An online payment system is integral to digital businesses today. According to the Payment Methods Report of 2019, global transactions will cross a valuation of $4.6 trillion by the end of 2022. Online shoppers today use over 140 methods of online payments, all with dedicated user bases.
Every venture that accepts digital payments in any form, such as fees, sales, donations, or wages, needs to go beyond physical cash. However, it’s not enough to just have an online payment solution in place. Several different experiences contribute to customers trusting an online business and repeating purchases.
5 Tips to Improve Online Payment Experiences:
Offer a wide range of online payment methods:
The Payment Methods Report of 2019 showed that about 50% of consumers abandon their online carts if their payment method of choice is not available. Ensuring a positive customer experience is directly impacted by the payment methods you do or do not support.
Don’t ask customers to make an account before paying for a purchase:
A user account adds significant value to both the customer and the merchant. Visitors view all the features available, manage their history, sort their payment options and also provide upselling and cross-selling opportunities. Visitors who haven’t signed up for a website have access to almost all the features, product catalogs, and contact details given. However, asking every user to sign up before completing a transaction can impede their journey and drive them away.
On the other hand, allowing users to complete purchases as a ‘guest’ ensures they try out your services and increases the likelihood of them creating an account with you for future purchases.
Avoid multiple redirections in the payment process:
Leading digital payment platform PayPal has over 300 million unique users. However, it redirects a user away from the payment platform to complete a transaction. This can seem like a speed bump along an otherwise smooth customer journey and could be enough to drive customers away.
Make sure you use a payment gateway or terminal that allows customers to complete their transactions while on your website.
Ensure customer payment data is secure at all times:
Websites need payment gateways before they can accept digital payments in any form. These software solutions encrypt transaction data and ensure a high level of security for both the merchant and the customer. However, not all payment gateways are equally secure. While choosing a secure payment gateway, ensure your website also has an SSL (secure sockets layer) certificate that will give your customers a secure network connection and keep their sensitive data encrypted and secure.
Keep your data requests minimal:
A site visitor is usually uncomfortable sharing more data than necessary before completing a payment. Make sure you ask them only for the information you need to significantly reduce your cart abandonment rate.
Following each of these tips will increase business sales and create a pleasurable shopping experience to drive customers back to your website. However, test them to see which ones work better with your mobile payment solution.