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How to Increase Alternative Checkout Options

Tag: Alternative Payments

How to Increase Alternative Checkout Options

How to Increase Alternative Checkout Options

For an e-commerce company, offering attractive checkout options to the customers is one of the most challenging tasks. Providing alternative checkout options may help a business in achieving a higher checkout process conversion rate, which is one of the most important metrics for gauging its efficiency. Another advantage associated with providing alternative checkout options is that it helps in controlling the rate of shopping cart abandonment by the customers. Further, smoother checkout process also provides an inducement to the customer to make a repeat purchase with the business.

Following are the main ways online businesses may provide a friction-less checkout experience to their clients and improve their business efficiency.

  • Make Sign Up Optional: It may seem tempting to make sign up necessary for checking out since it can provide you with valuable data but this requirement may put a serious dent in the conversion rate. Instead of making sign up mandatory, make it optional but with some incentive attached to it. For example, you can convey to the customers that the sign up may make the process faster. Another option is to let the customers sign in with alternative accounts such as Facebook or Twitter. This type of checkout can be customized so that the business may harvest the data from the customers’ social media accounts after receiving due permissions.

 

  • Simplify the Process: If you are not convinced about the idea of checkout process sans sign up then you may focus on simplifying the whole procedure. There are several tricks to make it easier and faster for your clients to complete their sign-up process so that they can check out in a smoother manner. You can use simple tools such as making use of Google Autofill which can complete various data fields in a jiffy. You should also ensure that the checkout procedure is simple and is not unduly complicated with a number of steps involved. With each additional step, the likelihood of the client abandoning their shopping cart increases exponentially.

 

  • Use Perpetual Shopping Cart System: There are several ways you can motivate the customers to complete their checkout process. Allow them the freedom to check out for each item separately or to club them together in a cart and then to check out for the entire order. Different eCommerce businesses may adopt different strategies in this regard, mainly depending upon their business and organizational structure. Perpetual shopping cart system is one such technique where checkout page is preserved perpetually if the process is not completed. So, when the customer visits your website next time, they may be tempted to eventually complete their shopping experience.

 

  • Work with Your Payment Processing Partner: If you run your online payment in collaboration with processing partners then it makes sense to receive expert advice from them. PayTabs can help you in simplifying your payment process and introducing alternative payment options for your clients. As an eCommerce operator, you should ensure that you collaborate with those payment processors who are at the helm of technological innovation. PayTabs is such a payment processor as it deploys latest technologies for making the entire process smoother and hassle free. Thus, eCommerce business owners can bring about exponential improvement in their performance and efficiency by collaborating with

 

  • Optimize the Checkout Process: There is no one single way to provide the best services to all your clients. Further, the checkout process also depends on the way your eCommerce business and website are designed. Based on these factors, you may decide to let your customers enjoy a faster checkout with express purchase of individual products, instead of making them collect these items in a shopping cart. At the checkout stage, you may further entice the clients by offering them freebies in the form of discounts, cheaper shipping rates or even free shipping. Discounts may be designed in such a way so that you can tempt the customers to make more purchases to earn higher discounts.

 

With the above methods to improve your checkout page experience, you can bring substantial improvement in your conversion rate and overall efficiency. While most of the measures are internal to any business, external factors such as tying up with the right kind of payment processor may also have magnifying impact on your bottom line.

Accepting American Express Cards can help power your businesses

Accepting American Express Cards can help power your businesses

Accepting American Express Cards can help power your businesses

In today’s digital world, it is important for merchants to offer multiple card payment options to their clients. American Express can take merchants in the Kingdom of Saudi Arabia the extra mile with many of their unique service offerings.

Benefits of accepting American Express for merchants:

  • Higher Spending Power: American Express cards are targeted at customers with high purchasing power. Globally, the average American Express Cardmember spends up to 4 to 5 times over other Cardholders. This may be important for Saudi Arabian merchants who may generate more revenue by attracting high net worth customers from the region, including corporate cardmembers who are often mandated to use their Corporate card for business expenditure.

 

  • Associated Costs: There are several costs involved in teaming up with card issuing companies. Apart from initial costs, there are also operating costs, which need to be considered when drawing up the agreement. While it is important to minimize such costs, merchants should pay attention to the related benefits. Because American Express Saudi Arabia are renowned for serving premium customers, this may provide a better cost benefit ratio for your business.

 

  • Global Acceptance: American Express gives your business instant access to over 100 million Cardmembers in every corner of the world, including Corporate Cardmembers.

 

  • Customer Loyalty: One reason American Express Cardmembers are extraordinarily loyal to their Cards is because of their award-winning Membership Rewards program which keeps rewarding Cardmembers on their spend. This then allows them to redeem their points across a wide range of travel, Hotels, Charity and Retail products and more.

 

  • Strong Marketing Opportunities: Merchants in Saudi Arabia can use other services provided by American Express for boosting their customer base. American Express can help you grow your business by featuring your business in marketing campaigns such as the Amex Offers. In addition, they offer cardmembers SMS alerts for each transaction, online apps to keep track of their transactions and other safety features which build Cardmember confidence and thus encourage more card usage.

PayTabs collaborates with American Express Saudi Arabia to offer its merchants in the Kingdom of Saudi Arabia the ability to accept American Express cards as another alternate payment method. It further allows them to avail other exclusive services such as client acquisition, process benchmarking and planning tools. Grow your business with American Express Saudi Arabia when you tie up with PayTabs.

How Offering Alternate Payment Methods Provides a Competitive Edge

How Offering Alternate Payment Methods Provides a Competitive Edge

With e-commerce gradually taking centre stage, online shopping is emerging to be a highly competitive space. Every merchant is keen to include differentiating factors based on customer convenience and choice to stand out from competition. One such feature is offering alternate payment methods to the customer. We shall look at how offering alternative payment methods can help one stay ahead of one’s business rivals.

  1. Let the customer choose: Just like with products, customers like to be presented with choice when it comes to payment methods. For a global e-commerce business, it is important to identify the locally preferred, accepted payment methods. This option varies among different geographies, regions, industries, age groups, and devices i.e. smartphone, tablet or laptop used to make the purchase. For example, it is not practical to enter card details in a mobile. In such a case, digital wallets might be popular. In another study, it has been found that millennials prefer text to talk in case of payment methods.
  2. Adapt to local tastes: There are several e-commerce payment options available like direct bank transfers, direct debit, digital wallets, cash on delivery, phone and mobile payments, prepaid cards, money order, online invoices, digital currencies and specific local payment modes. A payment solutions company with a global network would be able to provide valuable insight about the most commonly used payment option. The data analytics would enable higher sales conversion.
  3. Fraud risk evaluation: One can use digital solutions that provide real-time information on the most suitable payment method to be provided to a shopper, after an automated background verification of customer credentials. The shopper’s delivery address, device location and other specific data can be used to assess the risk profile by the time the customer reaches the payment page. This offers dual advantages of providing appropriate payment methods as well as reducing incidents of fraud.
  4. Customer recognition: It is best to provide customized payment options of at least 3 modes. This can be determined based on the past purchase trends like value, frequency and the use of a particular payment mode. This would help provide seamless payment processing based on intuitive data.
  5. Multi-currency support: It is best to opt for online payment platforms that support multiple currencies or provide an accurate currency conversion option. Often, a customer might be travelling internationally and would need to make a purchase from an e-commerce merchant. In such a case, a payment gateway that offers payment acceptance across payment modes in multiple currencies can be a huge advantage.
  6. Secure payment processing: To win the trust of the customer, it is vital to provide secure payment solutions that comply with the highest security standards. Only then would the customer be willing to save confidential details of payment modes like credit card or debit card on the e-commerce website. This saves time during the checkout process as the details will be pre-filled. Some modes like EMV chips can negate any scope for credit card fraud.
  7. Enhance value: One could offer frequent customers the option to pay with reward points or loyalty cards. Co-branded cards that offer rewards like discounts, etc would encourage higher spending with certain merchants. Certain digital wallets also enable the storage of ID cards issued by Government authorities.

Technology is redefining the way we think about payment modes. Gone are the days when one had limited options of cash, cards and net banking. A whole plethora of alternative payment methods are available to cater to the preferences of every wallet, demography, market and business type. A one-size-fits-all approach would prove counterproductive and might result in losing out valuable business to the competition. One needs to find the right payment mix that works best for the unique needs of each business segment and customer profile.

Top 3 things to consider while choosing a payment gateway for your business

Top 3 things to consider while choosing a payment gateway for your business

Whether you are selecting a new payment provider or looking to replace your existing one, you would want an efficient, versatile product that fits your budget. You do not want a provider who regularly gives you problems and puts extra workload on your support team. Overall, your choice of an online payment gateway could impact the overall customer experience on the website and also the way you receive money from customers. So lets look at what are the main things to consider while finalizing on a payment gateway.

Things to consider before choosing your payment provider

  • What matches your business needs – classic or modern-

The basic difference between the two types of gateway is the merchant account. While the classic payment gateway requires you to have a merchant account so that it can transmit money into your account, a modern payment gateway does not. The modern ones draw funds directly from the customer’s bank account or credit cards and after validating them, deposits it directly into your account. Even though the modern payment gateways require you to do very less in order to use them and receive money from your customers, they mostly charge a larger transaction fee and also drive customers another website for making the payment, which could lead to lesser conversion. Also classic gateways are considered to be much safer and secure, hence a better choice for bigger businesses. They also charge a lower transaction fees. Find out what aligns with your business first.

  • Which payment modes and currencies do you want your payment provider to support?

You most probably know which countries you are selling to most and the currencies that your customers like to pay in. So the first thing to check is – does your payment gateway support alternative payment methods such as Sadad in the Middle-east. It only makes sense to choose a payment gateway that makes it easier for customers to pay through a mode which they are most comfortable with. Hence check which are the payment methods that the payment gateway of your choice support. A gateway like PayTabs supports 168 currencies and offers several alternative payment options.

  • How secure is the payment gateway?

Every online and ecommerce business that accepts online payments faces the risk of fraud and chargebacks. Both of these can hurt the business and hence it makes sense to go with a payment processor that offers secure transactions. This is probably the most important factor that should make you for or against a payment processor. Fraud is the first thing you will want to fight and want to protect your customers against. Hence make sure your payment gateway is secure, very secure. This means it should at least comply with PCI Data Security Standard and must be integrated with 3D secure. Level 1 PCIDSS compliance means that the gateway has achieved the topmost level of security and deals with more than 6 million transactions every year.

Apart from implementing these market research tips, you should also look at fee structures of major payment gateways. Make sure there are no hidden charges. Check for their transaction failure rates as well.

Conclusion

Your payment provider is the “better half” of your online store. You should use your customer’s needs, your business needs, and general essential security requirements to select a payment services provider for your eCommerce site. It goes without saying that choosing the right payment gateway can go a long way in helping your business. If you have any further questions about which payment gateway is the best for your business, mail us at sales@paytabs.com

Payments in The Kingdom

Payments in The Kingdom

Recent research has found out that Alternative Payment Methods will account for 59% of all online transactions by 2018. With increasing complexities in the global market with regards to payments, it is imperative for economies to allow alternative payment methods which instill that confidence in consumers to pay online. Because the truth is that, as much as the security of payments gateways have improved over the years, there are sections of consumers who still aren’t comfortable in using their cards online.

As a testimony to having a secured alternative payment option, Saudi Arabia has taken the lead and introduced an online payment system known as SADAD, which is a payment system established by the Saudi Monetary Agency. It is designed to be the kingdom’s national electronic bill presentment and payment service. The system links commercial services to local banks, streamlining bill payment transactions for the end consumer as well as the collecting party, through all banking channels 24*7. With SADAD, consumers can shop online, pay utility bills, pay for travel booking, pay for government services, tuition fees, etc…

In recent times, the Saudi E-Commerce landscape has grown significantly, amplified by the consumer’s high purchasing power and growth, thereby sparking off considerable activity in the online payments space, which is not surprising considering Saudi Arabians have the most number of Credit and Debit Cards, amounting to 12.3 million. However, interestingly, 76% of all payments are done through cash on delivery and 24% are made through cards. Moreover, the e-commerce industry is projected to grow to $10.8 Billion by 2020.

As one can make out, Saudi Arabia is positioned in a sweet spot when it comes to online payments and e-commerce, aided by strong government backing & a growing venture funding landscape.

PayTabs is a global payment processing company incorporated in Saudi Arabia. We accept SADAD account at PayTabs. To know more about us, click here.

Data Sources:

Satista

Mastercard

Wamda