Online payment platforms are a great way to make transactions, but they are often not utilized to their full potential. Today, consumers have more options than ever when it comes to using a payment platform, and many of them can enhance your experience as an online shopper. Utilizing these tips and tricks will help you take advantage of what some of these platforms have to offer.
What Is A Payment Platform?
A payment platform is a system that facilitates the transfer of money from one account to another. It can be an online service or a physical point-of-sale terminal. Customers use them to pay for goods and services at brick-and-mortar locations and online stores, and by businesses to collect payments from customers. Payment platforms offer various forms of payment, such as cash, credit card, debit card, and PayPal. Advantages of using a payment platform include:
- You can accept payments from customers using payment platforms without developing one yourself.
- It simplifies the process of accepting different forms of payments and can be customized according to the needs of each business.
- A payment platform also offers you access to new markets as it allows you to accept foreign currencies and other forms of payments like PayPal, Apple Pay, Google Pay, etc.
- Customers can make payments from anywhere, anytime.
How To Choose A Payment Provider?
The payment platform is the backbone of your business. It’s the way you process payments, get paid, and manage your finances. Choosing a payment platform that meets your needs can be daunting, but it doesn’t need to be. Here are some things to think about when choosing a payment platform:
- Do you want to use the same platform for processing and managing transactions?
- What kind of features do you want?
- Who will manage the account?
- Does it offer features that will make running your business easier?
- Is customer service necessary to you?
Moreover, you should consider the fees that certain providers charge. If you fail to factor in the fees, you can find a large chunk of your profits disappearing to the provider. Payment platform fees are the charges that a payment platform charges for its services. They usually charge a percentage of the transaction amount as a fee.
The fee can vary depending on how much you transfer and what type of account you have with that particular payment platform provider. Some providers will charge more than others. For example, it is well-known that PayPal fees are considered some of the highest due to their dominant market share. Therefore, you should consider whether you are prepared to pay more to make your customers more likely to purchase from you.
How To Better Utilize Online Payment Platforms
Most businesses need these platforms to conduct business, but many are unaware of what they can do to improve the service they provide for their customers and save money. So let’s look at what you can do to utilize these services better.
Choose A Provider That Allows Mobile Payments
Online payments have undoubtedly changed the way the world does business. The convenience of paying for a product or service with a click of a button has made it easier for merchants to earn money and for customers to make purchases. Today, it’s not just about having a PayPal button; businesses should also offer more popular mobile payment options. Mobile payments are a form of electronic payment in which a person can pay for goods or services by using their mobile phone or another electronic device to connect with a merchant’s point-of-sale system. Google Play, Apple Pay, and Samsung Pay are the most popular mobile payment methods. Fortunately, most eCommerce solutions allow merchants to add these options to their store, making it even more likely that you will make a sale.
Provide A Wide Range Of Payment Options
Providing a wide range of payment options is an essential part of ensuring that your customers can make the purchase they want without worrying about how they will pay for it. By only providing a limited number of options, you decrease the chances of successfully closing a sale. When a company offers its customers a wide range of payment options, they give them more flexibility and convenience when it comes to paying.
Allow Visitors To Pay Without Creating An Account
Both merchants and customers enjoy the benefits of using user accounts. By creating a user account, visitors can monitor, modify, or update their orders. Owners of the site receive a list of leads with contact information in exchange. On the other hand, requiring visitors to create a new account is likely to scare them away, which will result in a lower conversion rate. Therefore, you should be open to having two options. The first allows customers to create an account, while the second will enable them to purchase as a guest.
Payment Redirects Should Be Avoided
A payment redirect occurs when a customer has to visit the website of the payment processor in order to complete the purchase. For example, in most cases, when a customer uses a PayPal button, they are redirected to a page hosted by PayPal where they can make the payment. In the case of PayPal, this isn’t much of an issue because it is such a well-known brand. Nevertheless, if your site uses a less popular payment gateway, choose the in-context experience to integrate your payment form into your site. This makes the entire experience far more seamless and keeps your customers on-site and less likely to abandon their carts.
Ensure That Payment Information Is Secure
With the advent of data protection regulations, it is essential to keep your customer’s data secure. Aside from the fact that it keeps your business in compliance, it also fosters trust between you and your customers. At the most basic level, your site should include an SSL certificate (preferably a paid option). Once you’ve set up your security architecture, be sure to promote it on your website. When site users believe their financial information is secure, they will feel more comfortable entering it.
Online payment platforms are a great way to bring goods and services to your customers, but you need to be careful when implementing these new payment options. You can be one of the many businesses that successfully use online payment platforms by following the tips above.