Improving online conversion on the payments page can save billions

by Aug 1, 2021

Improving payment page conversion can save billions

 

Gropay - Improving Online Conversion

 

Online conversion rates range between 1% and 4% according to Industry Insights from Salesforce

With around $400 billion being spent on digital advertising globally it’s clear that even small improvements to online conversion can mean big savings.

In this post we look at the conversion improvements possible on the payment / check out page.

Provide a clear basket summary with easy access to all information when asking the consumer to enter payment details

 

You don’t want your shopper to have to leave the payment details page to confirm that everything is correctly in their shopping basket or to take another look at your shipping or return policy.

Make it easier for your shopper to find this information without having to leave the payment details page.

 

Reassure your shopper that their payment details are safe

 

Provide clear security statements about the way you handle payment data and if you use 3D secure then inform the shopper simply and clearly what will be expected of them in the 3D secure flow.

 

Consistent design is key

 

Make sure that the payment pages stay consistent with the design of the entire site. If you’re using hosted payment pages of your payment partner then make sure that their API allows you to fully customise the hosted payments page to your design requirements.

 

Make it easy for your shopper to enter their payment details

 

Only ask for those data fields that are absolutely essential for you to process the payment securely. If it’s a regular or returning shopper then pull up their details if you had their permission to store them for future use and ease.

 

Provide an explanation next to each field should the shopper have questions on what to enter or how to enter the data in a field.

 

If the shopper makes a mistake then let them know before they hit the submit button explaining clearly how they can fix the mistake.

 

Optimise for mobile

 

According to Salesforce 70% of all transactions are on mobile devices. Its essential therefore to optimise your payments page for a mobile screen and keyboard

 

Ensure you offer your customer’s preferred payment method

 

This is critical. After spending to acquire the customer, having them fill their basket and be ready to check out and pay, you don’t want to lose them just because you have not offered the payment methods that are popular in their country or region.

 

Offer solutions for failed payments

 

If the payment fails once the shopper has submitted their payment details then use the error codes received from your payment partner to inform the shopper and suggest a way for them to easily submit the payment again.

 

Ensuring good conversion at the payments / checkout page is critical for your business and makes good business sense. 

 

Want a free consultation on improving the checkout and payment experience of your site? Contact us or a no obligation chat.

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About

Gropay provides management consulting and interim management services globally in the areas of online payments, mobile payments and point of sale POS payments. Our clients span the entire payments value chain from schemes to merchants and also include private equity investors, technology and mobile companies. The Gropay team consists of proven industry leaders with extensive experience both on the demand (merchant) and supply (Payment Service Provider, acquirer, scheme) sides with a focus on sales and business development, operations, risk, compliance, valuation and due diligence.

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