Prepare your business to sell more, control returns and fight fraud
This year, e-commerce is expected to be more prominent than ever in shopping during festivities around the world. So much so that online sales are predicted to increase by 30% this holiday season, making it the biggest online sales season in history, according to Salesforce.
A massive increase in sales means more conversion, yes, but also an increase in declined transactions, abandoned carts, and fraud. Moreover, when you sell to more customers, you have to offer a payment gateway with a wide range of payment methods. That's right: with great power comes great responsibility. But don't despair! We're here to help you integrate the best payment technology so you can get the most out of every festivity: satisfied customers, control over your finances, and an increase in your conversion in a solid and secure way. Ready? Let's get started.
First step: integration of a simple and efficient payment gateway
When we talk about how an ecommerce can sell more during holidays, what do you think of? Surely the first thing that comes into mind (or one of the first things) is the payment gateway: the last and most visible step of the purchasing process. We're going to ask you to do an exercise of reflection: try to remember what you ask for when it comes to the payment gateway of an online store when you are the customer. Simple: first and foremost, security. When your customers entrust you with their personal data, you not only have to offer an easy-to-use and intuitive website; you have to offer the latest technology in financial security.
- Tokenization: At PayXpert we use tokenization technology to protect our customers' transactions, the most powerful to date. What is it? Much more effective than classic encryption, it replaces your customer’s card details with a random code or token, which is impossible to decrypt because it doesn't carry the information with it. In this way, you facilitate your customers’ subscription and recurring purchases, as the token stores their data for future purchases.
Thanks to tokenization we guarantee your customers the most secure management of their data. But what else would you ask from a payment gateway if you were the customer? Imagine you want to buy from a store in another country, you would want them to offer your usual payment method, wouldn't you? Because, while often overlooked, offering international payment methods is an easy way to sell more and increase your clientele.
- More than 20 alternative payment methods. Yes, you read that right. As one of Europe’s leading payment technology companies, we know the importance of adapting to the needs of customers with different requirements. That's why our payment gateways offer more than 20 payment methods, including AliPay, WeChat Pay, MIR system, Trustly, UnionPay, iDeal, Przelewy24... Or the best-known MasterCard, Visa or American Express. A wide range of payment methods is a guarantee of increased lead conversion (in other words, turning visitors to your ecommerce into customers) and a reduction in abandoned carts due to lack of compatibility.
Now that we know what customers are looking for in a payment gateway... What is the best payment gateway for merchants? Three of the most common concerns our customers have when looking for a new payment gateway are: reducing declined transactions, abandoned carts and controlling fraud and chargeback. This becomes especially relevant at times of high sales volume such as Christmas.
- Decreasing abandoned carts and rejected payments thanks to multi-acquiring: that is, provide your customers with a network of acquirers to process payments with a higher success rate. Especially in times of high transaction volume, payment processors become more frequently saturated, rejecting payments and losing thousands of euros in sales that were already practically done. Thanks to a global multi-acquirer network, when one of the payment processors fails, the transaction is routed to another, reducing declined transactions and therefore abandoned carts. Simple and effective.
- Chargeback control. Did you know that ecommerce receives up to three times more chargeback requests than a physical store? A chargeback occurs when a buyer asks the seller to return a previously authorised purchase or transaction. Many of these chargebacks are due to unexpected costs, insufficient product description, fraudulent transactions made on behalf of the cardholder... Managing these types of chargebacks can be somewhat costly for the seller. Tools like our Dashboard allow you to identify and monitor your chargeback level; a smart way to keep it at bay.
- Risk control. Differentiating genuine buyers from fraudulent buyers is vital for businesses that want to optimise their conversion. In other words, increase sales while keeping fraud at bay. How? We analyse the data provided by the user and their behaviour on the website; in this way, we analyse the risk level of the transaction. If it exceeds the predefined limit, the transaction is rejected. Our risk management control engine guarantees you results either through our team of experts or through automation.
PayXpert, one of the leading companies in the Fintech sector
When we talk about integrating the most powerful Fintech tools to sell more during holidays, we're not just talking about selling more during Christmas. Our tools are an investment in both the short and long-term to develop a solid financial management strategy for your business. But we do not say so ourselves, so we are recognised with awards such as the one presented last month by Tecnología Siglo XXI, recognising us as the best Fintech in Spain for 2021. And you, do you want to know how we can help you sell better? Contact us for specialised advice without obligation. We want to be your financial partner.