Increasing Checkout Conversions
The goal of all e-commerce businesses is to increase checkout conversions. However, one of the biggest problems facing online stores is shopping cart abandonment. It’s extremely tough to keep customers’ attention these days. The latest Netflix trailer comes on the TV or their child jumps up on the couch and asks mommy to play. That pesky problem shows up yet again, another shopping cart abandoned. Even though customers visit your website and place something in their shopping cart, it takes a little extra nudge sometimes to get them to click the purchase button. There will always be outside distractions that cause a potential sale to stop at the shopping cart, but customers also tend to lose interest because of issues on the website’s checkout page. Most of the time, these issues are avoidable! To maximize checkout conversion, we need to give our customers a smooth and easy checkout experience. Here are 3 tips to test on your own e-commerce store.
1. Provide multiple payment method options
56% of customers want to see a variety of payment options on the checkout page, according to Entrepreneur.com. While no shop owner is going to include all payment options imaginable, figuring out which ones your target customers want to pay with is vitally important. For example, in the US, credit and debit cards are the most common payment methods. But you can offer methods for customers to input their card directly, or you could offer PayPal or Apply Pay which stores customers’ cards for easy purchasing on any website that offers these options. Another method that has been rising in popularity is mobile or digital coupons. If you target customers in the US, you need to make sure you have these options on your checkout page. What if you’re trying to sell internationally? Some countries or regions are less familiar with credit cards and more used to cash and direct bank transfers. So, to be more attractive in these countries, you should consider having these payment methods that will help increase your checkout rates.
2. Your data security compliance is prominently displayed
With hackers and the myriad stories of personal data being stolen online, it is no surprise that 58% of respondents from an eConsultancy survey said they abandon a checkout page when they are concerned about their payment security. Easing your customers’ concerns during the checkout process by displaying all of your security certifications will increase your customer’s trust in your business. An SSL certificate is a must for any business these days – it is evident by the “HTTPS” in a website’s URL, and it shows that you are able to provide a secure connection and encrypt credit card information in compliance with modern banking standards. Also, displaying your PCI-DSS certification shows that you meet the standards of credit card companies’ data security regulations.
3. Offer a generous money-back guarantee
When a customer walks into a brick-and-mortar store, they can see and touch the products for sale, they can try clothes on, they know exactly what they’re buying. Conversely, when customers shop online, they CANNOT see or touch the real product and rely only on the images you chose to add to your online store. Online shoppers tend to be more skeptical and hesitant to part with their hard-earned money because of this exact issue. Offering a money-back guarantee exhibits confidence in the quality of your products and helps your potential customers trust you with their money. It also shows that you care about your customers’ experience with your store by ensuring they are satisfied with their purchase and giving them options if they aren’t. This boosts your competitive advantage when selling your products online since not all online stores offer that level of commitment and assurance. Finally, be proud of your money-back guarantee and make it very noticeable on your checkout page.
How merchant accounts optimize your payment process
Wondering how you can get started optimizing your checkout page with the tips I shared above? The best way to start is to simply get a merchant account that helps you achieve all these things! Sounds simple, right? Well, it is actually…
Here are the features of merchant accounts that will optimize your payment process:
Flexible payment options –
A merchant account gives your customers payment options to choose from that are convenient for them. They can use the standard credit/debit cards in the US or if they are located in other parts of the world, then direct bank transfers, cash, or check are also available through a merchant account. No more abandoned checkouts just because your business is not able to provide their preferred way to pay. If your business will also have a brick-and-mortar element in the future, then you will want to provide face-to-face payment methods such as an in-store POS. Lucky for you, your merchant account provider will be able to provide you with many options to choose from. The various payment options offered by merchant accounts do wonders for your checkout rates, either in-person or online.
PCI-DSS certified –
Merchant account providers must have PCI-DSS certification and they are always up-to-date with the security and data protection standards of the PCI-SSC.
Your chargeback advocate –
If (or more likely, when) a customer demands a refund or chargeback, your merchant account manager will help you navigate the process to verify the validity of the chargeback claim and submit a response to your sponsor bank. If the claim is questionable, your merchant account provider will be your advocate in collecting the necessary evidence to support your business winning the case. Merchant account providers have done this process many times before, and they can easily facilitate the entire process because they usually have good relationships with credit card companies. Some merchant account providers even offer their own credit cards. Partnering with a trusted merchant account provider makes your life as a business owner much easier when problems like chargebacks rear their ugly heads. Fear not! You have a trusted partner by your side
Interested to find out more?
In addition to all the features mentioned in this article, there are many more useful benefits of merchant accounts that I am excited to share with you. A flexible fee plan that suits your business needs and an account with no sales volume cap are just some of the perks! Just book an introductory call with me to find out more.
If you need to secure a merchant account for your new or growing business, I am ready to help you get everything you need, including creating a fee plan that you are comfortable with and won’t break the bank. My 10+ years of experience with merchant accounts will be an invaluable resource when we are crafting exactly what to say on your merchant account application to get it approved quickly. Even after you are approved, I will help you manage transaction risks so that your account stays healthy. My priority is always to maintain a great relationship between you and your account provider so you can get the best rates and terms possible. Let me help you secure a merchant account so you can give your customers their ideal checkout experience, and your business can grow as big as your dreams.