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4 building blocks of the perfect payment experience
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4 building blocks of the perfect payment experience

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Did you know that every business has at least 50 customer touchpoints? It’s a marketing term for areas where the customer directly interacts with the business: website, office, social media pages, product packaging, phone calls, and more. As with any company seeking to thrive, your main goal is to make sure your customers are happy at every step of the way with your product.

Among all the touchpoints, your customers’ payment journey is the one that deserves special attention. Today's tech-savvy people appreciate the convenience, speed, and security of payments more than ever. It’s essential for merchants to give customers the desired comfort at every stage, from the moment the "Pay" button is pressed to the notification of a successful transaction.

Let's find out what the perfect payment experience actually looks like from a customer’s point of view and what work needs to be done to achieve it.

4 signs of a successful payment experience

Frictionless checkout

Fast and hassle-free payments are a new reality that everyone loves. Capricious shoppers no longer put up with the need to switch between multiple screens or constantly re-entering information to make a payment. Contrariwise, they appreciate an intuitive checkout interface and minimal efforts to complete a purchase.

18% of customers leave their shopping carts because of the slow or complicated checkout process.

So, your main concern here is to minimise the number of actions a customer takes to make a payment on your site. Here are the must-have features for your checkout page:

  • “Remember me” feature to eliminate the need for repeated payment data entry.
  • Abandoned cart recovery to take care of the customers who forgot to finalise their purchase.
  • Localisation to switch to the right language and display your customers’ local payment methods first.
  • Customisable UI to adjust the checkout page to the overall visual concept of your site.

This minimal set of features can greatly boost your conversion and keep your customers coming back to you again and again.

Preferred payment methods available

A lack of payment methods is one of the main reasons why customers abandon their shopping carts. This further confirms that buyers want a personalised shopping experience, including the freedom to choose a payment channel. Whether your business is local or covers multiple countries, customer payment preferences may vary greatly. With this in mind, your top priority should be to provide them with flexibility in the available payment options.

60% of customers report they will become repeat buyers after a personalised purchasing experience.

It should be specified that a top-notch payment experience isn’t about offering as many payment methods as possible. It’s about offering the right payment methods. We encourage you to review the latest payment reports or send a short survey to your customer base. These simple steps will help you make an informed choice regarding which payment options are worth integrating.

Absolute payment security

In addition to the checkout convenience and availability of the preferred payment methods, e-commerce customers always prioritise protecting their financial data. The slightest doubt about payment processing security can keep them from making a payment on your site. Plus, any security breach may cost you money and a carefully crafted reputation.

17% of shoppers abandon their carts during checkout because they don’t trust the site.

The four pillars of solid data protection are:

  • Thorough security checks
  • Safe data storage
  • Staff control
  • Compliance with all applicable regulations

Don’t forget to check out our 5-step payment risk mitigation guide.

Quality and level of data security directly depend on the processing solution you choose. Ensure that your payment intermediary takes all the necessary measures to keep your sensitive information highly protected, including risk assessment, independent testing, and monitoring.

Always up-to-date technologies

The rapidly evolving fintech environment sets a high bar for both industry players and merchants implementing payment tools on their sites. If you have an outdated payment infrastructure with limited flexibility, you won’t be able to give your customers what they want from the payment process. Thus, forward-thinking businesses must innovate to keep up with customer expectations.

According to Twilio, less than 1 in 4 brands have the necessary technology to engage with customers consistently.

While many businesses still believe that having whichever payment solution is enough, up-to-date processing with rich functionality will be your trump card. By integrating Corefy’s payment orchestration platform, you can be sure your customers will always have cutting-edge technologies and refined payment tools at their fingertips. We help merchants keep up with the financial landscape changes, including connecting innovative payment methods through the payment dashboard, expanding capabilities, and delivering new features for efficient payment management and processing.

As we see, quality products and top-notch customer service aren’t enough to satisfy picky customers. The payment experience you provide is the cornerstone of your business success. Partner with us to get all set for centralised, standardised, and streamlined payment acceptance.

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