Payment experience and customer retention go hand-in-hand. Making it difficult or awkward for customers to pay you poses the risk of disrupting cash flow and compromising future revenue.
What’s deterring your customers from making payments? While the answer is not always obvious, there are several unexpected ways your current payment collection process could be taking away from a positive customer experience.
1. You require customers to sign-up and log in
Problem: 31% of online cart abandonment is due to a long and confusing checkout process or having to create a new user account. Collecting too much information at the time of check-out and/or requiring a lengthy log-in process deters customers from making payments.
Solution: Reconsider if it’s worth collecting lengthy demographic information or requiring a log-in for simple or regular billing. Collect just enough data to get the business insights you need without requiring too much time and energy from your customers.
2. Your branding is inconsistent
Problem: Your payment solution makes it unclear who your customers are paying. Having a bill pay option on your website is an effective way to increase cashflow. However, if you redirect customers to a generic unbranded payment solution, they may develop concerns about payment security and not follow through.
Solution: Customize your online payment options with a robust payment gateway software. Whether you’re collecting electronic invoices, featuring products and services in an online store, or simply featuring a ‘buy now’ button on your website, working with a payment solution that is branded to your business builds trust with customers and secures cash flow.
3. You aren’t mobile friendly
Problem: It is no secret that the number of consumers on smartphones and other mobile devices outnumber those on computers. How does your online payment solution respond on mobile? If the user experience is less-than-ideal, you are likely missing out on revenue. Nearly 1/3 of mobile consumers will abandon a non-responsive website.
Solution: Optimizing online payments for mobile is essential as consumers expect reputable businesses to provide a competent mobile experience. Improve your payment options for mobile by working with a payment gateway that optimizes its software to enhance the mobile consumer experience.
4. Your payment solution doesn’t work
Problem: Customers who encounter errors and bugs when trying to make a payment are unlikely to reattempt due to lack of time and security. If your payment solution prevents willing customers from paying you on their first attempt, it’s time to make a change.
Solution: Work with a stable and secure software that makes it fast and simple for customers to make payments. This will secure cashflow and prevent you and your staff from wasting time collecting manual payments.
5. You don’t store payment information
Problem: Businesses with repeat customers or recurring receivables who require customers to re-enter payment information each billing cycle are detracting from customer experience.
Solution: Securely store customers’ payment information for future use. When you work with a PCI compliant software like PaySimple, you can securely store Credit Card or ACH payment information on file. This allows customers to check out faster or set up monthly recurring payments. When payments are a no-brainer for your customers, cashflow is predictable for your business.
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