When shopping cart abandonment rate can be as high as 65%, making the payment process as quick and easy as possible becomes one the priorities for online merchants. If you already have the 5 following features, you are on the right path to create satisfactory customer experience and increase conversion rate.
1. No requirement to create an account.
If your website offers guest checkout option, chances that customers will continue their payment process.
There are many reasons why people don’t want to create account to buy something online. They are afraid of being spammed with promotional emails, or sometimes it is too troublesome having to create and remember another username and password (particularly when the website explicitly asks you for a complicated password that contain lowercase and uppercase letter, a number, and a hieroglyph. You know the drill). And it gets worse if you have to wait for a confirmation email.
Even if this is a one-time purchase, you don’t refuse customers.
2. No intrusive questions asked.
When buying products online, customers won’t expect to be interrogated with the following types of questions: gender, marital status, date of birth, and even phone numbers, as they find them too private. In some cases, if a website is asking for too much information, it can raise suspicion. For example, going back to point 1, guest checkout only contains relevant questions.
And admit it, asking unnecessary questions lengthens the payment process and discourages people from making a purchase.
3. Offers onestep checkout.
Traditional payment process may contain 6 or 7 steps, including signing in, entering billing and shipping addresses, choosing shipping and payment methods, reviewing order and applying coupon codes if applicable. Each of these steps is presented on one single webpage. It’s inconvenient for customers to fill in, wait for the next page to load, and fear the risk of losing all information should the page fails to respond.
Onestep checkout makes the payment process quick and straightforward. It can take a person as few as 50 seconds, whereas the default payment process takes almost 2 minutes.
4. Has a variety of payment options
The beauty of online checkout is that people can choose how to pay from a variety of options. Unlike brick-and-mortar shopping where only cards, check and cash are allowed, a website can offer more than 30 payment methods: PayPal, COD, bank transfer, reward points credit card, Google Wallet, or even using points accumulated from previous orders.
Oftentimes, people only have the patience to opt for 1 or 2 payment options. If these are rejected, there is a high chance that you will lose the sale. Take notice of all major credit cards and study your target market in order to figure out which options to include.
5. Provides safety and trust.
Everyone is afraid of data breach and credit card fault. Websites that ask for too much unnecessary and private information can also make people give up early on their payment process, as mentioned above. By having trusted payment gateways like PayPal, Stripe or SagePay, you reduce the stress of payment safety as it is now taken care of by third party. However, by also have the credit and debit card options on the site, your site security can be well perceived. Just make sure that all of the options provided comply with the Payment Card Industry Data Security Standard.