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5 Common Mistakes in Online Payment Systems That Can Kill Your Conversion

Category: Growth Hacks

5 Common Mistakes in Online Payment Systems That Can Kill Your Conversion
Mohab Growth Hacks 0

5 Common Mistakes in Online Payment Systems That Can Kill Your Conversion

Many online merchants lose significant revenues because of online payment mistakes. It is high time that these e-commerce mistakes are rectified, or else e-stores will keep facing repeated incidents of abandoned carts and incomplete purchases by customers. Some of the oft-ignored e-commerce mistakes committed by online merchants are:

  1. Redirection can be counterproductive: Some merchants get it completely wrong when it comes to the gateway for online payment. They redirect the customers to an external payment website with payment gateway charges and a different company logo. This is a big put off for many customers, who might abandon the transactions as they have security concerns about the new portal or might not be willing to pay additional charges. It is always best to have a single website where a customer can smoothly navigate through till the end of the transaction and the checkout process. This would result in higher chances of the purchase transaction being completed and reduce the loss of customers to competition.
  2. Mandating account creation: This might work counterproductively, especially in the case of first-time customers or customers who intend to purchase a small quantity of products. Creating an account involves time and prolongs the entire purchase process. This could result in customer frustration and even possible withdrawal by the customer before completion of the transaction. It is advisable to provide the option of buying as a guest user. Post the purchase, one can subtly encourage the customers to create an account through offers of promotional discounts or price benefits by email or SMS. Customers prefer shopping on e-commerce sites where they can exercise their choice.
  3. Expecting excess information: The transition to the payment gateway should be smooth for the customer to make the online payment and be able to close the transaction with minimum lag time. Asking for additional information with extra fields would delay the buying process. It may also increase chances of error while filling out the form, causing unnecessary frustration and might result in abandonment of the transaction. A good user experience on the e-commerce website can result in higher sales conversions and higher probability of return customers. It is prudent to have auto-fill options for forms that only ask for information relevant to successful payment, namely card number, name of the cardholder, expiry date and CVV. In the case of a website with a multi-step checkout process, it is recommended to have a progress indicator so that the customer is aware of the remaining steps before the transaction is completed.
  4. Assurance on security: This is critical in every digital transaction. With growing incidents of data breach and leak of confidential information, every customer would like to be reassured on the safety aspect of the online purchase. Thus, it is imperative to have secure online payment systems wherein the customers’ card data remains secure. It would be useful to indicate that the website follows the regulatory framework prescribed for data security and encryption standards. This includes security badges, the merchant logo prominently displayed on every webpage, SSL certification and PCI compliant payment gateway.
  5. Absence of customer support: Many times, the customer is unable to proceed with the payment or faces a problem completing the online payment. In such instances, it can be extremely frustrating for the customer if he can obtain no assistance or response on the toll-free number. Immediate support with 24*7 availability should readily address the customer issues and resolve the problem. Provision of timely help to the customer works as a strong customer retention strategy.

Don’t shoot yourself in the foot and kill conversion with these e-commerce mistakes. Following the above mentioned measures to correct them would result in better user experience for the online customer and higher sales conversion for the e-commerce merchant, truly a win-win situation for both.

5 years ago
How to retrieve your money from a not-so friendly fraud
Mohab Growth Hacks 0

How to retrieve your money from a not-so friendly fraud

A friendly fraud is probably a misnomer. In reality, it can be a harrowing experience for the merchant, who completed the transaction. Friendly fraud occurs when a cardholder files a chargeback instead of requesting a refund from the merchant for a legitimate purchase. It can be filed by mistake by the customer or even intentionally in some cases. While such incidents of disputed transactions are on the rise with the predominance of digital transactions, the following are the ways in which the merchant can mitigate the risks:

  1. Switch to a fool proof secure payment solution: It would be prudent to adopt a secure payment processor, which offers a comprehensive, multi-level risk protection to detect any fraud incidents or outliers and red flags the issue in a timely manner. Incorporation of verification tools like fingerprint, facial or retina recognition to work on mobile applications would also go a long way to prevent fraud risks.
  2. Adopt a 3D Secure authentication: Under this online payment platform, the customer’s card is promptly validated by the issuing bank, prior to the transaction. Thus, it’s extremely difficult for the customer to later claim any unauthorized charges. Some merchants are reluctant to adopt this approach owing to the fear of reduced sales conversion or cancellation of the transaction due to the customer being kept waiting for the bank confirmation.
  3. Keep the communication channels open: It is advisable to offer 24*7 support to customers for post sales services. A good business rapport would help clear any potential differences or misunderstanding with the customer. The merchant could also negotiate a lower chargeback charge or its cancellation by the customer and reduce potential monetary losses. One should also regularly apprise the customer before charging for recurring payments.
  4. Establish a solid return policy and delivery tracking mechanism: It is a good practice to make the customer aware in prior of the return, cancellation and refund policies. This would reduce the chances of chargeback filed by mistake. The merchant could also have a software to track the delivery status of the product, with a signed customer confirmation upon receipt of the product by customer at the shipping address.
  5. Maintain adequate data trail: Documentary evidence is key when it comes to validation of online transactions. This should ideally capture details of product description, agreed pricing and the date of transaction. This is vital as in many cases the chargeback is claimed on frivolous or false grounds like non-delivery of the products, delivery of counterfeit or wrong items, non-cancellation of recurring charges by the merchant inspite of customer requests and the original transaction was unauthorized in the first place. Hence the need for retention of sufficient papers to support the online transaction.
  6. Distinguish between accidental and intentional fraud: This identification is crucial. While the former can be settled by talks with the customer, the latter, being malicious in intent is a different ball game. The merchant is not in a very advantageous position as far as the law goes with limited power to get the chargeback reversed. Similar to a ‘guilty until proven innocent’ situation. This is because in most cases, it is likely that the bank would side with the customer than the merchant.

To conclude, in case one does land in the soup and has to face monetary losses from chargeback charges, loss of shipping costs and transaction processing fees, it is best to hold one’s ground. In case, the quantum of money is huge, it is best to get professional, legal advice. Further, repeat transactions with such errant customers should be absolutely avoided as the adage goes “once bitten, twice shy.”

5 years ago
How Technology Has Made The Online Shopping Experience More Enjoyable?
Mohab Growth Hacks 0

How Technology Has Made The Online Shopping Experience More Enjoyable?

If shopping without walking a few miles has become possible, it is because of technology. Over the last few years, the e-commerce industry has reached a whole new level and it is growing consistently. Undoubtedly, if the technology had not advanced, the easy online shopping experience you see nowadays wouldn’t have been possible.

Thanks to a variety of avant-garde software and applications, online businesses are being able to reach customers globally and boost their sales. Similarly, shoppers are benefiting by saving their time and energy which they would have otherwise wasted on visiting physical stores. Plus, technology has made online payments smooth, simple and safe, thereby encouraging more businesses and customers to go online.

How is technology benefiting online shoppers?

  • Chatbots to guide you

Technology has made it possible for businesses to handle their online customers easily. This means, customers get proper assistance and guidance when they are browsing products or deciding to buy one.

For example, with the help of advanced technology, an e-commerce store can get customers’ queries resolved and can accept payments online, free. So, if you are an online shopper, chatbots can clear your doubts, provide information about the product you have in mind or help you navigate to the right website page etc.

Moving forward, let’s dive into the points which genuinely explain how technology has leveled up the game of online shopping experience.

  • Mobile-friendliness is a big plus

Do you find it annoying to get on the laptop for every single detail? Well, this is where the invention of mobile phones comes into the picture. Most online shoppers find it convenient to browse on their phones and actually spend their time to search for the products they are planning to buy. This has actually made the procedure of buying good products very easy. Also, with the help of secure online payment systems for mobile phones, the online shopping experience has become very convenient.

  • Hey Siri – What Is the Role of Technology?

With the help of technology, buying clothes, footwear, food and anything you want has become much easier. And now, if you don’t even feel like scrolling on your phone, just say “Hey, Siri!” or “Hey, Google!”, and your virtual assistant is going to solve all your queries.

It’s up to you whether you want to appreciate technology for making life much easier or blame it for making you lazier? You decide!

  • Secure payment is a reality

Online shoppers can now rest assured about the safety of their online transactions. Modern payment gateways adopted by trusted websites have many anti-fraud measures in place so that your sensitive information doesn’t get stolen or compromised. Moreover, with such gateways, you will be able to pay using various modes like card, net banking or mobile wallet. So, essentially, technology is making it possible for you to pay for your order in the most convenient way.

  • Express checkout

You might be aware of how frustrating it feels when it takes a lot of time to get your payment processed at the checkout. Good news is that improvement in online payment technology has made express checkout possible, where shoppers won’t be redirected to a different page when they are paying for an order. The payment gets processed very quickly, whether you are shopping from your laptop or mobile.

Conclusion:

No doubt, technology plays a very important role in easing the online shopping experience. Whether it’s about a mobile-friendly interface, secure online payment mechanism, or helpful chatbots, shoppers can now make the most of technological advancements to make their shopping experience enjoyable and smooth.

5 years ago
4 Secret Ingredients of a Successful Online Business
Mohab Growth Hacks 0

4 Secret Ingredients of a Successful Online Business

An online business today definitely has a clear edge over the pure brick and mortar models of yesterday. These benefits are evident by its wider customer reach, savings in overhead costs, 24*7 customer availability and efficient inventory management. Now there are certain measures that can help an online business become successful. Experts list out the following ones:

  1. Website: This is given in today’s digital age. A website symbolizes an online, professional presence of the business. Lack of a virtual presence translates into a huge revenue loss. An online platform helps customers connect better with the product brand and make an informed purchase decision. Further, it also reinforces customers’ trust in the brand because as the proverb goes ‘Seeing is believing’. An updated website with detailed information about the product categories, pricing and promotional offers would help achieve higher return sales. The customer would be able to compare with other online portals and zero in on the best deal.Some important components of a website are:
  • Separate pages: A well-categorized website with a landing page or home page, headings like contact us, about us, features and benefits, customer testimonials, etc. would be more appealing
  • Design: Attractive images, logos and tickers would help increase web traffic
  • Security aspects: The webpage should be enabled with highest security frameworks and encryption standards
  1. Knowledge centre or blog: This section has undergone a dramatic transformation in today’s information age. A blog should not be mistaken as trivia. The blog contains educational and informative pointers to help educate the reader about the latest trends in product categories, the unique selling proposition of the product offering, details of product launches, interviews by subject matter experts and any other topic of interest to a potential or existing customer to make an informed choice. Blogs are a very effective way to communicate with the customers and showcase the online business in a positive light. It also contributes towards enhanced website search-ability and piques the interest of readers on search engines. A very powerful tool in this regard is search engine optimization (SEO) which helps push websites with relevant content to the top as per the search request.
  1. Social media: Social media platforms like Facebook, Instagram, YouTube, and Twitter help bring together a community of people with similar interests. It serves as a useful marketing channel. Thus, one can attract potential customers by uploading informative posts, videos, polls and other relevant material to engage readers and attract their attention to the business’s products and services. Besides providing good networking opportunities, this medium can be leveraged for business promotion. Some common details comprise:
  • Company logo, description, navigation to the address via maps
  • Description of products
  • Link to website
  • Hashtags and tags
  • Eye-catching content, images, videos, and gifs
  1. Link to the payment gateway: This is an obvious inclusion as the business is mainly interested in the sales conversion ratio. Integration of a payment gateway process to enhance the buyers’ experience will go a long way in higher sales realisation. A customer can conveniently pay for the products anywhere and anytime. This reduces chances of cart abandonment or rethinking a potential purchase. However, the most critical aspect of this feature is the security aspect. The payment gateway should be a widely accepted, secure mode of payment and should have varied options like credit cards, debit cards, internet banking, and wallets. Further, in case of a failed transaction, debit of money from the customer account without acknowledgement, or network error, there must be provision for immediate customer support. Some customers also prefer to save their card details on secure websites to enable recurring transactions with the same vendor.

A frog in the well approach would not work in today’s highly interconnected, digital age. Business enterprises would do well to adopt the above digital marketing tools to effectively and efficiently grow their online business.

5 years ago
What Is Online Payment Fraud and How PayTabs Deals With It?
Mohab Growth Hacks 0

What Is Online Payment Fraud and How PayTabs Deals With It?

Every now and then people become victim of payment fraud in various ways. You must have heard news of someone transacting with someone’s money without their permission. Well, that is the perfect definition of payment fraud. In short – illegal transaction of money is defined as payment fraud. You can save yourself from such frauds by using secure online payment systems.

How Payment Fraud Takes Place?

Today, there are many ways through which your card’s data gets copied and that’s how such a fraud takes place. Payment frauds can be done in different ways such as identity theft in which the personal information gets stolen and further gets used for illegal activities.

Another way is page-jacking in which the traffic from your e-commerce website is taken to another website by hackers. However, the most common way of payment fraud is phishing in which emails and messages asking about bank details, personal information, etc. are circulated to people.

These are the commonly used methods for payment frauds. However, the good part is that with a little awareness, you can save yourself from falling into such a trap. Read on to know more.

Things to Keep in Mind to Avoid Online Fraud:

  • Always shop from reputed and well-known websites.
  • Create a proper profile by registering your email and contact number so that the shopping experience is hassle free and if any unknown activity happens, you get notified via email or SMS.
  • Set passwords which are not easily recognizable.
  • Make sure that you have your number registered so that online payment platforms ask for a one-time password before processing online payment request.
  • Turn on the message alert so that whenever some unknown activity happens with regard to your account or card, you get instantly notified.
  • Keep your credentials private and safe. Do not share important passwords and OTP with anyone.

Payment Fraud: What Can Be Done On a Bigger Level?

Since people have started paying through online payment platforms, the risk of payment fraud has also increased. To have a risk-free online payment experience, you can use different options available on the internet. One of the most reliable ways to have a safe online payment experience is using PayTabs.

PayTabs is a highly recommended and reliable payment gateway. It is one of the most reliable payment platforms and accepts payments in around 168 currencies. The user-friendly dashboard helps users in monitoring & managing their online transaction details with ease.

In the world of digitization when most of the businesses are marking their online presence, it is necessary to have a platform where all the payment related aspects can be taken care of without any hassle. This is where PayTabs comes into the picture.

From transparent pricing to user-friendly interface to 24/7 assistance, there are many reasons for you to give PayTabs a try. With PayTabs, you can quickly get your payment deposited, accept payment in 168 currencies, enjoy customized pricing solutions, and much more.

PayTabs is a PCI-DSS certified payment platform, equipped with dual-layer fraud protection mechanism which lessens the chances of payment frauds. In addition to these, 3D secure authentication and EV SSL certification ensure foolproof transactions at all times.

Conclusion

Though there are many risks associated with online payment, the truth is that it is quite convenient and saves a lot of time. Therefore, foregoing online payment is not a judicious choice. What you should do is attain a good amount of knowledge about the measures you can take to avoid online payment frauds.

5 years ago