Tips on Boosting Your Payment Acceptance Rate

It’s safe to say that the integration of the internet and smartphones has irrevocably transformed consumer behavior and raised the level of expectations. The modern consumer simply doesn’t settle for anything other than uninterrupted, seamlessly functional user experience—particularly in the payment processing area. What they want is a multichannel and personalized approach that works seamlessly on all of their digital devices.

Since successful payments directly impact revenues, merchants have started placing a bigger emphasis on enhancing their customer experience in terms of payment processes. Here are some pro tips on boosting your payment acceptance rate.

Optimize the Design of the Payment Page

When it comes to optimizing your payment acceptance rate, the key is to have a design that’s easily interpretable. Having a counterintuitive and cluttered checkout design is likely to frustrate your customers and make them abandon the cart. In fact, according to statistics, an overly complicated checkout is the reason behind 23% abandoned online purchases. Make things easier for your customers by creating a checkout process that is simple and easy to navigate.

Hosted Payment Fields

In order to avoid costly liability wrangles and situations that damage the credibility of your brand, invest in a payment solution that provides hosted payment fields. That means having a payment platform host your checkout payment fields. The platform has PCI-compliant servers that store the sensitive data your customers input into your checkout payment fields securely. This takes the responsibility of securing the payment off your shoulders and provides assurance to your customers.

Customer Recognition with Tokenization

A great way to foster brand loyalty is by recognizing your returning customers through tokenization and providing them with a shorter and smoother checkout experience. A PCI-recognized technology, tokenization used by a variety of major payment platforms, including Apple Pay. The “token” is comprised of a sixteen-digit number that represents a debit or credit card that has been stored or was used in previous transactions.

When a returning customer reaches the checkout process, the tokenization system will use the token associated with that particular customer to pull up the payment information that has been stored in the secure server.

Want your gate-pass to the grand profit feast? We can help you! Here at UIC, we offer an extensive range of hardware and software, that support cashless payments—both offline and online, for businesses operating across different industry verticals. Get in touch with us today to learn more about the secure payment processing solutions we offer.

Leave a Reply