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How businesses can embrace new online payment strategies to maximise conversion

Businesses invest a lot of time and effort in building brand awareness and increasing traffic to their website through Google Ads and SEO. However, the reality is that only a few of the visitors  gained through these methods will put a product in their basket. If the payment page doesn’t seem secure or is sluggish and inconvenient, then all the customer has to do is close down the web page and all that effort was wasted.

And what happens once the customer clicks the ‘pay’ button and the transaction is sent for processing? Is the platform stable and performant? Does the acquirer actively manage acceptance and optimise fraud rules? These are the things businesses need to consider when exploring the best growth strategies.

Optimising shopper conversion, reducing administration and optimising cash flow is key to sustain profits and generating revenue in challenging times. Ensuring that your payment performance gets the highest acceptance rates, can outsmart fraudsters and enable new sales channels is critical to drive growth.

In this time of exceptional crisis, which has shaken consumer behaviour and caused a shift in traditional business models, it is more important than ever to look at your payments performance with a critical eye. Global attitudes to how we all interact are shifting. Digital methods of payment are likely to become even more important as we transition back to a form of normality. Understanding how consumers may feel about this and offering the most appropriate payment options will help with achieving the balance between loyalty and acquisition.

Many businesses have been hit with refunds, chargebacks, or simply need to adapt their business more towards online payment acceptance. Learning lessons from this crisis is critical as we need to apply these learnings to ensure business continuity in times of crisis. I turned to two of our frontline staff- the sales and customer relationship managers. Haroon Mohammed and Laurence Lascelles who have been working hard these past few months to help new businesses get online quickly and existing online businesses adapt to the new realities brought by the lockdown. We will be sharing their experiences along with our own transaction data and insights in how to improve payment performance in times of crisis in a new exclusive webinar next Tuesday, 14th July at 2pm UK time. We will be sharing tips on how to optimise your online payment capabilities, extend your customer reach and enhance payment performance to drive growth and maintain business continuity. With use cases and insights from our own transaction data, expert view and lessons learned from helping our customers across Europe, this webinar is a must attend for those in ecommerce looking to further their business.

To find out how you can make your online payment options work better for your business, sign up to the webinar here.

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