How to Streamline Your Online Business Payment Processing

How to Streamline Your Online Business Payment Processing

There are so many considerations, concerns, complicated details, and unforeseen hurdles accompanying the running of a business that it can be easy to overlook features that could either help or hinder your business’s success. In this case, that feature is payment processing. A user-friendly, streamlined payment processing infrastructure can prove to be a revenue driver by increasing conversions, while a poorly managed system can turn off and drive away consumers, leaving your business with a lot of missed opportunities and abandoned shopping carts.

 Don’t Exclude Payment Methods or Processing Options

Consumers have become so accustomed to having multiple payment options that any business with a payment processing solution that does not support multiple sources of payment could suffer. To maximize conversions, incorporate both domestic and international payment processing. Credit and debit cards are obviously a must, but some consumers prefer additional payment alternatives. Those include online payment systems, app-centric payment options, direct payment services, account-based payments and merchant accounts, as well as the ability to accept (and possibly offer) coupons and gift cards.

 Allow Guest Checkout

Customers establishing accounts with online businesses are generally a mutually beneficial arrangement. It’s certainly mutually beneficial when the customers are happy and willing to do it. These accounts make it easier for customers to reorder from you and increases the likelihood they will do so, which in turn increases trust and brand loyalty.

Unfortunately, account-averse customers complicate that relationship. It’s not necessarily the result of arbitrary account-antagonism or consumers being too impatient to sign up. Sometimes people are in a rush, and some consumers are just wary of sharing additional personal information on the internet. Instead of having to create an account or forgo the purchase, allow the option to purchase as a guest to ensure you don’t miss out on potential business. Generally, requests for information should be tiered, from the bare minimum required to complete a purchase to the information necessary to establish an account, to whatever additional information would contribute to your sales metrics that customers are willing to provide.

Invest in Security and Let People Know

From the often labyrinthine world of healthcare payment processing to stocking, selling, and shipping T-shirts, customers don’t just want a secure payment processing option—they demand it. Due to the spate of high-profile data hacks, network intrusions of major corporations, and the ubiquity of identity theft issues that remain a threat, consumers are even more leery of ecommerce. To assuage those concerns, invest in tight security and a protected, encrypted secure payment portal. Once it’s been employed, be sure that it’s mentioned where consumers will see it so they can rest assured you’re taking responsible actions to minimize risk.

 A Clear, Intuitive Purchase Process

It’s a bit surprising that providing this information is still necessary, but there are still sites with vague purchase and payment processes. The entirety of the purchase process should include very clear calls to action and additional options. Consumers want to be both aware of the status of a potential purchase throughout the process, while having the option to continue browsing without the risk of backing out of an order or doubling up on one. As such, each button should identify exactly what clicking it is going to accomplish. Which is why vague buttons like “Go Ahead,” “Continue,” “Apply,” “Order” or “Checkout” are worth reconsidering. Those can mean an order overview or the actual purchasing of whatever’s in their cart. Stick with “Add to Cart,” “Go to Checkout,” and “Buy Now” or “Place your Order” for the utmost clarity. And always provide the opportunity to both edit the cart and continue shopping.

 About Payscout

Payscout has consistently been recognized as one of the most innovative, trusted, and dynamic payment processing providers in the industry. By facilitating sound, secure, convenient payment processing solutions across the U.S., Canada, Brazil, and the E.U., Payscout links merchants and their customers with their debit, credit, ATM, mobile, and alternative payment systems. Payscout makes it easy to manage payments, both on-site and for mobile and online platforms. Additionally, Payscout can integrate with over a dozen software payment processing applications, while specializing in accounts receivable collections software, utility payment processing, and non profit payment processing. Payscout can accommodate any payment requirement confidently with safe, secure, speedy, friendly, and convenient service.

Discover everything Payscout’s payment processing solutions can do for you, at www.payscout.com

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