Many organizations offer digital payment solutions to their customers through mobile payment apps, pay-by-text, and other payment methods. However, consumers may have concerns regarding an organization’s payment solutions that deter them from using their payment platform. This, in turn, can lower customer payment completion rates and decrease trust.
So, what types of factors can have a significant impact on whether end-users embrace or reject a payment system? Let’s look below at some payment platform tips and info.
1. Speed: Is Your Payment Solution Fast?
Americans, and many people in the world, not only want things, but they want them fast. From mobile food delivery to Amazon shipping, people are conditioned to expect their products and services quickly. And they expect everything to be delivered as fast as Amazon Prime’s shipping services.
PaymentVision’s own research has demonstrated that consumers and merchants alike feel that speed is a major concern associated with payment platforms.
In short, when it comes to making payments, speed is a determining factor for merchants who are selecting a payment solution for their organization and for consumers who are using it.
2. Design Issues: Is Making a Payment Easy?
Aside from speed, consumers always gravitate towards products and services that make completing tasks easier. Design and development that focuses on the end-user often lead to products that customers want to use, simply because it’s easy.
When you put it in context, paying debts is not exactly a favorite past-time for consumers. So, making the payment process easy for the end-user might be one of the variables that result in payment over nonpayment.
Payment platforms that offer their customers a positive payment experience make payment completions less stressful. And research shows that designing a consumer flow that is intuitive, communicative, and efficient will not only satisfy customers, but will also often increase payment completion rates.
For example, through simplistic design, and other factors, PaymentVision’s PayWeb360 payment platform has increased payment completion rates by as much as 300% for some of our clients.
3. Security: Do Consumers Feel Safe Using Your Payment System?
In PaymentVision’s independent study that in part involved surveying merchants and end-users, we found that security was also a top concern. This makes sense. In today’s world, data breaches, phishing scams, and all-out hacking of accounts can make people very uneasy about committing to the use of payment technology.
So as an organization offering digital payment methods to customers, it’s always a good idea to communicate to customers and clients that not only is payment security important, but to show customers how your payment system is secure – build the trust factor into your brand.
4. Features: Why Should Consumers Use Your Payment Platform?
Some organizations have designed and developed payment apps and other technologies because it’s par for the course these days. But you really must ask sometimes, why would consumers want to use a particular payment platform?
Unfortunately, some payment applications are not customer-centric, are confusing, slow, and make completing a payment task difficult.
Conversely, there are some amazing payment solutions on the market today. Payment gateways that simplify the payment experience from start to finish. Some of the factors that can help improve the payment experience are things like.
- Prefilled data fields
- ADA compliant payment platforms
- Customer-centric language
- Intuitive payment flows
- Autopayment features
- Multi-lingual support
Payment Platform Tips: A Recap
In this blog, we looked at different features and variables that could impact the success of a payment platform. Things like speed, security, ease-of-use, and intuitive design can all have an impact on whether consumers embrace a payment platform. Selecting a platform that makes the payment experience easy for an end-user can lead to increased payment completion rates. This can lower call volumes into a call center and save time and money for organizations.
If your organization is interested in learning about payment services that have been proven to improve payment completion rates, simply request information by using the form below. We’d love to help your organization improve the payment experience for your organization and your customers.
