Payments are an important point of contact for consumers and a key element of the customer experience. Consumers expect to be able to pay in different ways and they also expect the process is easy and quick. Thankfully, online payments have made this possible.

Read on to discover four ways online payments can impact your customers’ experience. We'll also discuss the advantages of accepting card payments and other forms of online payment, as well as selecting the right payment provider. Hopefully, you will notice a significant improvement in your customer experience and business.

Payments as a vital part of customer experience

Payments are an important part of the overall customer experience, whether the customer is shopping online or in-store. Retailers can reduce the number of abandoned online shopping carts and increase in-store basket sizes by improving payment processes. Furthermore, they can increase their retention rate and generate more overall revenue.

Remember that payments are the final step in your customer's journey, and the process should be as simple as possible. The payment provider you chose for your business can either support or impede this goal. This touchpoint is critical for acquiring new customers, building customer relationships, and retaining existing customers.

So, how should your business handle payments? You must consider payments as an extension of your brand if you want to improve your customer experience. Here are three key payment process elements to focus on in order to achieve this.

Customers should have different payment methods

Offering multiple payment options can help you attract new customers while also retaining existing ones, as different demographics and generations have their preferred payment methods. Many online shoppers expect a variety of payment options.

In fact, when making an online purchase, 48% of customers expect more than one option. Another 61% expect online businesses to accept card payments.  With so many payment options available, any business that does not offer its customers a variety of payment options risks making a significant loss.

Providing multiple payment options to your customers will help you increase conversion rates and brand reputation.

Customers should be able to pay quickly

One of the reasons consumers prefer to make online payments is the convenience it provides. Customers can avoid long lines at banks, grocery stores, and supply stores by paying online. They can also make these payments while on the go by using their personal computer or smartphone. Furthermore, these payments are processed in real-time, making the customer's experience more pleasant.

Convenience will continue to be a driving motivation for online payments as consumers' stress levels rise as a result of the current global economic situation. Businesses that want to capitalise on this trend must therefore choose a dependable payment provider that allows their customers to make payments quickly and securely.

Make your payment gateway a part of your brand

Choosing the right payment gateway that aligns with your brand values is very important as this helps you to provide tailored experience for your customers, and control the checkout process.  

below are some things you should consider when choosing your payment gateway

• Security protocol compliance so that your business and customers are protected from fraud.
  
  
• Payment methods offered by the provider as you do not want to lose out on customers because you do not accept their preferred payment options. 
  
  
• Flexibility of the payment gateway to collect information from customers such as name, shipping address, email and others. 
  
  
• Customization of checkout to maintain your brands look and feel 

Four Ways Online Payments Impact Your Customers’ Experience

1. Convenience: Customers appreciate the ability to buy what they want, when they want it, and from anywhere in the world, particularly for impulse purchases such as groceries or airline tickets. Customers are more likely to continue making purchases from you if they find the process convenient. 

2. Security: To ensure that online payments made through their gateway are encrypted and sensitive information such as debit card numbers are not exposed, payment providers must meet strong global security standards. This helps to provide some protection for your business and your customers. 

3. Better customer service: Making it simple and secure for customers to pay allows you to provide better service. You won't have to chase down payments or wonder if someone will pay on time — both of which can be stressful for both parties involved in a transaction.

4. Speed: Choosing a fast payment processor ensures that your customers can check out quickly and get on with their day without having to wait for their card company or bank account to approve the transaction.

Conclusion

Online payments are a big part of today’s business world and can be used for more than just purchasing products and services online. They are also used for things like travel apps, e-commerce platforms and even in-store purchases. This article spells out four ways online payments impact your customers’ experience and how your payment provider can get you the best possible impact.

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