In the era of omnichannel commerce, merchants need to streamline their payment capabilities across every touchpoint. Brick-and-mortar, webpages, apps, and mobile pay — no matter what the touchpoint is, integration is key. Today’s customers will not tolerate delays, and in competitive marketplaces, there are hundreds of retailers waiting to scoop them up.
Not only can you not afford to make payments an afterthought, but it should be your competitive edge. Merchants who prioritize payments and provide excellent customer experience will snag a bigger piece of the pie.
We’ve outlined some tips to provide insight into the importance of a payment processing provider and how it can help accommodate growing customer expectations and payment technologies.
According to IBM security, data breaches cost businesses an average of $3.86 million globally. It’s no surprise that hearing “data breach” is scary to customers — it threatens their sense of security and their identity. The bottom line? No one wants to shop with a retailer perceived to have relaxed (or no) security measures in place. This is especially true for online merchants that have the added risk of card-not-present transactions. Using multi-factor authentication and other prescribed security measures can help show consumers that you’re secure and that they’re protected.
Online shoppers can start to get anxious about a purchase long before they pull their card out of their wallet. According to the Baymard Institute, the average cart abandonment rate is 69.57%, resulting in approximately $18 billion in sales lost yearly. Long checkout processes and forms make online shoppers more likely to abandon their carts.
Shorten the path to purchase with:
In a post-EMV world, many brick-and-mortar retailers are concerned with the transaction time for new chip card readers. The goal is to have faster card-terminal speeds, allowing the cardholder to insert their card for only a short time. This will make the experience like the “swipe” method and decrease the possibility of someone forgetting to remove their card. Merchants should speak to their POS application software vendors as there are several ways to achieve faster transactions.
Mobile order and pay has gained momentum, particularly in the food and beverage industry. Allowing customers to order, pay ahead, and pick up in-store makes the experience faster, easier, and more enjoyable. Having a seamless mobile experience built with the end-user in mind is key when it comes to this capability.
Online gateway optimization is important for payment processing for several reasons:
Payarc plays a crucial role by offering a payment processing solution that meets the needs of businesses of all sizes. With 24/7 customer support, advanced security features, and all-in-one integrations, Payarc provides seamless experiences for both merchants and customers. Whether you're just starting, or looking to upgrade your existing system, Payarc has the tools you need to succeed.
Are you ready to become a master of your payment processing? Talk to one of our experts to get started today!