How to choose your payment solution?
But if you’ll offer only the solution which suits your business requirements then your online platform may not succeed as much as you would like.
A high-tech payment system enables your website to get better conversion rates, hence helps in generating more revenue.
Here are the 5 Key Points you need to look for before choosing a payment solution.
It should provide a convenient checkout process
If the checkout procedure takes time and customer spends quite a few minutes to fill out all the required information then it is a great possibility that customer might change his mind. Shopping card abandonment rate on average is 67.9% for most of the online platforms, but if you optimize the shopping cart then this can decrease dramatically.
Payment Solution should have a strong security
If the payment solution provider does not have a reputation of being secure over time then conversion rates will drop drastically. You need to see if transactions and sensitive information is protected from fraud like hps worlwide continuously monitors fraud.
Fraud monitoring includes checking if a single user is trying to place multiple order, or sending fake email id, or checking if a customer is blacklisted already and many more.
Can you customize your checkout page?
Optimizing and customizing your shopping cart according to your business needs is a great deal in choosing payment solution. Innovative payment methods are to be offered to customers in order to get more sales.
Also, if your revenue depends on subscribers then customers don’t like to be charged on the first day of subscription. Recurring payments module needs to be offered so you can charge subscribers periodically.
Integration with the E-Commerce website
The payment solution which is considered best is when it comes to integration. Developers love to integrate those only which offers API and customer doesn’t have to leave the online store for making an online payment.
If a payment solution doesn’t provide API then the custom code needs to be done for Integration. This may be a hassle if you need to update the payment gateway in the future.
Mobile Payment Compatibility
Mobile Phones are seen as new era of Digital Wallets because most purchases are now made through Mobile Phone. Your Payment Solution should have easy to use interface for mobile and should enhance User Experience.
Enabling Innovative payments on mobile should not be a security threat to mobile payments and it must be highly secure with customer’s sensitive credentials.