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.
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:
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.
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:
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.
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