Introduction
The ongoing popularity of the eCommerce realm cannot be ignored in any possible manner across the globe. Every small or large business owner is coming up with different ways and approaches to increase conversions and sales. One of them is enhancing online payment strategies so that your valued customers can experience a secured, hassle-free checkout process. Well, the following post is no different, it focuses on how to enhance payment strategies for your eCommerce store.
We all know what online payment is, the exchange of currency electronically with the help of the internet. Basically, the money can be transferred from anywhere from a bank account or a debit or credit card, QR codes, UPI, Google Pay or any other mode in place of buying your favorite apparel, accessories or merchandise.
So what happens is when the customer places the order on your site. The eCommerce payment gateway gathers all relevant and necessary data to ensure that the transaction has taken place seamlessly. Then the data is forwarded to the respective bank or credit card company and as soon as the bank gives a confirmation to the merchant, the payment is made, and the entire online transaction has been successfully made.
There was a time when conducting online transactions or making online payments was a huge issue since people across the globe weren’t well-versed with the digital trends and changes. Fortunately, that’s not the case anymore!
Further, I would like to mention why conducting online payments has become pretty much in vogue.
Benefits of Online Payments
#1 Speed
The first and foremost benefit to consider here is speed. Within a span of a few minutes, online transactions can take place successfully. This works absolutely wonders, especially in today’s era where nobody has time to wait in lines, write checks, or make use of paper bills. So this was from the buyers' point of view, as long as the sellers are concerned, it saves a great deal of time for them as well. Basically, online payments successfully reduce the chances of late payments or any such goof-ups as well.
#2 Convenience
The very next advantage of considering online payment is it turns out to be pretty convenient in comparison to making offline payments or going by the earlier conventional methods. In today’s era, it is quite easy to pay for goods and services at any point of time and from anywhere. In other words, you no longer have to take the risk of carrying loads and loads of cash while purchasing. Which also means, the scope of theft and facing pathetic situations decreases significantly. To conduct an online transaction seamlessly, all you need to remember is your pin and that’s as simple as that!
In addition to all this, technology seems to have made the concept of conducting online payments so better that now customers can purchase goods on credit and pay later. Apart from this, there is also an option for try and buy. Customers can try the product on themself and if it suits them then they can buy it or else return it. This works wonders while buying apparels and accessories.
#3 Zero Contact
The next benefit offered by conducting online payments is zero contact. As the name implies, here payment is conducted without any contact. So quicker and accurate transactions can be expected. With zero contact payment, shorter queues can be seen at the grocery store. Here POS (Point of Sale) terminals can be used to avoid contact. The payee is asked to hold their respective smartphones near the terminal and the money will automatically be transferred to the merchant’s account.
With the seamless increase in the concept of online payments, the scope of hard cash transactions seems to have been decreased greatly. Today any and every business irrespective of its size and industry vertical is found leveraging the online payment technology and giving their customers a huge relief.
On and all, by incorporating the concept of online payments, better operational efficiency, seamless global reach, low transaction costs, easy to get started with, seamless management, better customer experience can be expected. And trust me, there is a lot more coming up in the upcoming years!
Moving on! Since we know that payment processing indeed has become one of the most crucial sectors in the ongoing eCommerce industry. So being a businessman, can you tell me what is the next step you need to take? Simple, try to come up with different ways to enhance online payment strategies. After all, this is something that can definitely assist you in surviving the current and competitive eCommerce landscape. A secured and hassle-free checkout process has become one of the basic needs. And when ignored, it can result in severe losses and severe damages caused to the brand reputation.
Whereas on the contrary, by making one slight change, i.e. by enhancing your online payment strategy, you can kill as many arrows as you want with a single bow. For example, stay ahead of the competition, attract new customers, retain the existing ones, boost conversions, improve sales and whatnot!
Of course, online payment services indeed come as a boom but at the same time it does have a fair share of controversies as well. For example, one shouldn’t ignore the potential risks associated with conducting online payment transactions. Cybersecurity threats and fraud attempts are growing by leaps and bounds. Now this doesn’t mean online stores should stop considering online payment modes but instead take precaution when in need especially to mitigate such risks and offer a thoroughly secured shopping experience to their valued customers.
Well, further without much delay I would like to focus on different approaches and strategies that can ensure seamless online payment for your eCommerce store.
How to Improve Online Payment Experience? Tips and Strategies to Consider For your eCommerce Store
#1 The More The Merrier
Several stats suggest that a maximum of your customers will abandon their online purchase or turn to your competitors if they are unable to use their preferred payment option. So in order to avoid such a situation, what you can do is try offering as many payment options as you can.
Offering multiple payment options can be a pure bliss for your end customers as well as for your business. You see not all of your customers would consider using credit cards, some might prefer paying through Paypal or Google Pay or any other third-party payment options. So when there is a buffet of different payment options, customers from all across the globe will purchase products from your eCommerce store.
#2 Security
The next approach that needs to be taken into account at any cost is high-end security. With an insane amount of security breaches happening day in day out across the globe, eCommerce store owners have become more cautious about incorporating high-end security within their applications. Also, not just for the store owners but security is pretty important for the consumers as well. They also need to feel confident regarding their crucial information and datas. Fortunately, there are a plethora of encryption technologies that eCommerce store owners can seek assistance from technologies such as Secure Socket Layer (SSL) or Transport Layer Security (TLS) to protect sensitive data such as debit card and credit card details. In addition, eCommerce store owners can also consider (PCI) compliant to reduce the risk of fraud and safeguard chargebacks.
#3 Always Signing up for a New Account
Well, this can be a bit scary! You see, asking users every time to sign up for a new account can be quite daunting and tiresome and eventually you might end up losing your valuable customers. Instead, what you can do is enable users or customers to view and manage their order history, preferred payment methods, and other precise offers. Here offering a single-point dashboard can certainly do the work. However, always asking your end users to sign up for a new account can definitely affect the site’s conversion rate.
If you don’t believe me, you can see for yourself! When you pay without involving in the hassle of creating an account is way more simpler and streamlined pathway. Moreover, first-time visitors can be impressed seamlessly and are more likely to convert in comparison to those who don’t.
On and all, when someone or for that matter even you can checkout seamlessly as a guest in a faster manner, you are less likely to get frustrated and irritated. Since you no longer have to face any undesirable obstacles. So slowly and steadily trust is enhanced. This eventually leads to improved brand reputation.
#4 Redirects while Conducting Online Payment is a Big No-No!
One of the best payment methods is using PayPal. And why not since the method is pretty popular and comprises more than 300 million users. Now everything is under control here. The only issue is when a transaction is done, the PayPal integration redirects users from your site to the PayPal site to complete the payment and which certainly is a huge barrier.
Payment systems that require redirection can be quite a concern and a major turn off for the end users. When a customer is redirected, it seems like the customer is interacting with a different company. And speaking of the worst, a redirection can scare off both current and potential customers at once. Now this also doesn’t mean you should consider choosing a lesser-known payment gateway.
#5 Do not play guessing game with the customer
The next important tip to take into account is don’t let your customers take a wild guess regarding what to do next. In fact, they do not have time to play such games with you. Instead what you can do is help them in making the call. In other words, ensure that you have a clear call to action.
Let’s say somebody has added an item to their card, so what you can do is guide them through making a hassle free checkout or you can even provide them another option for continuing shopping. Having a clear call to action means you are offering specific tasks for your customers so that they don’t have to keep wandering around and thinking about what needs to be done.
What else can be done is keep your website design visually actionable for end users. Now many eCommerce store owners are scared of designing big shiny buttons which might stand out. Do not hesitate, when you offer something that’s easy to eye, your customer is definitely going to like it for sure.
Best Payment Methods to Opt for
1. Paypal
The first and foremost method that is pretty popular and well-known across the globe is PayPal. Founded several years ago, this is one of the most original web payment companies which was taken over by eBay in the year 2002. Well, it’s no longer related to eBay after 2015. Paypal is one of the most popular online payment methods that enables people to send and receive payments via the internet. And do you know what is the best part here? Setting a PayPal account is free. So the service platform needs to be short-listed for sure.
As a business owner or an eCommerce store owner, you need to create a PayPal business account and that’s all! Although you can even opt for a personal Paypal account depending on your needs and requirements. However, both the accounts ensure fraud protection, enhanced security and encryption for any and every transaction conducted.
2. Digital Wallet
The next method to take into account is digital wallet. Now as the name implies, it’s a kind of a wallet but a virtual one which is highly preferred to conduct a seamless shopping experience for the customers. Since this is not a physical wallet it doesn’t mean it does not involve real money. Well, it does but from your bank accounts. When you have a digital wallet:
● Conducting quick payments becomes easy
● Whether you are buying apparels or booking train or flight tickets, recharging your smartphones, paying electricity bills, scanning QR codes, digital wallets can be used anywhere and everywhere
● Highly secured and safe
● No minimum balance required and no additional charges
● Internet connection is required
3. Cryptocurrency
The next one in line is Cryptocurrency. Now this one actually is a kind of digital currency which is quite secure and ensures safe online transactions without any mediators. Over the years, the concept of cryptocurrency has definitely gained momentum globally. Wondering how? Well, cryptocurrency offers a wide range of benefits such as:
● Cost effective transactions
● Decentralization
● Easy accessibility
● Safe and highly secured
● Transparent
Cryptocurrency isn’t going anywhere! So this can be a game changer.
4. Mobile Payment
Last but not least, the online payment method is mobile payment. The smartphone usage is increasing day in and day out. Instead of debit cards, credit cards, cash, smartphone payment is given importance. Mobile payment has become a must. There is no point in ignoring it! Some of the core advantages of conducting mobile payment include:
● Enhanced cash flow
● Seamless integration of loyalty programs
● Great convenience
● Better security
● Simplified bookkeeping
Conclusion
And we are done for now! This is what the scenario of online payment is and will be in the upcoming years down the line. So time to give a booster effect to your eCommerce store, time to adopt these aforementioned approaches and strategies to enhance online payment for your store.