Chargeback changes with the Mastercard Dispute Resolution Initiative
Offering an intuitive layout on the payment page is just the tip of the iceberg in terms of how businesses can deliver a smoother payment flow to shoppers.
Here are other things you can do:
Implement one-click payments: Thanks to a technology known as tokenization, the first time a shopper makes a purchase from your store, they can choose to have their payment details securely stored.
This means that when they make their next purchase, they do not need to re- enter any information, and can simply pay with “one click.”
By minimizing the steps in the payment flow, one-click payments have a significant impact on conversion at the all-important checkout stage.
By not offering these payment options, you are automatically creating a barrier at the checkout stage for the majority of shoppers in these, and many other, markets.
A/B Test: Leading payment technology providers enable merchants to A/B test payment pages, in order to make data-driven decisions about page optimization.
Businesses who do this well can continuously improve the design of their payment pages, and see conversion increases as a result.
Risk management is as much about letting through as many legitimate transactions as possible as it is about stopping fraudulent transactions. Using tools like these will help:
Learn From Historical Data: Learn from fraudsters’ evolving practices and identify the issues that cause false positives (that is to say, genuine transaction attempts that are declined).
Example: Adyen’s Risk Calculator can automatically do this, and suggest rule changes that will minimize the risk of false positives.
Use Dynamic Routing to ensure you only use 3D Secure on high risk transactions, or locations where there is a positive effect on conversion.
Know Your User’s Devices: Use device fingerprinting and cookies to not only identify fraudsters, but to track and prevent conversion issues with genuine shoppers.
If ecommerce is only a part of your retail business, having separate payments solutions for online and in-store creates additional workload and limits your understanding of cross-channel shopper behavior.
It drastically reduces the resources required to manage payments across online and in-store, freeing up staff to focus on other valuable tasks.
It gives merchants an integrated view of shopper behavior across online and in-store, which can be utilized for improved service across these channels.
As an ecommerce business, you’ve invested significant resources into attracting new shoppers to your online store.
Failing to convert the shopper at the narrowest part of the funnel – the checkout page – would be a major loss.
But implementing tips such as these will help you deliver a smooth, seamless payment experience to shoppers, and allow you to capture valuable shopper insights for future growth.
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