The online shopping trend continues to be on steady growth, especially when the entire world needs to be on a standstill because of the COVID-19 threat. Since the leaders from different countries implemented lockdowns to stop the spread of the virus, nonessential businesses like clothing stores, sporting goods shops, and other businesses that do not sell necessities had to close their doors. Because of this, more companies opted to open their online shops to thrive during these trying times. Customers also choose to shop online to get their essential and nonessential purchases without having to step out of the house.
To be able to use online shopping to their advantage, business owners need to know the basic techniques to run their virtual shops properly. Online Payment Processing is one of the most crucial parts of running the business without a physical shop. They need to make the process as easy as possible for the convenience of their customers. Here are several ways to simplify the online payment process.
Allow Guest Payments
Plenty of consumers get turned off whenever they have to sign up for an account before paying for their purchase online. Forcing them to sign up can be very intrusive, especially for customers who will buy from the online merchant for the first time. Some people also want to avoid signing up because they do not like their emails to get flooded with promotional messages.
To prevent cart abandonment due to sign up issues, merchants can set up a guest checkout option with a more convenient process of paying for the items in their cart.
Present Different Payment Methods
One of the biggest mistakes made by online merchants is offering a single payment method on their website. Based on an infographic showing why shoppers opt to discontinue their online purchases, 56% of survey respondents look forward to seeing several payment options when they reach the checkout page.
Online Payment Processing needs to be simple for both the consumer and the seller, but offering all types of payment options can be impractical. Sellers should analyze the profile of their target audience to understand the types of payment methods they usually use to include it in their online operation.
Reassure Customers About Their Privacy And Security
Since customers need to provide pertinent information like their names and credit card accounts when buying from an online shop, the merchant must make them feel secure about using these personal details to complete the transaction. Based on a recent survey conducted by eConsultancy, 58% of consumers who responded claimed that they did not push through with their purchase because they are not sure about the security of payment on some websites.
Because of this, merchants need to convince them that they will not compromise the consumer’s essential data by showing a consistent website design and avoiding redirection to their party checkout page. It is also necessary to make the website have a Secure Sockets Layer (SSL) certificate to prove that they have a secure connection and capable of encrypting the data of their credit card account. They must also follow the standards set by the PCI Security Standards Council (PCI SSC) required by payment card companies. This badge must appear on the checkout page of the online shop.
By providing a safe and convenient payment process, customers would want to patronize an online shop where they can get their favorite products regularly. It will become their go-to source for their needs, even if the self-quarantine in their area is already over. The accessibility and ease of online transactions will allow customers to have more options when shopping for their essential and nonessential items used in their everyday life. Thus, business owners must always see to it that they will offer this benefit on their website.