Payment Types - Think Outside The BoxConversion Rate Optimisation
Reliability and security are paramount when it comes to customer confidence and conversion. Ensure your site has the appropriate security features enabled for all payment types offered. As well as gaining the trust of the customer, it also means retailers can be secure in the knowledge that payments made through their website have been checked to filter out fraudulent transactions. Payment gateways will offer different forms of security whilst third party providers such as Amazon and Paypal will perform security checks as part of the platform integration.
Make It Easy For Impulse Buyers
One click purchases or simplified transactional processes can play a big part in conversion and help to increase impulse buys by reducing the number of barriers and steps customers have to take to checkout. With third party providers such as Amazon Payments, customers can checkout using their Amazon login – meaning card details are not required by the retailer – speeding up the customer journey. Stored cards are another option for retailers – keeping customer card details in their site database, allowing customers who log in to re-use their card with limited data input required.
Stay Ahead Of The Game
Understanding your customer’s behaviour is an absolute must across all areas of online retail, and it’s no different for payment types.
There’s no real value in offering a new payment method or improving the process of a well-established option if customers aren’t going to use it. On the flipside, you don’t want to be missing conversions because your competitors are offering a payment option your customers are keen to use. Look at the data, speak to your customers, research the industry – try and understand the payment method usage and make decisions accordingly.
Amazon Payments, Paypal and V12 Finance all offer retailers direct integration with their payment platforms. This gives customers a seamless experience of a retailer’s website whilst paying for their goods through trusted third party platforms. Finance options such as V12 offer instalment options for customers. With a move towards a subscription/monthly payment culture among millennials, finance provider integrations are an interesting option for retailers looking to hook into a market of “buy now, pay later” customers.
Don't Forget About International Markets
Giving customers the option to checkout using a variety of payment methods is a good first step when it comes to offering the a great checkout experience. Next on the roadmap should be a focus on international customers – offering payment in localised currencies. It’s widely documented that giving international customers the option of local currency payment is a conversion booster by improving perceived trust in the retailer and simplifying the checkout process for international customers. Offering customers the option to pay in their local currency also allows them to avoid their bank's currency-conversion/foreign transaction fees.