Streamlined payment systems not only simplify businesses but also decreases customer churn and boosts trust with customers. With digital payments on the increase comes more complexity with payment processing systems. This is also due to the many players within the payment ecosystem: credit card companies, retailers, banks, consumers.
Large organizations are beginning to struggle with friction and regulation as they try to keep up with payments using their current legacy solutions. This translates into more risk and more costs.
For smaller businesses, the drawbacks of not having a streamlined payment process could mean that you are not able to pay yourself, your employees, or your suppliers on time. Furthermore, your marketing budget, any business development plans, and hiring can be compromised.
On the flip side, by streamlining your payments, you can develop a better rapport with your customers, you can get a better snapshot of your cash flow. Luckily, streamlining your payments does not have to be complicated.
How To Streamline Your Checkout Payment Process
- Don’t Enforce Registration
The key to securing conversions is to provide an easy check-out process. Mandatory registration should be avoided. If sales and account registrations are needed, the information needed to register for an account is already captured during the transaction. The merchant will only need to make it an option at checkout to add a password and create an account. Make sure to highlight the benefits of creating an account, all the while stressing that it’s completely optional.
- Keep Things Clear And Concise
Ensure that you are given your customer clear directions at every stage of the checkout process. Give short and concise directions, nothing wordy, in bold font. Feature information buttons to give further clarifications on how you plan to use their information.
- Streamline User Flow
A study conducted by Invesp reported that improving the navigation of an e-Commerce site increased the site’s conversion rate by 18.5 percent. One way to do this is to keep users on your site, instead of redirecting them to an outside gateway.
Don’t feature any pop-up ads during the payment process so that customers can focus exclusively on completing their transactions. Once the payment is complete, redirect customers back to your homepage so that they can choose to continue browsing. Also make sure that your logo, color scheme, and fonts are consistent throughout your site, including your checkout page to build trust with your customer. They will feel more secure that they are still in the right place.
- Email A Receipt
The best way to conclude an online purchase is to issue your customer a receipt via email. Not only is it gratifying for the customer, but it also gives you the opportunity to upsell, cross-sell, and offer a coupon for a future purchase on the site.
- Stay Current On The Latest Digital Technology
It’s always beneficial to stay one step ahead of digital technology. With innovations happening at almost lightning speed, staying well-versed and informed about the latest improvements not only benefits your customers but your bottom line as well.
What makes customers come back to your online store has a lot to do with their payment journey. From start to finish your customer must have a simple and streamlined payment process. By implementing the aforementioned strategies, you are positioning your business for sustained and future growth.