Today, three-quarters of all consumers make buying decisions based on their experiences. However, many merchants struggle to provide the experiences that will please customers, and, as a result, online retailers feel the pain of abandoned carts. With just a few online payment strategy adjustments, these retailers could increase conversions. Simplified checkout reduces abandonment by 35 percent, and adding multiple e-commerce payment options can improve cart abandonment by 8 percent. Simply allowing shoppers to check out as a guest can decrease abandonment by a whopping 41 percent, and improving page load times could improve conversions up to 26 percent.
Partner to Provide Tools for Excellent Online Payment CX
ISVs and VARs can help retailers improve payment experiences – and their shopping cart abandonment rate – by offering solutions and tech tools designed for online transactions. Partnership, rather than developing or acquiring these tools, can help you take solutions to market faster to meet merchants’ needs and help you keep your costs low over time. The right gateway partnership will allow you to enhance your offerings with these features:
Brandable Payment Links
Marketers looking for the best way to engage customers know text is the better option. Email open rates are less than 20 percent, while text open rates are up to 98 percent. So, to make an offer that will convert, send a payment link that won’t get lost in an inbox, or create an easy payment experience, merchants can use brandable payment links. Work with a payments partner that allows merchants to accept all popular payment methods and lets the customer add tips, if applicable. With growing interest in surcharging and convenience fees, look for a payments partner that helps merchants compliantly offset payment processing fees with these options.
Keep in mind that brandable payment links aren’t only for ecommerce payments. Customers can pay at the table in a restaurant, for a delivery, or for home repair services with a payment link to create a convenient, touch-free experience.
iFrames
Ask your payments partner about offering your merchants iFrames to accept online payments. An iFrame is an embedded form that allows the customer to make a payment without redirection to a separate page, but all the data and processing is handled by the provider, not the merchant. It’s an easy way to set up online payments, and it also makes PCI compliance easier and shields the merchant from payment data security vulnerabilities. Even though the payment company handles payments, when you work with the right payments company, iFrames create a smooth, user-friendly experience and match the look and feel of the merchant’s site.
Website Plugins
Another option to ask your payments partner about is offering website plugins. Plugins seamlessly integrate with the payment gateway, allowing customers to use their favorite payment methods. Like the iFrames, they are designed to make payments secure and protect customer information with the latest PCI standards and encryption. Easy to set up and configure, plugins can allow customization that highlights the merchant’s brand and gives the customer a safe and smooth experience from beginning to end.
Happy Customer Portfolio, Happy Life
Improving online payment experiences can help merchants capture more revenue and retain more customers. Although this will help you build merchant satisfaction, the benefits are even more far-reaching. Equipping your clients with tools for success will help you build a thriving portfolio of loyal users that will add up to greater customer lifetime value, more chances to expand accounts with value-added services, and customer referrals that help your business grow.
Your ability to reach these goals depends on the payments partnership you choose. Contact us to discuss how Datacap can help you offer online payment solutions to meet demand in your market.
