6 Tips to Increase Your Payment Conversion

Increasing your payment conversion for what?

Getting traffic to your website to convert to online payments requires more than wishful thinking. Perhaps it is looking for allies, researching other merchants, or analysing the channels where your consumers are.

In any case, and after seeing and testing different techniques, we will give you a series of recommendations to convert your website traffic into online payments. Isn't that what you wanted?

Let’s get started!

Friction points in the eCommerce sales funnel

Think about the online and offline shopfronts you know. Websites, social networks, physical stores, billboards, TV ads... They are all geared towards selling, but they become a brake that can lead to cart abandonment.

Why? What are the main friction points in online stores?

As far as we know, a website that takes too long to load at checkout; complex payments that require multiple interactions and data, which increases the risk of fraud; lack of a unified login and a common interface to avoid being redirected to an external page; confusing prices and unexpected costs that break customer expectations; few alternatives in eCommerce payment methods; high shipping costs and ads during the online payment process; etc.

Many shoppers encounter these setbacks when they decide to buy a product in eCommerce. Correcting them is the first step in reducing shopping cart abandonment and converting traffic into online payments.

It's about being in the right place, at the right time, and providing what the customer needs. Now that you know the importance of correcting these friction points to recover shopping carts let's find out how to increase conversions.

6 tips for converting traffic into payments in eCommerce

Identifying your audience's pain points will help you differentiate yourself from the competition, recognise a need or problem, and solve it.

Tips to you should keep in mind:

• Know your audience’s needs

Imagine you have a sneaker store. An athlete has obvious pain points: he wants comfortable shoes with a good fit to avoid injury, are lightweight, and offer good cushioning. By knowing their concerns, you can present your products as a solution to that particular situation.

• Keep consumers in the same channel where the experience started.

We are trying to tell you that if a customer started their process through social media, you have to think about the most convenient and tailored payment method for them. For example, sending a Pay by Link would be very convenient because it would allow them to complete the payment without leaving the channel through which you have communicated.

• Offer an omnichannel payment experience.

And we're not just talking about keeping all channels consistent but using a single payment gateway from which to centralise all alternatives. Omnichannel payment methods are key to the user experience with your online store, as they increase flexibility, reduce barriers to sales, increase the value of the average basket and the conversion rate. In short, it focuses on the channel, the payment option, and the means.

• Offer the most popular payment methods by country and region.

If a Chinese tourist visits a Spanish online store that offers their local payment methods – such as WeChat Pay or Alipay– it is sure to convert. They will feel confident and familiar with the platform because by offering local payment methods, you are saying, "I care about you." In this sense, e-wallets have become very important because of their ease of use.

• Make it easy to pay

You have invested a lot of time and effort in getting users this far. So, take care of them in this last step and don't lose them. To do this, we recommend accepting payments anywhere and in any way your customers want, as well as using a cascading method. If a transaction is referred, failed, or on hold, it can be redirected to another payment option to increase the conversion rate significantly.

• Accept payments across all sales channels.

Let your consumers use their usual and favourite payment method through a personalised payment experience. Do it online, in-app, or in-store, no matter where they are in the world.

Make the checkout experience easy, fast, and secure! Your customers have already made the effort to decide and buy something. Now, it's your turn.

The role of contextual commerce in conversion

As in marketing, contextual commerce is about being wherever consumers are and want to interact. A paradigm shift is driven by the need to buy wherever and whenever they want. And a trend that eCommerce has no choice but to adapt.

Contextual commerce is a frictionless shopping experience tailored and designed for the customer. In fact, the customer is at the centre of the sales strategy. Technology has brought us a significant opportunity in this form of commerce since those markets that manage to integrate better their sales channels will be the ones that manage to convert consumers into loyal buyers. And not only that but also attract new customers and offer a unique shopping experience.

The good news is that most of the tools needed to enable contextual commerce and improve conversions are now available, from payment methods and gateways to conversational commerce.

The presence of payment gateways and dashboards in eCommerce has reduced chargebacks that affect online business performance while increasing conversion. Some of the most common chargebacks are double charges, merchandise not received, cancellation or returns.

Did you know that retailers who can meet customer needs during the pandemic will be better positioned to capitalise on profits?

Tell us your questions at PayXpert.