You’re a thriving e-commerce business. But when it’s time to complete the transaction, the final mile is being handled by a third party. By handing it over to the payments provider, you risk seeing transactions abandoned due to poor design, lack of innovation, and outdated technology.
The most important part of the transaction is, unfortunately, often the one most neglected. Most firms are not in the business of payments. They lack the necessary licenses. They lack insights into the process. And so they depend on their payments provider and accept the checkout interface they offer.
According to an analysis from independent web research firm Baymard Institute, 67.75% of all online shopping carts are abandoned. About 17% of respondents admit to abandoning a cart in the past due to a long or complicated checkout process.
The user experience offered by payment providers is usually outdated, obstacle-strewn, and demanding, all of which means lost sales, lost reputation, and lost loyalty.
As an ecommerce business, you can take back control over customers’ experience in some ways. First, demand more from your payment provider. Don’t accept the traditional, old-fashioned card-focused payment page. Arguments about cyber security or data protection are no longer valid. Plenty of solutions are safe, secure, and fully GDPR compliant.
Second, aim higher and think bigger. Technology for bespoke customer experiences is now available; solutions that are faster, more responsive, and reflect your brand. These include alternative payment and buy now, pay later methods. You can also consider open banking allows your customers to authorize payments directly from their bank account within an e-commerce site’s user interface.