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How to Optimize Your Payments for Increased Conversions

How to Optimize Your Payments for Increased Conversions

The average online shopping cart abandonment rate has reached almost 70% according to the Baymard Institute. Although this percentage might sound alarming, it’s the result of several factors, one of which can be attributed to the fact that many people simply want to browse and compare different products without the intention to actually purchase anything at that moment. There are certain improvements that you can make on your website in order to remove any potential obstacles along the way to and make it easier for your customers to make their purchasing decision more quickly.

Improve your calls-to-action

Your customers want to be in a complete control of their shopping and payment process. Vague and ambiguous calls-to-action only confuse them. So, instead of using CTAs such as “Continue” or “Follow this link”, tell them what exactly will happen in the next step. Like “Continue to checkout” or “Click to complete your purchase” easily navigate your customers through the purchasing process without keeping them in the dark. Not all people are experienced when it comes to online shopping. Some of them are still concerned that they could click on something and accidentally purchase something they don’t need. So additional explanations, such as the one which Booking.com uses to inform their customers that if they proceed to the next step they’re under no obligation to make a payment “Don’t worry, you don’t have to pay anything now”, are welcome.

Provide multiple payments method

This is extremely important to your customers. Surveys show that a lot of people cancel an online purchase if their preferred payment option isn’t supported. So, make sure that your online store accepts all types of credit cards if you want to maximize your conversion rates. Credit card payments are among the most popular. Don’t forget that a lot of people are freelancers who make their living on the internet, which means that many of them use PayPal so it’s a good idea to allow payments through this service too.

Optimize security

One of your customers’ biggest concerns is whether it’s safe for them to share their sensitive credit card information online.  58% of people abandoned the shopping cart before completing their purchase due to security concerns. That’s the reason why it’s of vital importance to ensure that all the data your website collects are safely stored. Also, secured from hackers. One of the ways to do this is by getting an SSL certificate. Which allows you to establish a secure connection and encrypt credit card data. Another equally significant step is reassuring your customers that they don’t have a reason to worry, and you can do that by displaying your SSL certificate and proving that your website is trusted.

Show the final price

Transparency is of crucial importance when it comes to making a purchase. This means that you should show the final price before the checkout and save your customers from any unpleasant surprises. Display any additional taxes or fees that they have to pay. Many people change their mind and cancel their purchase due to high shipping costs. This is why one of the best methods to in a way incentivize your customers and encourage them to make a purchase is to offer them free shipping. If this affects your bottom line, then at least offer free shipping for purchases above a certain threshold. 

Make errors easy to fix

It’s easy to make a typo or omit a number when you’re entering information in checkout fields. So make sure that your customers can easily fix that. Many websites don’t save the information meaning that in order to make any correction. Customers have to go back to square one and start everything from scratch which is very annoying and time-consuming. Set up your website so that it saves already submitted information, and you’ll prevent your customers from bouncing.

With just a couple of minor improvements. You can maximize your conversion rate and encourage customers to buy more from your website.

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