Are Your Payment Pages Optimised For Conversion?
Online merchants spend a large amount of time and money generating traffic. PPC campaigns drive prospects to landing pages, social media posts (paid for and organic) point customers at products and services, and content marketing aims to inspire or provide answers aligned with the business offering.
Resources are invested in the marketing to sales funnel. Entertaining and insightful content is produced in a bid to convert prospects into leads. Email campaigns nurture leads; all driving potential customers to your product pages with the aim of making a sale.
Once that product or service offering is in the customer’s basket the sale should be straightforward. They’ve already compared different products, prices and other options; they’ve made their decision to buy. So why then do almost half of cart abandonments happen at the payment stage? Isn’t it time to invest some resources into reducing this churn rate and turn prospects into paying customers?
Here we explore ways to optimise your payment page for conversion.
Optimising the payment checkout
The first step is to ensure that the checkout process is aligned with your customers’ needs. Many will be using a mobile device, which because of its small screen, touch interface and the situation a customer may be using it in, has a lower conversion rate than desktop and laptop devices.
Technology can track users to see what device they are using and deliver the right customer experience for that device. Crucially that means checkout pages that are mobile friendly, with clear easy to use buttons, and as few steps as possible.
Fear of fraud is a significant friction point in the payment journey. Customers who are worried about their security will drop out and abandon their cart. Therefore online merchants need to provide trust, ensuring that nothing in the checkout process causes any concern. Make sure that when your checkout process redirects to a payment gateway that your brand and company name is reflected on the page as well as indicating strong security practices.
The online marketplace is very data-centric. Businesses are hungry for data so we can deliver more and more targeted information and messages to customers, and learn more about what motivates them to make purchases. However, the more data you ask for before the transaction is complete, the more opportunities a customer has to drop out.
Remove unnecessary data fields, use prefilled forms to speed up data entry, and use one-click technology for returning customers. Tokenisation is the technology that drives one-click; this provides customers with fast and secure transactions once an initial purchase has been made and a token created. It can also reduce your PCI compliance requirements. You can download a copy of our whitepaper on tokenisation for more information here.
Optimising the cross border payment process
Although the UK e-commerce market is dominated by card payments, credit and debit cards, that is not always the case in other countries. Local alternative payment methods such as bank transfers, prepaid cards, e-wallets etc., are popular in different markets and often represent a greater share of the market.
Therefore, alongside translating your checkout pages for different markets, you should also explore popular payment methods. Consumers drop out when they can’t find their preferred payment methods, in fact by offering the top 3 local payment methods it is possible to increase conversion by as much as 30%.
Dynamic currency conversion is another tool you should consider. This converts the value of the transaction into the consumer local currency and fixes the exchange rate at the point of sale. Being able to see exactly how much a purchase will cost in their local currency not only removes friction from the payment process, but reduces chargebacks.
It is also important to ensure that your 3rd party payment gateway provider offers translated payment pages in the relevant language. Secure Trading has translated our payment pages into 7 different languages including French, Spanish, German, Dutch, Swedish, Danish and Norwegian.
Conversion And Fraud Detection
Although consumers want to know that their payments are safe and secure, verification and authentication tools can have a negative affect on conversion. Real time fraud detection solutions can help you to identify loyal genuine customers and block or flag up suspicious activity.
Different authentication solutions can be used depending on the risk of a transaction, streamlining the process for low risk transaction and introducing tighter controls for transactions deemed as high risk. Fraud detection tools can make decisions about transaction risk in milliseconds, unbeknownst to the customer, and then the most appropriate authentication method presented depending on that risk.
Optimising Payment Acceptance Rates
Another area to explore is whether a payment is likely to be refused or accepted based on the type of transaction, market and other factors. Some transaction requests are more likely to result in acceptance with certain acquiring partners. For example, online gaming transactions are deemed as high risk by many acquirers, and therefore see high refusal rates. However there are some acquirers that specialise in this sector; so instead of using a default acquirer every time, send requests to the partner that most likely to accept the transaction.
When transactions are refused there are still other options. A request can be sent to another acquirer within seconds of a refusal – so fast that the customer is unaware of any hold up and nothing visible draws their attention to this second request. Alternatively, the customer can notified that the transaction was unsuccessful and presented with alternative payment methods to try instead.
Investing time and resources in your payment pages to reduce cart abandonment is time well spent. Customers have already proved that they want to buy from you by putting a product in the cart. Why leave money on the table when you can increase conversion with just a few clicks?
Get in touch with our payments experts if you would like to discuss your payment journey and how to increase your conversation rates. Call 0203 691 2697 or contact us here.