5 Powerful Payment Methods to Boost Your Conversion Rate


Have you ever missed out on your beloved shoes during an incredible sale, only because of the frustratingly slow payment process?  Or perhaps you've had to give up your dream bag from an overseas website, simply because they restricted payment options, none of which you had access to?

The limitations of only a single payment method adds more or less inconvenience to our lives. And it often happens in the eCommerce world.

When you have a high add to cart but low conversion, most likely, there is a problem with your payment setting

The surge in online shopping brought about by the pandemic, along with the rapid expansion of digital payment options, has made the payment process a vital aspect of the sales journey. Consequently, businesses need to adjust to this change in order to stay relevant.

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In this blog post, we will explore five methods to enhance payment processes, share some recommended strategies, and discuss upcoming advancements and sources of inspiration. By staying ahead of the curve in this swiftly evolving environment, you can position yourself for success in the constantly changing realm of commerce.

Let’s get started! 

  1. Simplify The Roadmap Of Payment

The payment process is the final but most important step for shoppers to complete their orders successfully. 

With the strike in online shopping platforms, customers now have the convenience of easily comparing prices, which is one of the reasons they are drawn to online shopping.

In today's retail landscape, showrooming, which is a common examination of products in-store, but purchasing online at lower prices, has become increasingly popular due to the competitive pricing offered by various online stores. 

So, how can you persuade shoppers to forego the option of purchasing directly from physical stores? 

One crucial factor is to offer a straightforward and easily accessible payment procedure, you can reduce the time shoppers spend reconsidering their choices. Simplifying the payment steps allows customers to swiftly proceed with their purchase, eliminating unnecessary delays in the overall shopping experience.

  1. Add Business Related Options  

When considering the customers' perspective, their main worry while entering their bank details and verification codes is preventing fraud. To ensure a successful payment process, there are business-critical options that can be incorporated.

  • Build a checkout page with fraud clarification and security verification measures.
  • Have a value transparency in shipping and return policies for their future purchase.
  • Integrate customer loyalty benefits to accelerate the decision making process.

By acknowledging and addressing customer concerns, establishing trust, and offering incentives, businesses can improve the payment experience and foster a greater sense of ease and confidence, ultimately leading to more seamless and confident purchases.

  1. Use Super App

The term "Super App" was first introduced by Mike Lazaridis, the founder of BlackBerry, in 2010. He defined it as a "closed ecosystem of many apps." A prime example of a Super App today is WeChat, which combines various functionalities like messaging, online shopping, and digital wallets into one platform.

Super Apps are also applicable in the context of payments. If you're concerned about currency conversion when dealing with foreign customers or the additional transaction fees associated with using services like PayPal and Visa separately, a Super App for payments can provide a solution.

With a Super App for payments, you can easily manage multiple payment methods and currencies in a convenient and cost-effective manner.

  1. Adapt Shoppers Preference 

When running an eCommerce business, remember to always prioritise your customers at all times. Adapting to their preference can yield several benefits, such as:

  • Customer Satisfaction: Adapt payment methods for enhanced satisfaction.
  • Increased Conversion Rates: Boost conversions with preferred payment options.
  • Market Competitiveness: Stay competitive by offering popular payment methods.

  1. Digitalise Payment Method

Due to the pandemic, numerous innovative payment methods have emerged to meet the evolving needs of consumers. Among these Buy Now, Pay Later (BNPL) has gained significant traction, positioning itself as a viable alternative to traditional credit cards. With its interest-free instalment feature, BNPL has captured the interest of the younger generations.

Another one critical aspect of this digital revolution is the automation of payments. The digitisation of payments has brought about significant changes in the purchasing behaviour of shoppers. With the automation of payments, businesses no longer need to manually handle each transaction, reducing the potential for errors and saving valuable time. 

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The payment landscape is undergoing rapid and continuous transformation. Embracing digital payment methods is no longer just an option; it is a necessity for businesses and shoppers alike in our rapidly evolving digital age.

When it comes to payment options, buyers always prioritise what suits them best - whether it's the best price or the utmost convenience. As a business, our primary goal is to understand and accommodate buyers' preferences, ensuring they have a seamless and satisfying shopping experience with you.

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