In this fast-moving, modern era of e-Commerce, the customer payment journey is of critical importance. As customers shop online and ultimately fill their carts, one thing they will not endure is a clunky, awkward, time-consuming payment process.
Based on a variety of e-Commerce studies, it was reported that, on average, the shopping cart abandonment rate is 68.81%. Its most recent study revealed that it had grown to 74.52%.
Why such a high abandonment rate? The reasons given were the following: a checkout process that was complex, required signup, shipping costs, or payment options that were limited. Usability that is considered poor is also a driving force that compels customers to leave the checkout. This also leaves considerable financial gain on the table.
Keeping The Customer Payment Experience Simple
E-Commerce businesses must continue to equip and facilitate the customer payment journey in order for them to take that final step and complete the sale. They must also ensure that the customers’ payment experience is secure.
According to Ardem Sydorenko, Marketing Manager for exactly®, the payment widget is considered the most critical element within the customer journey.
He added that many of the reservations held by customers are mostly driven by the disconnect between the payment environment and the company’s brand.
This is why customization for these payment widgets is so important. Not only does customization to fit the brand inspire trust in the customer, it also provides a seamless checkout experience.
It is also important for it to match the e-Commerce website. Not having a congruent look and theme could potentially raise suspicions of a fraudulent website.
Customers should never need to ask themselves whether or not they are paying the correct seller.
Another worthy component to consider is to include all the necessary purchase information about the order on that very payment widget. Additionally, the design must match the company website. Again, this eases any customer doubt about what transaction they are taking part in, thereby encouraging trust in the purchase.
Security Is Of Utmost Importance
Once the merchant has been able to customize its payment widget, the next focus should be to ensure the security of all customer information and payments. It is of great benefit for customers to have the option of having their transactions being 3-D secured. In addition, further security requires that the payment system also be PCI DSS certified. This ensures that the payment gateway is covered by the Payment Card Industry Data Security Standard institution.
With escalating fraud as an ever-constant menace to merchants, Machine Learning-Enabled Empowerment, as well as manual transaction and chargeback verifications work to slash friendly and criminal fraud.
The Customer Journey Facilitates The Destination
As larger, more sophisticated e-Commerce companies evolve and up their payment innovation, smaller e-Commerce merchants find they have a lot of work to do. In order to withstand the intense competition and remain profitable, having a poor customer payment journey is simply unacceptable.
This is precisely why payment widgets that allow for customization will ultimately benefit both clients and their end-customers. Customers want a seamless payment journey experience. They also want their payments to be completely secure. When customers trust where their money is going, merchants can potentially win these customers for life.