Businesses spend thousands of hard-earned cash on measuring ROI, advertising, great UX, products, and attracting new customers only to neglect the final hurdle — the cardholders’ checkout.
Many legacy solutions are outdated, often over-complicated by multiple providers, have clunky UX and lack the basic features and customer experience to make a secure, competent, and simple checkout experience.
Often businesses are bamboozled with over-optimistic and under-invested payment providers promising to revolutionise the checkout experience touting game-changing alternative payment methods such as buy now pay later, digital wallets and other technology-driven solutions but often overlook the basics.
Covid-19 exploded mobile payments, and Apple and Google Pay use in-store and online. We rely on our phones more often, and it shows.
The additional steps required by Strong Customer Authentication (SCA) created checkout friction which has caused some countries to see an increase in basket abandonment online. However, these abandonments cannot be viewed in isolation.
Additional factors such as trustworthy and user-friendly websites, transparent pricing at checkout, optimised delivery, credit card payment SCA compliance, and the use of SCA exemptions to provide consumers with seamless transactions experiences are all attributed.
As indicated in the graph below, smartphone users in the United Kingdom utilising NFC payments are predicted to double in eight years. The source adds that the number reached in 2025 would equal about 28% of all smartphone users in the country (de Best, 2022).
Despite the SCA, retail sales via mobile devices were GBP 50.36 billion in 2019. It’s predicted that in 2024, the revenue from m-commerce will double and go up to GBP 105.28 billion. A checkout process that works on any device and is mobile optimised is critical.
You’ve worked hard to win a customer via your brand. The rate of cart abandonment has gone up, from 87% in 2019 to 90% in 2020. The frequency with which carts are abandoned has gone up too, with 39% claiming that they abandon their cart either very or quite frequently.
But what actually happens after this abandonment? 26% of these customers reported purchasing their items from a competitor.
Don’t let someone else ruin it for you. Even a simple brand-aligned Hosted Payment Page (HPP) can enhance your checkout experience and improve conversion.
Stored cards are simple yet exceptionally effective. Customers save their card information to make one-click purchases. According to the Marketing Science Institute Working Paper Series 2020, customers increase their purchase amount by 17.4% over 12 months after adopting one-click buying. Also, customers purchase 5.1% more often with 6.2% more items per order.
One-click checkout is up to 70% faster compared to a traditional checkout process. And users with stored cards checkout 70% more. Having more than one card stored pushes that to 85%.
In recent years, never-ending payment types and options are cluttering checkouts. Yet, about 30 million people in the UK have at least one credit card. Visa owns most of the credit card market share at 52.8%, followed by Mastercard with 31.6%. Visa has 335 million cards in circulation, while Mastercard has 200 million credit cards worldwide.
Lilly (2021) adds that there were approximately 62.8 million credit cards issued to UK residents. Complementing your checkout process with Apple Pay and Google Pay is essential for customer acquisition and conversion in mobile commerce and needs to be seen as mandatory payment options for merchants.
These days all of the above are easy to source, and a single provider should offer them. Don’t add complexity with multiple platforms or providers for simple solutions.
Modern payment providers deliver the full payment stack, including simple integration and feature-rich APIs, resilient and stable processing, robust settlement, and simple multi-channel reporting. All wrapped up with excellent support and customer service. Why settle for anything less?
You don’t need to be payment experts to demand and get more for your customers, and by delivering a better experience, you’ll drive more conversion with enhanced loyalty.
Established in 2013, Truevo is a fast-growing multinational fintech company changing the payments industry across Europe and the UK. We design intuitive, user-friendly payment solutions encompassing our clients' entire payments value chain. We empower businesses, large and small, to securely accept payments online, in-store, in-app, or over the phone in over 150 currencies. We also enable near-instant payouts to billions of Mastercard and Visa cardholders globally.
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