Online payments should be simple and it is something that should work easily and seamlessly so that you can focus on your business. The important thing when choosing a payment solution is to choose a payment service partner that meets all your needs and that handles your money safely and securely. Facilitate your administrative work of collecting all your payments from one provider. You then get a clear overview of your business while you only have one contact regardless of what it is about.
People love to shop online. And the e-commerce industry has grown tremendously in the last decade. But studies also show that two out of three abandon their purchases in the payment stage of the checkout, partly because a seller does not have the desired payment method or makes it overly complicated.
The payment solution affects how many of the visitors convert and become customers. If your target group lacks an important payment method or perceives your checkout as complicated, they will shop elsewhere. The choice also affects your profitability and margin on each order as the costs of payments vary between different solutions and payment methods. More information about online payment services for small businesses can be found at https://centi.ch.
Depending on the e-commerce platform you use, start-up costs can vary widely. Some may already be integrated into the e-commerce platform. Other solutions require many hours of development before they can be used.
How do you know which payment solution is best?
There are many payment solutions, but they are good at different things and are suitable for different businesses in different. Make sure you study each and every single payment solution provider in detail to fully understand how they work as well as their pros and cons.
Choosing a payment solution
Start by familiarizing yourself with the options available. Payment solutions are often listed as suppliers on e-commerce forums online or as exhibitors at e-commerce fairs.
Read white papers and reports that payment solution providers post on their websites. Read about what is going on in the industry and about the trends.
Find out as much as possible about the target audience. How do your customers want to be able to pay?
Investigate which solutions are easy to connect to your e-commerce platform so that you avoid expensive implementation costs.
Think about what needs and what budget the business has both today and in the future. A common mistake is to think too short-term. Get quotes from different suppliers and compare carefully based on your needs. It can be cheaper if you are a few e-retailers that go together.
What are the trends for payment solutions?
It takes time for the new payment methods to get into consumer behavior. Cards, invoices, and internet banking still dominate. Within a few years, it will only be easier to pay on the mobile phone than on the computer since almost all developments in online payment solutions focus on the mobile phone.
– 51% of all purchases today are made via mobile phone or tablet and this is a number that grows each day. Therefore, it is a must to not only mobile adapt the website but also the payments. We also see that it is becoming increasingly important that the payment method is simple.
Get more people to stay in the payment process.
Offer more ways to pay
A rule of thumb is that you should offer cards, invoices, and payment via internet banking at the very least. Some customers prioritize simplicity and therefore prefer cards, while others want to shop on invoice because it is perceived as safest. Therefore, it is important to offer several payment methods because they fill different values of different consumers. Before you switch to different alternatives, it is important that you calculate the cost of them so that you do not lose profitability.
Save customer information
Make sure that the customer does not have to fill in unnecessary information and save the information between purchases.
Half of the online buyers want to be able to avoid entering their card details again for each purchase. And about one in four would shop more online if they did not have to enter card details each time.
Show the types of payments you offer on the home page. The payment companies’ logos have a high degree of recognition and inspire confidence in your customers.
Payments should be easy for you and your customers
When choosing a payment solution, the best tip we can give you is to keep it simple. The easiest way is to choose a payment service provider that offers both refunding and payment solutions in the same package. If you also have physical stores, it is advantageous if the supplier also offers payment solutions for that as well. It should also be easy to integrate your new payment solution into your e-commerce, so make sure that the payment solution you choose supports your e-commerce platform.
In addition to the fact that it is much easier for you to collect all your payments from one supplier, you will also be seen as a larger and more valuable customer in the eyes of your payment service provider, and in this way, you can also get a better price.
That said, payments should be easy for you but also for your customers. By offering a flexible payment solution with smart functions and most payment methods, you make the payment experience easy for your customers. With a simple and smooth payment experience, you reduce the risk of customers canceling a purchase in the payment step, and in this way you increase your conversion rate.
Tip: Collect all your payments with one and the same provider, it will save you a lot of time and work. Also, remember to offer your customers a simple and smooth payment experience.
Optimize your sales through a good overview of your business
Everything that facilitates the daily work of running a business is worth a lot. To easily get an overview of your daily business and to be able to analyze your business in detail, are clearly two things that can help you take control and reduce your administration. Make sure your payment provider has a good reporting tool with a clear overview of your transactions and payments. Through smart reports, you can gain new insights about your company and optimize your sales.
For example, do you know what time of day you have the most visitors to your website? Or which day of the week is your best? With good insights about your sales, you can adapt your business to your customers. Maybe you need to increase your support during certain hours, or have certain types of offers active on certain days?
Tip: Find out what reporting your provider offers and think about how you can use it to develop your business. Statistics of your transactions and payments can be a key to success.