Payment Systems

The importance of having multiple payment systems

While it is possible to get by with one easy and secure online payment method, many customers are beginning to expect to use their favourite payment methods on sites around the world.

With the growing popularity of services like Amazon Pay, Stripe and Apple Pay, customers are increasingly able to checkout on a variety of websites without having to waste time adding all their payment information and address for each purchase. Instead, they only have to log into one account that they use regularly, and in many cases may not even have to do so if their device remembers it.

This creates a smoother and more convenient experience for them, especially from mobile, where an increasing number of online purchases take place. The more your visitors expect this kind of convenience, the less likely they are to bother with a website that makes them do more work.

Why add new payment methods

Recent research in America found that 19% of shoppers who abandoned a shopping cart said they did not trust an ecommerce website that recorded their card data. And another 8% said directly that there were not enough payment options.

By adding more online payment options, you could convert up to 25% more shoppers. And if you add the payment methods your target audience prefers, you could convert a further 8%.

Gaining up to 35% more conversions on potential buyers is certainly something to consider.

Stripe

Stripe provides a feature-rich payment processing platform that makes it easy to accept payments from a variety of sources (credit cards, digital wallets, ACH transfers and different currencies). It also provides a range of options for the checkout process.

What makes Stripe special is the possibility to capture credit card data directly on the site's checkout page in a completely secure and privacy-friendly manner.

Amazon Pay

Paypal may be popular, but Amazon is indisputably one of the most popular sites around the web, and one with which almost all of your customers will already have an account. Adding Amazon Pay to your shop can make it easier for Amazon customers to shop with you without having to enter their payment details in your checkout.

You will reduce the barriers to purchase for hundreds of millions of customers, while also offering a payment option that the company promises has proven fraud protection. Amazon's payment method works well on mobile devices, offering a seamless experience where it matters most.

Apple Pay

For people who use Apple devices - that's more than 64 per cent of people in the US - Apple Pay works as a mobile wallet when they are out and about and a one-click payment option on websites that accept it. For mobile users, customers can also check out with Apple Pay using their touch ID - it doesn't get any easier than that.

Apple Pay uses tokenization to keep credit card information secure, which means that once a user provides their credit card information to the service, the device communicates with the issuing bank to create a randomly generated number (or token) to represent that card. This obscures the information from hackers, keeping consumers' financial data safe while working fast.

Google Pay

If anyone can compete with PayPal and Amazon for market share, it is Google. The company now offers its own online payment method, Google Pay. Google says that hundreds of millions of users already have credit card information saved in their Google accounts, which means that providing a Google Pay option offers greater convenience for a significant number of people.

As with the other options, it promises an intuitive process - on desktop and mobile - and maximum security through encryption.

Paypal

Paypal is one of the most widely used online payment options in the world. PayPal has over 254 million users and is considered one of the easiest payment gateways to use so much so that it boasts that it is currently used by over 17 million companies and that customers using PayPal to pay convert 82% more than with other payment options.

This is a pretty convincing reason to use PayPal.

American Express

American Express may not have the market share of the previous three online payment gateways, but it does have something equally valuable: consumer trust. While American Express is not as ubiquitous as some of its credit card competitors, it has one of the highest satisfaction rates in the industry and tends to appeal to a higher income consumer than other credit card companies.

As such, the people who would find an American Express checkout option attractive are probably some of the best visitors you would want to attract.

They promise fraud protection, 24/7 customer support, and the flexibility to work with a number of payment processors and consider several additional features. And they can accept over 120 currencies, so if you're interested in attracting international customers, that's a big plus.

Customise the payment experience

Each payment system has its own checkout payflow.

This means that a payment system with a credit card follows different logic and steps than one with a traditional bank transfer; a payment system with cash on delivery will need to communicate different information to the customer than one with payment on the spot.

Cuborio® allows you to customise for each paymentsystem, for each payment status and for each seller the information and notifications also in the order confirmations.

In this way, your customers will enjoy a personalised and smooth shopping experience.

View Conversion Funnels

You can view purchase conversion funnels directly within Google Analytics.

You will be able to analyse in detail what happened to the users who interrupted the purchase process and where they stopped.

This will help you understand how to improve the checkout process, and you will also be able to take advantage of analysis and usability software such as HotJar in a very simple way.