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4 Easy Steps to Improve Your Payment Experience

Tag: payments

4 Easy Steps to Improve Your Payment Experience
Mohab Growth Hacks 0

4 Easy Steps to Improve Your Payment Experience

Your payment process may seem technical, almost insignificant. But with over ¾ of shoppers choosing to abandon their cart, your payment gateway is worth considering.

To help you boost your sales, we have found four possible solutions – simplify, clear instructions, broadening your means of payment, and ensuring safety.

Simplify

Critical to the success of purchase completion, your process must be simple and easy to use. Don’t clutter your portal attempting to sell the user a few more items. Make sure the user can review their cart, click back to the main page if necessary, and place emphasis on buttons or links that move the purchase along.

It can be helpful to work with a UX designer or commit to user testing to see where your design might be confusing your customers.

Clear Instructions

Similar to the point of simplification, you need to make sure that all instructions are clear and to the point. Use conversational language, and on each screen, only include information that is crucial to that step in the process.

If possible, include accessible options, such as audio instructions. And if your site is serving a multilingual audience, it may be prudent to invest in translation.  Over 70% of consumers are willing to buy products with information in their native language. If your userbase largely speaks Spanish, but your payment process is in English, it may discourage them from finishing the task.

Payment and Receipts

In order to make the payment process as painless as possible, it’s best to include various forms of payment options. This includes not only accepting credit and debit cards like Visa, Mastercard, and American Express, but also accepting digital payment methods like PayTabs.

You should also make coupon options clear-cut, with the customer either selecting the coupon, or inserting the code. In countries like India, many consumers still prefer cash on delivery payment methods, so excluding this may prompt users to abandon their purchase.

Furthermore, it is important to send out a receipt after payments are completed so that the consumer builds confidence in your system. Whether a physical product will be shipped or not, it is vital to send the consumer an email receipt.

Ensure Safety

Lastly, safety is of the upmost importance. While the data provided for the user is important for completing a purchase, that same information could destroy their lives if in the wrong hands. And this doesn’t just provide security for the consumer – it helps you as well. After all, you don’t want to be entangled in a case of payment fraud.

In order to ensure your payment portals are secure, make sure to follow SSL protocols. Users will recognize if you have this functionality immediately, as a lock icon will appear in the URL bar. This is a cost-effective way to improve your security and build consumer trust.

In addition to becoming PCI compliant, make sure never to store payment information on your servers, especially credit or debit card information. Consider using tokenization to randomize the secure data sent to your servers. This will boost your security considerably and minimize payment fraud.

Conclusion

At the end of the day, your consumers will benefit from a simplified design and easy-to-read instructions. Furthermore, accepting various payment methods will make the process easier in case of card failure or other technical mishaps, and keeping your site secure will protect both you and the consumer.

A properly maintained and designed payment gateway helps to build trust with the consumer, so that they will not only buy from you again, but they will also enjoy the experience.

6 years ago
5 Tips to Protect Your Business When Dealing With Payments
Mohab Growth Hacks 0

5 Tips to Protect Your Business When Dealing With Payments

Most of the credit card frauds that took place earlier were related to “card-present” cases. These days with adequate security procedures like EMV (Europay, MasterCard and Visa) chips to make transactions secure, something sinister is happening.

A new type of card fraud is emerging with “card-not-present” type of transactions. In such type of card payments, you are not physically swiping the card, but are using it on online platforms to perform E-Commerce transactions.

In order to deal with such type of card or identity theft, users are requested to get back to their credit card provider or the issuing bank for the reversal of the fraudulent charges. In the normal E-Commerce environment, where a buyer and a seller are involved, merchant is held liable for any fraudulent charges and they are supposed to reverse these charges.

These days, a new type of e-Commerce environment is emerging, where different buyers and merchants come together on a single platform. In this case, the platform-merchant relationship decides as to who is to be held responsible for frauds.

Recently, a trend is emerging where a swindler masks as a merchant and then they manipulate the platform to commit fraud before disappearing from it. In such cases also, the platform is held responsible for the fraud.

Now we’ll discuss what a platform owner can do to protect itself and its buyers against such frauds. Here are 5 tips to prevent such incidents and minimize the losses due to fraudulent cases.

Educate yourself on credit card fraud
There is no fixed modus operandi for credit card and other types of payment frauds because they are constantly evolving. Criminals in cyberspace use innovative techniques and latest technology to commit such acts. So what is recommended today may not be relevant in the future.

Constantly update yourself and keep on exploring newest fraud tactics. Employ latest technology and find the best ways to deal with the current threats efficiently. There are different types of frauds prevalent in the online marketplace today and these include buyer identity fraud, merchant identity fraud and merchant credit risk. Scammers can mask themselves as legitimate buyers and sometimes merchants as well.

Implement simple protection
To start with, employ the proven tools and techniques to avert fraud. For example, user data should be validated first with database companies like Equifax, Lexis-Nexis and Experian. You can also perform a history and credit check about the user, so as to make sure that he is a legitimate buyer or seller.

Do some social data mining
Entering into advanced fraud protection measures, social data verification can supplement our efforts to protect customers from fraud. We can perform data-mining from platforms like Facebook and LinkedIn. We can pull these social insights to validate user identity through them. Scammers can create fake social media IDs, but it doesn’t take much to find if it is their regular ID or if it is designed in a hurry in order to commit a fraud.

Use your instincts
If something sounds too good to be true, stay away from it. If someone offers a deal that they are going to pay for the project in advance and it sounds too good to be true, there is high probability that it can be fraudulent.

Don’t do dilly dallying
Frauds are inconsistent and unpredictable in nature. Sometimes, frauds do not take place for a long time and suddenly you observe a surge in fraudulent activities. So, regularly monitor these activities with the help of latest tools even if no fraudulent activity is detected on your platform. Always stay alert as fraudulent activities can come as surprise and hamper normal business activities. They can also affect your profits and employee morale negatively.

6 years ago
m-Commerce: The Future!
Mohab Super Merchants 0

m-Commerce: The Future!

In 2014, global m-Commerce revenues were $184 billion which is poised to increase to $669 billion by 2018*.

These figures are a testimony to staggering growth of mobile retail commerce in recent times, primarily led by deeper smartphone penetration across the world. In terms of regions, Asia has witnessed the highest growth in mobile commerce, which is not surprising given the population of Asia as a continent and the pervasiveness of the smartphone across the continent.

In multiple surveys, shoppers across the world have agreed that modern mobile sites are safer and easier to use, than ever before. Clearly, there has been a sea change in UX (User Experience) of a mobile site or a mobile app, leading to greater affinity towards mobile shopping. However, the growth of mobile commerce is due to some key factors:

  1. Pervasiveness of Digital Wallets: Across the world, there has been a steady increase in the adoption of digital wallets, which has had its effect on mobile commerce numbers growing. In countries like India, clearly there has been a faster than usual growth in m-commerce, led by the government’s push towards non- cash transactions. The phenomenon of digital wallets has changed the mobile commerce industry worldwide and it is not just limited to developing countries.
  2. Increased Trust: Over time, consumers have increasingly felt more comfortable shopping on mobile. Trust has led greater adoption of m-Commerce across geographies. The trust has been built by the convenience offered by m-Commerce which has been lapped up by the consumers across the board.
  3. Checkouts in a Jiffy: One-page checkouts coupled with the adoption of digital wallets has made checkouts hassle free and has led to greater mobile conversion. If the consumer can quickly buy his or her product, he or she will surely visit the site again to make a purchase.
  4. Increased Awareness: In an interconnected world, a consumer anywhere can learn about m-Commerce and its growth. The stupendous growth has created an urge amongst shoppers to jump the m-Commerce bandwagon and experience shopping at his or her fingertips.

At PayTabs we have been enabling m-Commerce by offering a comprehensive payment solution fully optimized for mobile. Sign up for a free demo to experience the power and flexibility of our solution.

*Data Source: Statista

7 years ago
Digital Marketing: Key for an e-Commerce Startup
Mohab Ecommerce 0

Digital Marketing: Key for an e-Commerce Startup

You have a great idea; you have registered your name and your business; you have complied with the tax regulations, you have chosen a brand name, you have signed up for your domain, you are developed your website, you have selected a shopping cart plugin for your site or developed your own shopping cart, you have selected your payment gateway you have stocked your inventory.

Now you are all set! Your maiden e-commerce venture is about to begin! But, how do you get the word out that you are a new e-commerce venture and how do you attract customers to buy from your website, whether it is a marketplace or a single store. The answer lies in Marketing. Considering all forms of marketing available nowadays, the most effective form is to market through the digital form, especially social media.

The following factors are the reasons why you should concentrate on digital marketing:

  1. Variety of Content:

    As a business, you would have multiple forms of content that you can leverage to educate the consumer about differentiating factors of your e-commerce platform, be it blogs, infographics, images, etc…. From a content creation standpoint, focus on the USP of your platform and the experience that your platform provides.

  2. Pervasiveness of Search Engines:

    Most consumers search online looking for products to buy. Hence it is an imperative for your e-commerce platform to be SEO friendly. You should have optimized all the pages of your site/platform to be picked up by Google/Bing/Yahoo. Well, the most popular search engine is Google, therefore optimization of product pages on your site is a necessity. Most importantly, ensure your site has a search bar for any consumer to search for a specific product they are looking for. Search engine crawlers tend to rank sites higher with a product search option. This also enables your site’s product page to be featured for product searches done on the search engine.

  3. Analytics and Targeting:

    The role of analytics in the digital marketing space has grown over the years and it proves to be a great barometer of consumer assessment. You can often target a consumer who spends more time on your site by pushing out relevant ads of the product pages he has browsed, through remarketing (either google remarketing or facebook remarketing).

  4. Growth of Social Media:

    It is a no brainer that social media platforms such as facebook or twitter have grown to become hubs for consumer conversations. It adds value to have a strong social media presence and market yourself effectively on social media to create awareness about your new e-commerce venture.

  5. Social Listening:

    Using advanced social media listening tools to gain insights about your consumer, as in picking up clues from his conversations, actions, etc… Social listening tools enable you to keep a tab on your competitor and their navigation of the digital space. It is a must for analysing consumer behaviour and analysing competition.

  6. Video Marketing:

    Videos in the digital world are known to capture the consumer’s attention in a very short span of time. Video content can be used for paid/non-paid digital advertising leading the consumer to go to the site and browse through or purchase. It pays to invest in video marketing, as the ROI over a period is going to be highly profitable for you.

As you can gauge by now, digital marketing is an intrinsic lever to grow your e-commerce business. What are you waiting for? Start now! Subscribe to our blog to gain more insights on e-commerce. You can also sign up for a demo of our Payments Solution to understand the value that we can bring to your e-commerce venture.

7 years ago
Realizing the Potential of E-Commerce in Philippines
Mohab Super Merchants 0

Realizing the Potential of E-Commerce in Philippines

Philippines has always been ahead of the curve in ASEAN when it comes to embracing mass market technologies. First it started with SMS, and then came Facebook penetration, which is really high (50% +) in Philippines, as per recent studies.

What’s the future for Philippines?

Well, all indicators point out that Philippines is ripe for an e-commerce boom. E-Commerce is projected to grow at a 10 year CAGR of 34% with e-commerce accounting for 4.7 % of total retail in the country*. The Asia Pacific nation has witnessed a large number of merchants taking to e-commerce to sell their goods locally and globally without really pumping in capital.  It is a classic case of e-commerce adoption by merchants.

The ingredients for a massive e-commerce boom are already in place in Philippines. It is not just SMS & Facebook penetration. Smartphone penetration in the country stands at 117%, which is among the highest in the world, according to IDC research. The rise of smartphones in the Pacific Island nation is a good ingredient for sustaining a strong and robust mobile commerce landscape. Mobiles will play a key role in e-commerce growth in Philippines, as not many can afford laptops.

As a testimony to the potential to mobile commerce, 60% of shoppers on Lazada, shop through the mobile^. Lazada is Philippine’s largest online marketplace.  While releasing an e-commerce roadmap for the country, last year, Philippines’ Department of Trade and Industry has pointed out that the country’s 930k+ MSMEs are being urged to leverage e-commerce to tap the global marketplace and achieve business growth. The pacific island nation’s government has been pushing MSMEs to enter the global value chain & gain global market access via e-commerce.

This goes to show that Philippines is poised to make a huge mark in the global e-commerce landscape. As MSMEs from the country seek global market access through e-commerce, we at PayTabs are committed to Philippines by providing a truly global payments solution, which keeps international payment worries at bay for merchants in Philippines. Sign Up for a Free Demo to experience the true value of PayTabs.

*Data Source: Report by Google & Temasek 

^Data Source: ASEAN 2017: Prosperity for All Summit

7 years ago