Both online shopping and ecommerce websites have changed how people find and buy products today. Recent studies indicate that approximately 56% of in-store purchases were significantly influenced by internet shops. With the constant development of online shopping, the way customers make a payment has relatively changed.
These days, most shoppers research a product over the net before making a purchase, which in turn make integrated checkout crucial for business of all sizes.
Here are the other ways how ecommerce has extremely reshaped payment processing. Are you ready? Take a close look at the following:
Researching Online & Making an Offline Purchase
With the availability of the internet, many consumers spend time to research products online before they purchase. With that number, the payment options for every transaction come in a wide variety. More than that, they can choose paying to online or in-store. So, processing payment effortlessly means employing an integrated or effective payment technology.
How does an integrated payment technology differ from the traditional solutions? Well, it simply makes every transaction easy, convenient and secure. It enables startups and other big companies to manage all customers’ payments from a fully-fledged platform. Probably, the need for a variety of accounts and complicated logins won’t be a dilemma anymore. Then, business owners can even accept credit cards in person with POS systems, EMV smart terminals, and invoicing to name a few.
An integrated payment technology allows businesses to accept payment in person for a successful sale. Aside from the optimal comfort, this newest system can lessen the risks of obtaining interchange expenses and other unnecessary costs.
Payment Methods have Also Evolved
Before, paying with a check or cash have been common. But payment method has changed for the past years. Approximately 42% of online shoppers said that they preferred to use their credit card during shopping. Other people wanted to employ electronic payment methods.
With that statistics, managing the checkout procedure can play a vital role. Since shoppers have many ways to pay, make sure to accept all forms of payment, from cash, debit to credit. Don’t limit your payment methods. The more choices, the higher chances of increasing web traffic and online presence.
It’s also good to remember that many credit card service providers set interchange rates. Some card brands even have a higher interchange price compared to others. So, retailers only accept specific cards. But it still depends on the rate.
For customers, the failure to find the product they need can be frustrating. But using limited payment solution can also be a headache. Whether you own a startup or big ecommerce site, make sure to accept a range of payment methods. While it sounds unnecessary in the first place, it can help increase sales and ROI. It can also leave your customers a good impression. When their friends or colleagues look for a reputable online shop, the referrals are higher than you’ve imagined. Therefore, good revenues and a pool of prospective customers are also possible.
Checking Out is More Convenient and Faster than Ever
Ecommerce websites have many things to deal with. From handling everyday customers, providing fast shipping to developing products, online stores have a hectic schedule.
However, there’s one thing they should not overlook and that is the checkout process. Payment procedure can be a simple thing that some businesses ignore. While it can seem unimportant, it requires your attention, money and effort. Keeping it seamless and consistent is a necessity.
Customer experience starts when they see your products or brand. It then extends thru payment. So, imagine you have many forms or complicated steps during checkout. Of course, it can frustrate your customers. Before anything else, study your target market. Is time important to them? Then, you can create or provide custom-made and comfortable payment procedure.
Aside from that, it’s good to be flexible with the checkout stage. To get started, incorporate a multitude of payment methods, provide excellent guest checkout features to reduce the high cart abandonment rates. Don’t forget to keep the process easy so that you won’t miss prospective customers to your competition. Remember that every prospect matters. So, handle them with care, attention and convenience. Although it’s complicated, your efforts will pay off.
Managing Payment is More Unified and Simpler
It cannot be denied that the technological advancements have made managing payments easier and more stress-free. While some ecommerce websites require customers to log in to different platforms and other tools to access the checkout page, don’t incorporate the same thing into your online shop.
Integrated payment is your number one option as it streamlines the procedures. It allows you to accept payment online, on your phone or in person. Everything is possible and risk-free. You can also complete a transaction in person, avoiding high interchange costs and other hassles.
With the competition in the online word, it’s important for ecommerce owners to stay on top of the checkout process. Despite the number of qualified businesses, you can be the most sought-after specialist, which in turn can increase your daily sales or revenues.
When searching for the best service provider, avoid multiple tools, logins or accounts. Choose the one that displays every data or analytics on one practical dashboard. You can also direct your attention to platforms that deliver a robust billing solution and invoicing.
Another thing to consider is the experience and years of service. There are many companies you can count on. But not all have the knowledge and expertise. While it’s tempting to choose the cheapest choices, it’s best to spend more bucks on a quality solution and the more seasoned expert is good to go.
Is your checkout page inefficient and inconvenient? Does it lessen the number of your customers? Whatever your situation is, invest in a quality and easy payment process. You can ask a friend or colleague for some referrals. Or do your homework online to avoid further problems.
Always think of your customer satisfaction. Custom and responsive solution is worth your effort and time!