Online payment processing done well is now a staple of good business. Customer satisfaction is paramount to business success, after all.
Seamless payment processing is now especially important for online stores where customers don’t interact directly with a sales agent or teller.
Indeed, a positive customer experience marked by smooth online payment processing including ease of use, convenience, and speed on your website can give your store a competitive edge.
Of all touchpoints in the customer journey, the checkout experience is the most critical. It’s the moment a customer decides whether to complete a purchase. Notably, it’s also the point at which many customers abandon their carts, costing you sales revenue.
To avoid this, it’s important to ensure a smooth payment experience by using a reputable payment processor.
A seamless checkout process will help your eCommerce store win big by improving customer satisfaction. This will, in turn, boost customer retention by encouraging repeat purchases and referral marketing from satisfied customers.
Let’s explore the benefits of a seamless online payment experience and learn about:
- The elements of a great checkout process
- How to optimize your store’s payment experience
- How Total-Apps can give your business a competitive edge
1 – Smooth the Way to Success by Boosting Sales Revenue
Alt: person holding bank card next to laptop
A smooth payment process will significantly reduce cart abandonment rates on your online store, boosting your sales revenue.
Notably, one of the top reasons customers prefer to shop online is because of convenience.
It’s not just the convenience of shopping from anywhere at any time using their mobile phones, but also the convenience of payment. Your customers want a hassle-free way to complete purchases wherever they are, whether that’s on a train or in a coffee shop.
As a result, offering various payment options, such as credit cards or digital wallets, encourages the customer to take that final step and complete their purchase for a seamless online payment process.
Customers may abandon their carts if they can’t find their preferred payment method at online stores. Research has shown that 1 in 10 customers abandon their carts for this reason.
Consequently, with credit and debit cards being the second and third most popular payment methods in the United States, accepting both of these options in your online store will help you bag more sales.
The following table compares the popularity of different online payment options.
|Digital wallets||Provides an extra layer of security, such as the use of fingerprint or facial recognition||49%|
|Credit cards||Allows customers to make purchases on credit||21%|
|Debit cards||Customers can limit their spending to funds available in their checking account||13%|
|Bank transfers||Can handle large transactions at once||7%|
While ensuring payment convenience, it’s also important to consider the ease of use and speed of your payment platform.
2 – Reduce Cart Abandonment
Research shows that 17% of customers abandon their carts if the payment process takes too long (more than five seconds) or is too complicated.
To reduce cart abandonment rates and increase your sales revenue, ensure your checkout platform is fast, easy to use, and accepts card-based payments.
Total-Apps, Inc. can help streamline the payment process of your online store. We’ll provide a payment gateway, enabling fast processing of card payments with major card networks, such as:
- American Express
It’s also very easy to integrate the Total-Apps, Inc. payment gateway via an API (Application Programming Interface) based platform or plugins for an online shopping cart such as WooCommerce.
“I have processed over $80 million in electronic payments with Total-Apps. I’ve stayed with them all these years because they are simply the best in the business.”
3 – Foster Loyalty and Improve Customer Retention
A smooth online payment experience can increase customer satisfaction and encourage repeat purchases.
When customers have a positive experience with your online store, they’re more likely to return and make another purchase.
They may also recommend your store to family and friends, further increasing your sales.
Two key elements of a seamless payment experience include security and ease of use for returning customers.
Security of Online Transactions
Alt: Online payment processing for customers requires security.
Customers want to know that the payment information they provide on your site is protected from unauthorized users or theft. In fact, 18% of customers will abandon a purchase if they don’t trust the site with their credit card information.
Some features your customers expect for secure transactions include:
- Transport Layer Security (TLS) certification: Ensures secure internet communication between the customer’s browser and your website server.
Customers can check TLS certification by confirming your website is https-based or has a lock icon.
- Encryption: Converts sensitive information into scrambled, unreadable characters that can only be decrypted using an encryption key.
TLS security protocols include encryption, so your TLS-certified website assures your customers that you take security seriously.
- Payment Card Industry (PCI) compliance: Industry regulations that require merchants to follow certain security standards to protect customer payment data.
Let your customers know you’re PCI-compliant in the About Us section of your website.
Implementing these three security features will prevent man-in-the-middle attacks where fraudsters intercept payment information provided on your website. They’ll also prevent unauthorized users from accessing payment information shared on your online store.
Customers who enjoy a seamless payment process are more likely to be loyal to your store because they feel at ease knowing their personal information is safe.
Alt: importance of seamless payment in online store featured image
Online Payment Processing Made Easy for Returning Customers
Saving payment information allows returning customers to complete purchases more smoothly. Re-entering payment information with every purchase can be a turnoff for a returning customer.
To retain more customers, it’s important to save their payment data when they make their first purchase.
Recurring billing can also help retain your customers and build long-lasting loyalty. This feature allows for the automatic deduction of payments from your customer’s preferred payment method set on a regular billing schedule.
This is especially useful for subscription plans, as customers only need to sign up during their initial purchase. Subsequent payments are deducted automatically from their credit or debit cards.
How Total-Apps, Inc. Can Streamline the Payment Experience of Your Online Store
At Total-Apps, Inc. we use the industry-leading TLS 1.2 and encryption to ensure the security of your customers’ payment information.
We’re also PCI-compliant and can help you securely save your customers’ payment information when they complete their first purchase.
Our recurring payments feature eliminates the need for customers to make recurring payments manually, increasing customer retention and loyalty.
4 – Seamless Online Payment Processing Can Reduce Operational Costs
Alt: Online payment processing reduces operational costs and improves profit.
A streamlined online payment process can help reduce administrative costs associated with tasks such as:
- Monthly billing
- Preparing monthly statements
With traditional payment methods, such as cheques or money orders, accountants must manually update accounts and ensure payments are received in your business bank account.
You’ll also need to manually prepare invoices and send them to your customers, not to mention follow up on billing customers for recurring payments.
These processes are time-consuming, prone to error, and require additional staff, all of which increase operational costs.
Payment processors automate many of these tasks, creating a more seamless payment experience for both customers and merchants.
Online transactions are processed much faster than cheques or money orders and are sent straight to your merchant account. You don’t need additional manpower to confirm whether the payments were received since the process is error-free.
You’ll also receive timely monthly statements that give you valuable insights into your store’s financial status.
With a recurring payments feature, you can predict your cash flow and make important financial decisions with confidence. A clear picture of your finances will help you plan accordingly.
Our Total-Apps, Inc. processor can also be integrated with Sliced to provide a seamless invoicing experience. Just add the Sliced add-on to your website and send beautifully designed, branded invoices to your clients, all payable through your Total-Apps, Inc. account.
But wait, there’s more. Total-Apps, Inc. also allows split payments, an advanced technology that allows you to pay suppliers or independent software vendors (ISVs) from your daily deposits.
You will, however, need Total-Apps, Inc.’s approval for onboarding with this feature since it isn’t automatically included in your account.
Total-Apps, Inc.: Stay Ahead of the Game With Seamless Payments
In the fiercely competitive eCommerce industry, a seamless payment journey can leave a positive impression on your customers. This will in turn help you build brand loyalty and increase sales revenue.
To stand out from other stores, ensure your online payment experience is:
- Convenient: Offers multiple payment options
- Easy to use: Allows returning customers to complete purchases quickly
- Secure: Safeguards customers’ payment information
- Fast: Processes transactions in a matter of seconds
Seamless payments should make payment processing easier and help you reduce operational costs, maximizing your store’s profitability.
Total-Apps, Inc. can help you streamline your online store’s payment experience by offering the following:
- Secure payments: We use advanced fraud scrubbing tools, helping to reduce the risk of fraudulent transactions and protecting your business from chargebacks and other payment disputes.
- Frictionless setup: With our online application, you’ll have access to fast approval and easy integration methods, allowing you to accept payments instantly.
- Responsive support: Our relationship managers are dedicated to resolving any technical issues you may encounter as soon as possible.
We also offer customized solutions unique to your online store to help you succeed.
Contact us today. We’ll be happy to help you simplify the checkout experience of your online store.