The customer journey is the path the customer takes, from discovering your product to purchasing, receiving, and using it. While the payments stage of this journey is at the tail end of the process, it’s perhaps the most important because it’s where customers seal the deal or abandon their cart, leaving you to wonder why.
For most sites, acquiring is the traditional payment method. The user enters their card details and the payment is debited. But what if we're talking about niche businesses that can't set up the usual acquiring on their site because of legal restrictions. Or about countries where citizens do not have bank cards. Let's find out what solutions companies can use in such a case.
Binance sets trends in the payment industry. The exchange allows you to trade cryptocurrencies using P2P payments. Everywhere where Binance is widespread, full or partial trust in P2P payments as a centralised payment method has already been established. Payment acceptance solutions have been created based on the technology. From a user perspective, in markets where trust already exists, these solutions look familiar.
Payment acceptance solutions based on P2P transfers are advantageous for high risk merchants who cannot set up acquiring due to legal regulations. In addition, such solutions allow withdrawals in as little as 24 hours, while banks do not allow them and apply holding of funds to ensure future possible chargebacks.
The average conversion rate of successful transactions in acquiring is 80%. In P2P-based solutions it is 60 to 80%. The higher the trust in the method in the market and the more convenient the payment form, the higher the conversion rate.
QR codes became especially popular in Asia, but at the moment the technology is spread all over the world. Payment forms with QR codes are, in fact, also based on the technology of P2P-payments, but in this case the client's way is even shorter. It is essentially a one-click payment. The client scans the QR code with a device or clicks on it if they make a payment from a mobile device and the system automatically opens the required banking application, where all the details of the P2P transfer have already been entered. The user only has to click to pay.
QR codes in payment forms can increase the conversion rate of successful transactions by 20% compared to P2P-based payment solutions with a typical interface.
This is not the same as paying in cryptocurrencies. Users want the payment procedure to be as quick as possible, merchants want customer verification. Let's think of Binance again. The company has a special tool, Binance Pay, which can be integrated on the website. Users authorised on the exchange can make a payment in one click.
There is no user verification stage in this payment method and the client doesn't need to enter his/her data. That is why, with this payment method, the conversion rate of successful transactions can be 100%.
When we talk about AI technologies, we are talking about routing and cascading. In the payments industry, it means taking a transaction and moving it to the appropriate gateway or endpoint. It's essentially routing payments based on multiple parameters such as customer location, language, payment method and others. Increasingly, this is being handled by artificial intelligence, which trains a cascade to decide on a case-by-case basis which route a transaction should take. This improves the speed, efficiency, and accuracy of payments for the business and the customer and reduces erroneous cancellations.
After integrating solutions, the growth of conversion rate for successful payments depends on the type of business, traffic quality, etc. Such solutions enable reducing the cost of payment processing. For each transaction, the system selects a new path and can choose different payment gateways. The company can customise its own financial strategy. On a case-by-case, the system will choose gateways with higher throughput or lower fees.
New payment technologies and customer expectations for a smooth, easy payment experience drive innovation, contributing to the current payment revolution. As a business, you don’t want to fall behind competitors or lose clients due to an inferior payment experience. Betatransfer Kassa is a payment provider with more than eight years of experience in the market. The company will help you integrate all of the above solutions, which will shorten the customer journey and increase the conversion of successful transactions.
About Alex Volk
Alex Volk is a seasoned Business Development Manager at Betatransfer Kassa with over seven years of expertise in the field. Having honed his skills in various global companies spanning vendors, service providers, and distributors, Alex has recently focused his efforts on fintech and high-risk markets. With a proven track record of driving business growth and forging strategic partnerships, Alex is dedicated to navigating the ever-evolving landscape of financial technology.
About BetaTransfer Kassa
BetaTransfer Kassa is a team of professionals which deals with online payments. They work with iGaming company, startups, dating service sites etc. They are against bureaucracy and for you to be able to receive quality services and start working on favorable terms as soon as possible.
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