Amidst a growingly competitive e-commerce landscape, there is a plethora of efforts aimed at enticing and retaining customers.
A buyer’s experience is impacted at every point of their online shopping journey; from the virtual store-front and online assistance to competitive cost and rich media experience. What is often overlooked as an opportunity to enhance customer experience, is the payment process. Offering a variety of payment options, particularly when selling to cross-border shoppers, can benefit both the merchant and buyer. Customers demand a seamless checkout experience that takes their preferences into account, while as a business, being protected and protecting your shoppers should be standard.
“In a market set to grow by 11,9% by 2027, online shoppers have multiple options to choose from and are unlikely to return to your website if they encounter a bad shopping experience,” says Mark Mwongela, sales development director for PayPal, Africa. Studies have shown that check-out options have a significant impact on whether online shoppers proceed with a purchase or not. “Limited payment options and complicated check-out processes are well known reasons for cart abandonment. Thankfully, this can be addressed by partnering with the right payment service provider and offering your buyers a better experience,” notes Mwongela.
Whether you are a new merchant in the process of website design or an existing one busy with a site overhaul, consider these points:
1.Online payment success rates
Do your homework on the payment success rates of the payment platform provider you are considering. A high number of active users of a particular payment platform suggests that your users might be familiar with the payment platform which in turn, will increase your completed transactions and reduce your abandoned carts.
If you wish to grow your business by targeting international markets, be sure to consider not only which platforms South African buyers are comfortable with, but also which payment options are most popular and trusted amongst international shoppers.
“Always evaluate the features and benefits that a provider offers your business and your buyers and do not forget to take the brand recognition and reputation that comes with your selected choice into account. The choice of your payment platform provider should not be taken lightly as it can contribute or deduct from your sales made,” says Mwongela.
2. Full Account Control
There are a few standard benefits that online payment platforms need to offer. These include fast payment processing, a variety of payment methods and enhanced security for the merchant and customers. Some platforms, however, offer more value, that in turn enables the merchant to run their business better and foster customer loyalty.
Having full transparency of, and control over of transaction activities, reporting, refund processing and dispute management, can give merchants a significant competitive edge.
3. Protect your business with seller protection
The 2021 SABRIC crime stats report noted that Card Not Present (CNP) fraud increased by 31.5%² in 2020. Consider this in the context of the before-mentioned projected growth of the e-commerce market, and the urgency to safeguard your business as far as possible from online fraud, chargebacks, reversals and claims becomes critically important.
Partner with a payment platform that is as concerned with protecting your customers as they are with providing seller protection to you, the merchant. Certain payment partners provide seller protection that cover tangible and intangible items, generally for purchases made using a single instalment.
4. Simplified Integration
Easy integration means less time and effort required to set up the payment system on your website. It reduces the need for extensive coding and technical knowledge, allowing you to quickly implement the payment solution and focus on other aspects of your business. This saves you both time and money. Furthermore, easy integration enables you to adapt and scale your payment system as your business grows. It should offer flexibility in terms of payment methods, currencies, and compatibility with various platforms and devices. This allows you to cater to diverse customer preferences and expand your operations globally.
PayPal can be easily integrated as a payment option on various platforms. It’s a seamless and straightforward “switch-on” process, to ensure you get started quickly.