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Payment insights: five ways to increase revenue and conversions

Payment processes are an essential part of eCommerce – a seamless design and execution can significantly impact your business’s bottom line. A study by Baymard Institute found that 69.99% of shopping carts are abandoned before checkout, with payment issues being the primary reason. 

The study illustrates how smooth payment processes can increase conversions and revenue. Here are five key insights to help you improve your payment process and boost revenue:

Insight 1: Offer Subscription and Recurring Payment services

Subscription and recurring payment services are becoming increasingly popular and offer a convenient way for customers to manage their payments. By offering these options, you can increase customer loyalty and revenue, as clients are more likely to subscribe to your products and services if they can set up recurring payments.

Offering recurring payments can also reduce cart abandonment rates, as customers do not have to enter their payment information repeatedly. This can lead to increased conversion rates as the checkout process is streamlined and more convenient.

Insight 2: Embrace Buy Now Pay Later (BNPL) options

Subscription and recurring payment services are becoming increasingly popular and offer a convenient way for customers to manage their payments. By offering these options, you can increase customer loyalty and revenue, as clients are more likely to subscribe to your products and services if they can set up recurring payments.
Offering recurring payments can also reduce cart abandonment rates, as customers do not have to enter their payment information repeatedly. This can lead to increased conversion rates as the checkout process is streamlined and more convenient.

Insight 3: Tackle cart abandonment with One-Click Checkout

Cart abandonment is a significant problem in eCommerce, and it can significantly impact revenue. One of the primary reasons for cart abandonment is the length and complexity of the checkout process.

To tackle cart abandonment, consider implementing a one-click checkout process. This process allows customers to complete the transaction with a single click, reducing the number of steps and making the checkout process more convenient. This way, you can increase conversions and reduce cart abandonment rates.

Insight 4: Optimise your payment process for mobile

To increase revenue with mobile payments, businesses must ensure that the payment process is optimised for mobile devices. This means that the payment page must be visually appealing and easy to navigate, and it must load quickly on mobile devices.

Additionally, businesses must ensure that their payment gateway is secure and reliable and that it can process mobile payments efficiently. By providing customers with a seamless and secure mobile payment experience, businesses can build trust and drive repeat business, ultimately leading to increased revenue.

To further increase revenue, businesses can also consider offering mobile-specific promotions and discounts to incentivise customers to make purchases using their mobile devices.

Insight 5: Offer local payment methods

Subscription and recurring payment services are becoming increasingly popular and offer a convenient way for customers to manage their payments. By offering these options, you can increase customer loyalty and revenue, as clients are more likely to subscribe to your products and services if they can set up recurring payments.
Offering recurring payments can also reduce cart abandonment rates, as customers do not have to enter their payment information repeatedly. This can lead to increased conversion rates as the checkout process is streamlined and more convenient.

Bonus Insight: Use payment analytics

Using a payment analytics tool like TRU Insight will help you power your business decisions and increase revenue and conversions.

It provides valuable insights into payment behaviour and trends, and by analysing payment data, businesses can identify areas for improvement in their payment process, such as reducing cart abandonment rates or improving the checkout experience.

Payment data analytics can also help businesses optimise their payment options, as they can see which payment methods are most popular with customers and adjust their offerings accordingly.

In conclusion, businesses looking to increase revenue and conversion must focus strongly on their payment process. By implementing these strategies, together with a powerful analytics tool and a secure payment environment, businesses can optimise their payment process to drive growth.

A strong partner like TRU Insight will help you stay ahead of the latest payment trends and utilise data-driven insights to drive growth and increase revenue through their payment process. Learn more today.

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Security is our top priority at Trust Payments and we strive to ensure that all data is kept secure at all times We keep all customer data safe with AES256 encryption, SSL Certificates, and a minimum of TLS1.2, between your website and our datacentres.

Our systems are scanned quarterly using the Qualys PCI Platform, an independent Qualified Security Assessor (QSA) and approved vendors – Omnicybersecurity (UK) & Forgenix (US) – to ensure compliance with the security requirements of the card schemes.

We follow a number of rigorous security procedures on a daily basis including, but not limited to, continuous monitoring of our perimeter, dark web monitoring, and internal checks to ensure that CIA triad is maintained at all times.

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