No matter what kind of business you have, chances are that you are no stranger to online platforms. More and more businesses are taking their operations online, and with great success. E-commerce is at an all-time high and customers not only like, but essentially expect that anything and everything is available to them with just a few clicks. And why wouldn’t you satisfy their expectations if you have the means? That said, any kind of online transaction needs to meet a number of criteria, otherwise, it’s not only going to turn your customers off, but it’s outright calling for trouble. Optimizing your online platform for the smoothest online payment process possible is going to benefit both you and your customers. Here are 5 tips that will help you improve your current system.
Offer more options
Today, there is an incredibly colorful array of payment methods at customers’ disposal. If your website still only offers the bare minimum—and by this, we mean outdated credit and debit card payments—you may be missing out on a considerable number of customers. Knowing your customers is important for many reasons, and finding the payment methods that they prefer is certainly one of them. Are your customers young, tech-savvy individuals? You can rest assured they will appreciate contactless payments, mobile payments, and other conventional ways of conducting business. Are you operating a business in the hospitality industry? Split check payments will be highly appreciated. Needless to say, if your business has an international audience, the payment methods you offer become even more crucial. Tailor your offer to each region and you won’t be excluding anyone by accident.
Make it streamlined
As we mentioned in the beginning, convenience is the name of the game these days. And it’s not only about what payment methods you offer, it’s also about how the processes themselves play out. Nothing will turn away prospective customers more effectively than being met with a complicated payment process at the very end of the sales funnel. Worse yet, slow and unreliable systems that often return errors stress customers out and you can rest assured this is what they will remember you by. So, make sure that all your optimization efforts go towards making the payment process logical and straightforward. The smoother it is, the easier customers will find it to spend their money.
Keep it safe and secure
When dealing with money, it is only natural that people expect the utmost safety precautions from your side. And it is true that on the internet, one can never be too careful. You need to implement the most secure payment systems out there that emphasize special attention to fraud protection. This means, at the very minimum, that your payment system is amply immune to credit card fraud resulting from stolen cards. Request additional information like CVV codes and make multi-factor authentication the norm. More sophisticated systems will also flag suspicious transactions and verify IP addresses. But besides equipping yourself with the appropriate protection measures, it is also necessary that you are in the know yourself. Learn about the different ways fraud is conducted and keep up with the news. Be wary of refund fraud so you don’t end up with the short end of the stick. Implement minimum transaction limits so the chances of credit card tumbling incidents are lower.
Build on solid foundations
As we have mentioned multiple times, much of how optimal your payment processes are in the eyes of your customers will depend on the very systems you implement. Keeping the finances of your business under control can be quite the feat, especially if you’re a small business with little manpower in your employ. Unless your particular niche has to do with the field itself, payment systems are also a complicated topic that can be scary to navigate yourself. However, you mustn’t let this intimidation prevent you from upgrading your systems and taking your business to the next level. An outdated system may not process some payments correctly anymore, and in that case, looking for a new solution is urgent. Find reliable merchant services that will encompass all your needs and facilitate all the online payments that pertain to your business. Make sure you pick services that are intuitive, customizable, and scalable. You can also contact professionals to help you manage it all for you, including compliance with tax laws and such.
Keep tracking data
Finally, remember that history is there so we can learn from it. What this means in terms of your payment systems is that every piece of data counts. Be sure to track and analyze the data collected by your payment systems and actually make use of this data. Not only is it a valuable asset when it comes to allocating your resources in the future, but it will, before all else, indicate whether something works or not. Watch the numbers closely especially after implementing a new payment method and get an instant answer to your doubts.
Online payments are a central part of almost any business today, and making sure that customers won’t run into any obstacles when using your platform is incredibly important. Optimize your online payment process and boost customer experience this way!