Have you thought about how much you could increase your online store's sales if you change payment gateways? What methods do you currently use? Do they fit your customers' preferences and your business needs? Think about it, because in this post we will tell you how to increase the sales of your online store by choosing the payment gateway that best suits your activity.
Let’s get started!
Is it possible to increase sales with your payment gateway?
The answer is yes. If you are looking for different payment options that add value to the your users’ shopping experience, you are in the right place. At PayXpert, we believe that offering payment methods that do not match users’ needs is one of the main pain points for those who leave the shopping cart.
Increasing sales is the main goal of any business and you can easily achieve it by choosing the right payment gateway and combining it with a dashboard from which to track your eCommerce transactions. It is the perfect combination for:
- Analysing all transactions.
- Optimising the operations that have been rejected and controlling your customers’ payment.
- Understanding user behaviour with the help of interpretable graphics.
- Accessing unlimited lists of filtered transactions from statistics you want to analyse.
- Comparing current business results with previous ones, identifying errors, and applying improvements based on results.
Controlling your online business with a single click is possible with the most advanced technologies in online payments.
Why can a payment gateway help you increase your sales?
When users or customers decide to make an online purchase, the process that worry them the most and generate the most distrust is that of payment. However, if they find payment methods that are familiar to them and they use regularly, their confidence increases and, therefore, the chances of making a purchase and returning to that online store afterwards.
That’s why eCommerce sites have lots of work ahead:
- Identifying the type of customer and methods that best suit him. For example, the growing tourism coming from countries such as China or Russia is causing many European businesses to incorporate payment platforms with specific solutions (WeChat, AliPay, MIR).
- Establishing omnichannelity. Letting different payment methods coexist and connect them to each other through a strategy based on user experience. The goal is for consumers to choose which channel to use in order to make their purchase and for them not to be directed to an external page.
- Identifying pain points and correcting them. Where does the online sale of your products fail? The lack of a unified login and a common interface, loading time, confusing prices and few alternatives in payment methods are the main reasons why your sales are stagnant.
All e-commerce businesses need to optimise their sales processes with the solution that best suits their needs. And payment gateways are the right tools to increase your sales for several reasons: they help you recover lost leads through the buying funnel and help you sell more and better because they fit users' interests.
Advantages of having an appropriate payment gateway for your eCommerce site
Companies benefit from having a payment solution with several options, perfectly tailored to their needs. Beyond the undisputed increase in sales, they can find the following advantages:
- Reduction of chargebacks or refunds.
- Standard payments tailored to business needs.
- Increased security and lower risk.
- Business control through a powerful dashboard for the industry.
- Better user experience with the online store.
Did you know that one of the main keys to success in the internationalisation of the company is to have the right payment method according to local habits to obtain a large volume of sales?
Summary of increased sales in your eCommerce site
Generally, we tend to think that payment gateways are software designed solely to facilitate transactions in an online store, between bank and commerce. But this is not the case. These tools have many more functionalities and allow e-commerce sites to optimise its sales and strategies. The payment gateway is a strategic element of your business, and you don't want to choose it lightly.
Choosing a payment platform is not an easy process. In fact, it is one of the star questions in the process of setting up any e-business. Checking service costs, information to consider when talking to a provider, typical associated costs, integration and usability, fraud prevention, and the added value to your industry or vertical, among many others, are key points to consider. And unless you're a payment technology guru, you're going to need help setting up your equipment.
When you finish reading this post, we want you to at least understand an essential requirement: the perfect formula to increase sales is the purchase of a payment gateway adapted to your business and a dashboard to analyse behaviour.
The reason is very simple: you'll be giving your customers what they need (payment methods tailored to their preferences and countries of origin, trust and security) and leveraging information on shopping habits and transactions to identify pain points and make improvements. Without a doubt, a payment platform will improve your conversion rate, while you are safe from chargebacks, using the most advanced technological tools for payments, which are specialized in businesses like yours.
Are you ready to discover all the possibilities of payment gateways in your online store? Start selling more!