The benefits of simplified merchant payment processing
Being able to attract a customer base as an eCommerce business is a difficult process, but retaining them is just as hard. Having everything a shopper needs is a long-winded process, but when eCommerce businesses have plenty of ways to make sure their customers are taken care of, repeat business is much more likely.
The benefits of payment processing should be taken into account if you are working towards improving your existing eCommerce business, or if you’re about to take the plunge and begin building one for yourself.
Having simplified merchant payment processing systems in place will reduce frustration amongst users, and allow shoppers to have an enjoyable experience, all whilst you’re still making a profit. If you’re stuck with a clunky payment gateway, you could be turning away sales and cash that your eCommerce needs to survive.
Instead, you can decide to ditch the dodgy payment methods and choose a simplified merchant payment process. If you’re not sure whether or not it’s worth it, we’ve broken it down in this article, including:
Accept credit and debit cards
Being able to meet your customer’s needs with speed and efficiency is necessary to keeping your customer base for a more sustained amount of time. If your payment process doesn’t have a variety of options, then you may lose customers to businesses that do.
By accepting both credit and debit cards, you’ll be able to accommodate many more people who are looking to spend money with your business. Any bank account with cash ready to spend is important to your eСommerce company, so having online payment options that go beyond a debit card is key. It might seem like an obvious start, but missing this type of payment will be detrimental to your business’ success.
Integration with your website
There are lots of different types of online payments, card networks, payment gateways and methods that can be used across a whole host of different websites across the internet.
As a result, having as many payment methods integrated seamlessly into your website as possible will boost the chances of shoppers checking out and spending their money with you. This needs to include every step of the process, however, this can slow down your site so be careful!
Alternative payment options
Shoppers want just as much choice in payment options as they do products to buy. Having a credit and debit card option is no longer enough as newer, faster forms of technology have been developed.
Convenience is at the heart of customer experience and satisfaction, as creating a path with the least resistance for shoppers to travel along will save them more time and make you more money. So, have as many alternative payment options as possible. These can include methods such as:
- Apple Pay
- Google Pay
- Store credit
- Reward points
- Buy now, pay later
Avoid faulty payments
Creating a smooth, easy and enjoyable user experience not only generates stronger brand credibility and trustworthiness but also reduces the chances of abandoned shopping carts and lost profits.
Avoiding faulty payments on your site not only saves time for your customer base but also strengthens the reliability of your service and your product. Error screens instead of checkout screens have the opposite effect and can cause worry amongst shoppers. Simplified payment processes have fewer elements to create a faulty result, meaning more complete checkouts, more happy customers and more profits.
Secure payment systems
Simplified merchant payment processes also offer a level of security for customers using their personal information to checkout.
No matter how many times shoppers use their financial information online, the importance of security never changes, so having a secure payment system is vital to retaining credibility and instilling a sense of trust within shoppers. Having a payment processing system integrated into your website will boost the security measures behind payments made, keeping your business safe too.
Save time on admin procedures
Having space and time to focus on building your eCommerce business is vital to growing success and profits. But, if you are wasting time on admin procedures due to a clunky payment processing system, you will not be able to direct your attention to what matters.
Having a smoother, simplified payment process on your website will take care of the admin tasks that come along with transactions. From updating inventory, managing invoices, responding to shoppers and handling technical updates and changes, a clever payment solution will take care of it all.
How Fondy can help
Whether your marketplace business has been in action for years, months or a matter of days, a simplified merchant payment processing system will lead to a huge boost in complete payments.
The benefits range from simply covering admin tasks for you, to vastly improving customer experience and satisfaction. But, whether you are a huge company or a small business, if you’re not too sure where to get started, Fondy has the support you need.
Take your eCommerce business to the next level with Fondy’s one-stop payment solution. We’re passionate and specialists in the customer and merchant experience space, working since 2016 to create solutions designed with you.
Knowing how to implement a payment processing system into any company, regardless of the scale, our services will work to ensure that you and your customers will be able to enjoy the best of the best.
From checkout services to a more in-depth system that supports recurring and split payments, your customers will trust your business and come back for more.