Payment Systems

The importance of having multiple payment systems

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

With the growing popularity of services such as Amazon Pay, Stripe and Apple Pay, customers are increasingly able to check out on a variety of websites without having to spend time adding all their payment and address information for each purchase. Instead, they only need to log in to a single account that they use regularly, and in many cases they may not even need to do that if their device remembers it.

This creates a more seamless and convenient experience for them, especially on mobile, where a growing number of online purchases are made. The more your visitors expect this kind of convenience, the less likely they are to bother with a website that makes them work harder.

Why add new payment methods

Recent research conducted in America found that 19% of shoppers who abandoned a shopping cart said they did not trust an e-commerce website that records their card details. Another 8% said outright that there were not enough payment options.

By adding additional 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 an additional 8%.

Earning up to 35% more conversions on potential shoppers is certainly a solution worth considering.

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 multiple currencies). It also provides a range of options for the checkout process.

What makes Stripe unique is the ability to capture credit card details directly on the website's checkout page in a completely secure and privacy-friendly manner.

Amazon Pay

PayPal may be popular, but Amazon is arguably one of the most popular sites on the entire web, and one that almost all of your customers will already have an account with. Adding Amazon Pay to your shop can make it easier for Amazon customers to shop with you without having to enter their payment details at your checkout.

You'll reduce 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 — which is more than 64% of people in the United States — Apple Pay works as a mobile wallet when they're 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 couldn't be easier.

Apple Pay uses tokenisation to keep credit card information secure, which means that once a user provides their credit card details 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 quickly.

Google Pay

If anyone can compete with PayPal and Amazon for market share, it's Google. The company now offers its own online payment method, Google Pay. Google says that hundreds of millions of users already have their 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, boasting that it is currently used by more than 17 million businesses and that customers who use PayPal to pay convert 82% more than with other payment options.

This is a pretty compelling reason to use PayPal.

American Express

American Express may not have the market share of the previous three online payment gateways, but it has something just as 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 cater to consumers with higher incomes than other credit card companies.

As such, the people who would find an American Express checkout option appealing are likely 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, this is a big plus.

Customise the payment experience

Each payment system has its own checkout payflow.

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

Cuborio® allows you to customise the information and notificationsfor each payment system, each payment status and each seller, even in order confirmations.

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

View Conversion Funnels

You can view purchase conversion funnels directly in Google Analytics.

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

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