Online selling is competitive. While it might be easy enough to set up shop, attracting and retaining customers is another story. With so many stores to choose from, customers can go almost anywhere to buy what they want and need, and they can switch companies at the drop of a hat.
Your online store needs to employ the best strategies in order to boost sales. If you’re searching for ways you can give your shop a helping hand, look no further than online payments solutions.
Why an Online Payment Solution?
Whether you’re just opening up shop or have had your online store for a while, you know that the competition is fierce. You likely know you need an online payment solution anyway—it’s a touch tricky to accept cash online, after all—but the solution you choose is your secret weapon when it comes to boosting sales.
How? Easy: Online payment solutions allow you to provide more options and better service for your customers—which makes them happier to shop with you.
Security is a big concern for the majority of online shoppers. The news media often carry stories about big companies suffering breaches and hackers absconding with thousands of consumers’ information—names, addresses, credit card numbers, you name it. In fact, IBM reported that American consumers alone suffered $16 billion in losses from fraud in 2016.
Online payment solutions need to be secure for that reason. Not only does it keep your business safe, but it keeps your customers safe as well. When your customers feel secure shopping with you, they’re likely to come back time and time again—and to spend more money with you.
Do you offer your customers more than one credit card option? What about payment options other than a credit card? Do you offer a pay-now and a pay-later solution? Do your customers have the chance to shop in their home currency?
If you answered “no” to any of these questions, it’s time to get a better payment solution for your online shop!Consumers love choice, and that extends to how and when they pay. Consumers who cannot pay with their preferred methods of payment are unlikely to keep shopping with you—and they will go somewhere else. Get an efficient online payment solution and offer your customers more choice. See what a difference it makes to your sales figures.
Make Checkout Easy
More people are shopping on their mobile devices, making it more convenient to shop online than ever before. But mobile shoppers are actually bad news for many merchants: They have a cart abandonment rate of up to 70 percent—which means you could be losing up to 70 percent of your sales.
The best way to get mobile shoppers to stick with their carts and see the transaction through? Offer them a quick and easy checkout process. If you have a pay-later option, checkout can often be as simple as hitting a button. In fact, one-click checkout makes it incredibly easy for your customers to complete their transactions, no matter how they’re paying.
When shopping with you is quick and easy, customers are likely to come back for all of their needs.
Make It Efficient
You might think making sure you select an efficient online payment solution only benefits you as the merchant—but it actually has benefits for your customers as well.
Efficient online payment solutions allow funds to be transferred quickly and easily. It allows transactions to be processed in a timely manner. They also ensure you and your customers get a fair shake on fees—which frees up your capital to invest in an even better shopping experience, without passing the fees along to your customers.