Online payment platforms have made it extremely easy for anyone to conduct transactions securely. Both consumers and businesses are embracing online payment systems as a faster, contactless, and reliable way to send and receive money. However, improvements are still required to enhance the online payment experience. While adopting online payment methods, a business must understand its current position and how it can make the online payment experience more effective. To improve finances and avoid suspicious transactions in your business, you’ll need to implement Payment risk management that safeguards your financial statements. Payment gateways make it easier for clients to make payments, while also enhancing your cash flow by quickly notifying payments to you.
- Openly Adopt New Technologies
Digital payment platforms are significant contributors to many countries’ economic prosperity. There are over 658 million internet users who make digital transactions worth Rs. 20,000 crore in India every day. In such a scenario, companies that do not adopt new technologies for accepting payments will miss out on some excellent opportunities. Since online payment systems are going through a phase of constant innovations, it becomes imperative for online businesses to improve the payment experience and keep transactions secure.
- Create A Faster User Experience
Digital payment platforms have an incredible potential to improve a business’s cash flow and efficiency and save money. Frictionless onboarding and integration give a company faster access to the available funds, making online payments more manageable and driving greater adoption. However, it’s not only about simplifying the online transaction process but also about creating a more accessible and faster user experience. Many consumers abandon their cart due to sluggish payment gateway and page loading speed. An instant payment gateway will make transactions faster with a seamless and technologically advanced process.
- Expand the Payment Options
Gone are the days when the only ways to pay online were through debit and credit cards or ordering through cash-on-delivery. Payments options have expanded, enabling consumers to use multiple devices and methods. Buyers now have the choice to pay through e-wallets, PayPal, net banking, UPI apps, gift cards, etc. Paying through a particular payment option may drive special benefits that the users would want. So, use a reliable payment gateway that accepts payments through multiple platforms. Such a gateway gives consumers the freedom to pay using their preferred method.
- Implement Robust Security Measures
While accepting payments online, an e-commerce business must take responsibility for ensuring security for customers’ sensitive data. As more people transact digitally through their payment gateway, a company may face different hacker techniques, no matter the customer’s physical location. Therefore, a merchant should take adequate measures to make customers’ data inaccessible to third parties without authorisation.
Security measures like SSL certification, encryption, tokenization, 2-factor authentication, and PCI-DSS compliance keep customers’ details secure during each and every step of a digital transaction. Irrespective of the business size, implementing robust security measures is vital for each online transaction.
- Combine the Buying and Checkout Experience
An e-commerce business can make its digital payment experience more effective by embedding the buying and checkout pages together. When customers place an order, the instant payment gateway should not redirect them to new payment or checkout pages. Instead, allow users to make payments on the same page. Such a platform keeps the process transparent, retains trust, and avoids confusion while entering payment details. It also means higher conversions at fewer clicks, enhancing the customers’ overall online payment experience.
- Avoid Making Registration Mandatory
Of the 70% of online consumers who abandon their cart without completing the transaction, 34% leave it because it requires them to create an account. A new customer buying from a site for the first time would not like to register and provide their crucial details. Making registration mandatory creates an unwanted barrier that may result in a lost sale.
Instead, many online payment platforms use cookies to let customers log in automatically, allowing them to glide through the payment process. If satisfied, give them the option to create an account after the checkout and payment process.
By taking these few simple steps, an e-commerce platform can clean up its checkout process and dramatically improve its customers’ online payment experience. Besides decreasing the cart abandonment rate, an improved payment experience helps increase sales and boost customer loyalty. However, it is always a good practice to compare online payment platforms and know which ones work best before implementing them in the payment system.
