Tips to improve your e-commerce payment cycle

One of the most overlooked components of building an eCommerce platform is the payment process. As crucial as it is, it is more often than not left as it is. But it is important to understand that checkout is the final process for the customers and has the potential to boost your sales in the future. Furthermore, a streamlined payment process will unclog your AR giving your business more time to focus on core tasks to steer ahead.   

Let us look at some of the effective strategies to improve the eCommerce payment cycle: 

• Multiple Payment Options 

Never limit the customers to one or two payment methods. This is only going to drive them away to your competitors. Provide them with various payment options to keep them hooked to your website. Furthermore, make sure that the payment process is short and to the point. This can be done by enabling guest logging which will not require them t register and just checkout with ease.  

• Give an option to pay without creating an account 

Forcing users to create an account before they can checkout will make them abandon the shopping and look for the product or service you are offering, somewhere else. As mentioned before, allow them to sign in as a guest user.  

• Provide a clear design 

We don’t have to emphasize how being user-friendly is the way to be. After all, a customer-friendly design of an eCommerce website has the power to boost the site’s conversion rate by a whopping 18.5%. Be minimalistic and as consistent as you can be with the design of your website’s checkout page. When consumers find it easy to complete the payment process, they come back for more.  

• Never redirect to other websites 

Your customers did not come all the way to the checkout page to be redirected to another website. Not only is this frustrating, but you are also losing out on customers. Design your own simple and easy checkout page and dedicate a team to handle it. You need to remember that the checkout page is the last thing your customers are seeing of you, it better reminds them of you and not a third-party payment service.   

• The reassurance of data privacy and security 

Now more than ever, consumers are worried about their data being stolen, it is important that you reassure them that you have a strict data privacy policy in place. EConsultancy reported that a staggering 58% left the shopping at payment process because of security concerns. Put out in the payment page that what makes the portal safe and secure and how you do not save data without any permission. Make it a point to display the credentials and certificates that show how serious you are about security compliance.  

• No distractions 

Distractions like a free trial, offers, free registration at the payment page are not going to help in your marketing campaign. They will only irritate the consumers and force them to quit shopping at the last stage. Keep the checkout page as clear and concise, and if you want them to stick around, once they complete the ecommerce payment, encourage them to continue shopping.  

By implementing the latest payment methods and allowing the customers to take care of their payment process, you are strengthening your brand by enriching the customer experience. Include and execute these strategies in your payment cycle to see desirable results at a quicker pace.