The rise in e-commerce and online payments in the past year is accredited to the coronavirus pandemic in 2020. However, no one can deny the convenience of online payments in the 21st century. It’s reported that by 2022, cash transactions will only account for 17% of US purchases, while debit cards, credit cards and e-wallets will account for over 20% of purchases. Here are three ways businesses can improve their payment methods.
Streamline the Payment Process
A prolonged payment process is a major deterrent for many online shoppers; they want to have the least number of steps when checking out. Account sign-in requests and page redirection can increase website abandonment rates and decrease conversions. Furthermore, when the payment process is seamless, transactions take mere seconds, allowing businesses to take advantage of impulse purchases. It’s reported that more than 50% of generation Z make impulse purchases on their phones. Companies such as Amazon and Apple have the least amount of friction with 1-click purchases on their sites, allowing them to convert more.
Provide an Array of Payment Features
A study showed that over 80% of respondents had a credit card, indicating that most people have the option of engaging in cashless payment more frequently. Another study reported that over 50% of people want to see more payment options at the checkout. Digital wallets have the highest adoption rate worldwide compared to cards as they offer faster service. In fact, featuring a digital payment option can increase conversions by 300%. Professional developers that provide custom software application development services can include innovative payment features for your e-commerce platform.
Improve Payment Security
In most cases, baby boomers lack trust in security when paying online. Fortunately, the new generation is jumping on the e-commerce bandwagon without hesitation, resulting in high online payment adoption. Over 30% of generation Z are even open to sharing their online payments to the public via social media, while only 3% of baby boomers are in favor of doing so. A study showed that 17% of people abandoned checkout pages due to their lack of trust when sharing their credit card information with vendors. Payment fields that have distinct visual cues of security can give a sense of assurance to potential customers. Professional web developers can reinforce the payment field with SSL seals like Norton or trust seals like Google Trusted Store to assure online shoppers.
Galalee Software Solutions is an experienced provider of information technology solutions for businesses. We offer a range of services such as custom desktop application management, cloud hosting solutions, network consulting services and more. The team at Galalee Software Solutions has developed sophisticated payment terminals for brick-and-mortar stores and online businesses. Check out our payment processing solution that accepts credit cards and NFC contactless payments and provides an array of features for customers.