaic, but this is the main reason why people refuse to finish the checkout. The mentioned Baymard’s research testifies that every 5th shopper abandons the cart because of the “too long / complicated checkout process”.
- Poor design of a payment form. Strangely, some online merchants ignore both visual aesthetics and usability of their payment page. It can be overloaded with unnecessary bells and whistles, drastically contrast with the rest of the website, feel unintuitive, and so on.
- Suspicion. This issue appears when the webpage redirecting comes into play. The fact that they are sent to a third-party page may scare some customers away, as they know that such common threats as phishing and other types of scam afflict the cyberspace.
- Insufficient technical stability. Despite meticulous quality assurance, banking online systems can be vulnerable when it comes to glitches, bugs or even cyberattacks. If a system of a certain bank fails, your customers won’t be able to pay even if they really want to.
- Too much effort. Nobody likes fiddling with the credit card credentials more than once. If your system forces customers to re-enter them over and over, they’ll eventually look for another venue.
- Limited options. This applies to e-shops that work with foreigners, among all else. Your conversion rate can drop due to limited payment acceptance. Customers from other countries may prefer other e-payment systems to the standard Visa. Brazilian Boleto, Norwegian Vipps or Russian Qiwi are quite popular in their homelands, so you need to provide the payment methods that are widely used in a certain region as well.
These are the main factors that can and will impact your online payment acceptance negatively. But don’t worry: there are effective remedies to treat these problems as well.
Innovate = High Conversion Rate
So, how can we increase the conversion? Is there an antidote to people quitting the checkout? Luckily, there is — a
ready-made payment gateway instantly reduces most of the pains we listed above and gets you higher conversions.
Here’s what it can offer for your business:
- Simplicity. It provides intuitive and quick checkout, which won’t make your customer lose their patience.
- Customization. You will preserve your brand’s integrity with the design customization options, while keeping your payment page nice and clean.
- Recurring bills. Customers won’t have to fiddle with the card credentials whenever they want to buy something from you again. Tokenization allows recurring billing, so they simply need to click/tap the Buy button to complete a purchase within a second.
- Cross-platform support. If the payment page isn’t optimized for mobile properly, it will force the buyer to quit the checkout immediately. Shopify reports that 86% of mobile users abandon their e-carts. User’s inconvenience is one of the main reasons why it happens. Plus, share of online payments will keep growing in the future.
- Multi-currency support. Your customers can use British pounds, euros or yen as their currency of choice. The payment gateway provides real-time currency conversion, which enables customers from all over the world to shop at your place.
- Payment service variety. Such a gateway can detect the consumer’s country/region and offer a relatable payment method. If you count on the foreign clientele who may not have Visa, Payoneer or Skrill, then this feature is unskippable.
- Risk management. An out-of-box payment gateway is in compliance with numerous security stands, including
PCI DSS, SSL, KYC, and others. Plus, it provides its own anti-fraud system, which keeps fraudsters at bay, without hurting a customer’s shopping. These features prevent money theft, cardholder’s data leakage, false
chargebacks and other threats.
- Multi-acquiring. This feature connects your venue to multiple payment acquirers, while most other businesses are in partnership with just one. It helps to make payments quicker, validate payments if the primary acquiring bank has technical issues, and also provides more autonomy to your brand.
- 24/7 online. Your venue will be able to accept payments night and day. Even if your bank’s functionality will fail, it won’t disrupt the payment acceptance at your shop due to multi-acquiring.
All these features are crucial for successful payments. It’s quite likely that the only thing that your business lacks to have a flood of finalized purchases is this functionality list.
So, don’t delay and upgrade your business to the next level of convenience and security. The customers’ loyalty won’t be long in coming.