Is Your Payment Process Problematic?
Your website might be beautifully designed and rank high in search results. But what is the checkout experience like? If customers find your checkout experience frustrating, they’ll abandon their shopping cart and turn to your competition.
Making the payment process simple and painless is critical for e-commerce sites. Read on to learn some ways to boost your sales by improving your payment process.
Expand Your Payment Options
Many e-commerce sites use PayPal to accept payments. There’s a reason for its popularity: it’s easy to set up, and many consumers have PayPal accounts.
However, making PayPal your only payment option isn’t a good idea. Customers want the freedom to pay with their preferred method. In a study released by Milo, over half of respondents said they would be more likely to make a purchase if the site accepted a variety of payment methods.
Transform the Registration Process
Does your site require users to create an account before they can make a purchase? That step might be hurting your sales.
In 2012, Smashing Magazine carried out a study on the usability of e-commerce websites. One of the things the writer discovered was that only 24% of the top-grossing e-commerce sites require shoppers to create an account. Account creation is one of the strongest reasons customers abandon shopping carts – it adds time and effort to the purchase process.
During that same year, the Baymard Institute performed a study about shopping carts. Many of the participants in the study complained that e-commerce websites asked for seemingly unnecessary information. These websites didn’t make it clear why customers had to enter their phone numbers or other such information, and in some cases, it led to shopping cart abandonment.
Instead of forcing customers to register, consider asking them for their email address as a way to create an account. It’s faster and simpler, and your customers will appreciate the simplicity of the checkout process. If you do need a particular piece of information, such as a phone number, explain why you need it (for example, you can say that you’ll only call the customer if there’s a problem with the order).
Make Your Site as Secure as Possible
Although millions of shoppers buy goods and services online every day, there are still people who feel wary of providing payment information over the Internet. They’re afraid of hacks or data breaches.
In a survey conducted by eConsultancy and TolunaQuick, researchers found that 58% of shoppers abandoned their online carts over concerns about payment security. So, what reassures consumers that their payment information won’t fall into the wrong hands? An SSL certificate proves data is encrypted, while complying with PCI standards gives them peace of mind that you’re taking steps to protect their personal details.
Your shopping cart is the last hurdle customers must overcome in order to complete their purchase. When the checkout experience frustrates or perplexes, shoppers tend to give up. And that costs you revenue. Improve the payment process for higher profits.