When it comes to a seamless checkout process, payments are a critical touchpoint that requires a well-thought out strategy. Each time a customer reaches a checkout page or pays a bill, they have a moment to reflect on whether the effort needed to make a payment is equal to the value they get from the business. If it’s too difficult or time-consuming, customers may hesitate and go to a competitor's website. At that moment, you’ve lost the customer and it’s likely that you will have to spend more money to get them back to the site.
For businesses, perfecting the checkout process can be daunting as each payment gateway comes with its own complexities. The goal for any online business is to make the customer experience (especially the payment experience) as seamless as possible.
So, why is it that so many businesses still don’t get this right?
Customers expect a personalised payments experience
What businesses often don’t realise is that consumers have different checkout needs. Moreover, they often fail to see the impact that it has on their profitability and revenue generation abilities. A personalised payment experience sees more conversions, and less checkout friction and abandoned carts.
Customers expect different ways to pay
Convenience and the option to choose a way to pay are essential to customers. Businesses must take into account the flexible, multi-channel shopping behaviours of customers when choosing a payment provider. Younger customers, in particular, want personalised shopping experiences, including the freedom to decide how to pay every time they do business with a brand.
Customers want control
As customers, we understand that our behaviour online is being tracked; if we search for a particular product, we will most likely see ads about that product or if we visit an online store, we’ll receive follow up on the items we already viewed. Knowing this, we still want to feel a certain sense of control when it comes to buying a product online. It’s essential for businesses to offer multiple payment options such as credit cards, online debit payments, mobile payments and payments through payment links.
Getting it right
Whether customers are checking out on an e-commerce site, paying an invoice or setting up a recurring subscription transaction such as Netflix, the process must be seamless and straightforward. A company’s choice of payment provider can support or undermine this goal. It’s essential to consider how your payments provider plays a crucial role in delivering a fantastic customer experience. It will not only help you differentiate your business from competitors, but also gain a sustainable competitive advantage.
Trying to provide every possible type of payment can prove challenging, especially when you have outdated payment infrastructure already in use. With Revio, businesses can integrate with multiple payment gateways without having to integrate with each one individually. This reduces the complexity and gets a product to the market quicker. It also reduces the likelihood of having to invest in new software or technology. Chat to our team today to see how we can help your business create a seamless payment experience for customers and how to reduce customer churn.