How Payment Optimization Works
Payment Optimization – What You Need To Know
In the past, online merchants simply had to partner with a payment processor and offer online card payments to increase profits. Now, it’s time to think beyond basic payment processing capabilities and look for more ways to increase payment optimization. The concept of optimization gives e-commerce merchants more ways to make a sale, improve conversion rates and grow profits. Here is what you need to know about optimization.
Go Beyond Credit Cards
The first way to optimize your payment solution is by offering more ways to pay. Businesses that offer multiple ways to pay allow more options for their consumers which can potentially lead to more sales. In one study, eight percent of shoppers abandoned a transaction because of dissatisfaction with the low number of payment options. Payment optimization means merchants should be offering ways to pay outside of the typical credit and debit cards, such as electronic checks, gift cards, mobile wallets and more.
Offer Mobile Payments
Another essential aspect of payment optimization is recognizing the importance of mobile payments. The number of consumers using mobile payment methods has risen from one-fourth of consumers in 2015 to one-third of all consumers in 2018, according to the Federal Reserve 2018 Survey of Consumer Payment Choice. For mobile transactions, it’s all about creating a better user experience. Businesses should focus on developing mobile interfaces that are user-friendly and easy for consumers.
Fighting fraud is another big part of doing more with your company’s payment process. Credit card fraud accounts for more than 40% of all identity theft. Businesses have to be vigilant when choosing payment services. They need to find the right partner that can more accurately detect fraud and prevent making the mistake of flagging genuine transactions.
For more optimization solutions and ways to reach your company’s goals for digital transactions, contact Paragon Payment Solutions today.