Five payment strategies to improve online conversion rates • eCommerce Forum | Forum Events Ltd
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  • Five payment strategies to improve online conversion rates

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    Rob Crutchington of Encoded identifies how merchants can streamline transactions, improve customer satisfaction and increase online sales.

    The checkout experience is a key measure for merchants looking to improve their customer conversion rates. While a well-designed website and the right product mix are crucial, streamlining the checkout with successful transactions significantly increases sales.

    Here are five ways that merchants can increase online sales:

    1. Offer customers a choice of payment methods

    The new ways to pay ie, Google Pay, WeChat Pay and Apple Pay, all provide convenience, security and speed. With an independent payment gateway service provider a merchant can capitalise on these options by using a gateway that connects seamlessly to multiple acquirers. This enables the merchant to offer Alternative Payment Methods (ATMs) to improve customer experience.

    1. Streamline transactions

    A payment orchestration layer takes this one step further.  As a standalone platform (working independently of a gateway provider), it provides a resilient payment ecosystem that allows merchants to connect and manage multiple payment methods through a single integration. It optimises transaction success for a smoother, more reliable customer experience.

    1. Make sure customer payment details are accurate

    Ensuring that transactions are processed efficiently, and ideally first time, reaps dividends on the bottom line.  Choosing a payment gateway provider that offers detailed declined codes means that more specific information is available for unsuccessful payments. This can be followed up and actioned to increase transaction success.

    1. Expand across borders

    Enabling customers from different countries to purchase online can increase revenue opportunities. An independent payment orchestration platform makes it easy to connect with third-party payment service providers via different platforms or merchant accounts. It helps a business to grow globally without significant infrastructure changes. 

    1. Manage your online brand

    To offer the best consumer experience, e-commerce pages should reflect a company’s look and feel. Choosing a payment solution that gives your website developers control of your e-commerce pages ensures consistent branding. It provides customers with a seamless experience and confidence they are buying from a trusted business.

    For merchants wanting to increase successful transactions, addressing these five key areas will ensure frictionless payment processes, increased conversion rates and a satisfied customer.

    Rob Crutchington is Managing Director at Encoded

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