Over the past few years, the smartphone industry has witnessed increasing penetration in the daily lives of the public. E-commerce in the form of shopping, business services, and even travel has brought significant changes to our spending habits. Today, the popularity of cash payments has decreased, while mobile payments have increased drastically. The Asia-Pacific region, in particular, is expected to witness increasing contactless mobile payments.
Never has it been more imperative for retailers to offer their customers an engaging mobile experience. This includes employing effective ecommerce payment solutions.
Why Are Mobile Payments Important for Online Retailers?
If your online website or app does not offer a variety of mobile payment options, you may end up losing valuable customers. With more people switching to online payments, retailers need to cater to the largest possible audience and buyer preferences. Among the younger generations, Gen Xers, millennials, and Gen Z’s, contactless mobile app payments are preferred over cash payments.
By using trusted online payment service providers, security concerns are resolved. They ensure that the transactions on your website or app are secured and hacker-proof. Streamlined mobile app payments help reduce friction at the time of checkout, which, in turn, boosts conversions. Smooth customer experience leads to customer satisfaction and, ultimately, customer retention.
How to Improve Your Online Store with Robust Mobile Payment Solutions?
- Sign up for a merchant account and choose a mobile app payment The merchant account works as an intermediary account where the funds from the online sales are held before being transferred to your regular bank account.
- The payments provider should offer a variety of ecommerce payment solutions. This means that you should choose one that allows you to accept payments via e-wallets, debit and credit cards, bank transfers, and even cryptocurrency.
- Comprehensive online payment service providers help improve your business outreach by allowing you to accept payments in various currencies. In this way, your business will not be bound by your geographical location. Therefore, choose a payment service provider that offers such a benefit to optimise your online business.
- Make security a priority. There is no faster way to lose customers than by exposing them to cyber financial fraud. Secure the transactions by encrypting sensitive data, using an address verification system (AVS) and two-factor authorisation. Ensure your website or app is Payment Card Industry Data Security Standard (PCI-DSS) compliant. Online payment service providers can optimise the security of your business transactions. Make sure to choose a provider that ticks all the boxes.
- Streamline the checkout process. All mobile users dislike complex and long-winded checkout forms. Streamline the process by simplifying the checkout form and streamlining the process. Offer a pre-fill option; it helps reduce the errors in the checkout process and saves the customer’s time. Keep only necessary fields and mark the mandatory ones.
If you want to improve your online business, start by improving your online store’s mobile payments experience. Do this by choosing the best ecommerce payment solutions provider today.< Next post - Six Security Measures Online Businesses Should Take Prev post - Why Your Business Requires An E-Payment Gateway? >