Getting a Payment Strategy Ready for the Festive Rush

The lead-up to the festive season is critical for e-commerce merchants. With Black Friday fast approaching and the holidays just around the corner, competition is at its highest. Inclusive global payments platform, Ecommpay, is helping merchants capitalise on this busy and profitable shopping window by providing insight into how to ensure their shopping, checkout and payment journey is as positive as possible, removing potential friction that could cause customers to drop off before finalising their purchases and providing options if a payment fails.

Recent Ecommpay and IMRG research found average conversion rates for e-commerce merchants sit at around 58%, and the average customer dropping off does so after completing 90% of the checkout journey. This suggests a significant issue and much room for improvement at the latest stage of checkout: payment.

“Shoppers have a huge number of options when buying online today, and with so much choice even a minor delay or inconvenience in the checkout process can cause a would-be buyer to shop elsewhere,” commented Moshe Winegarten, Chief Revenue Officer, Ecommpay.

“Primary causes for cart abandonment are long or complicated checkout processes, security concerns and limited payment options. Failed payments are another critical factor. A simple one-page checkout process utilising autofill and a range of familiar payment options – including multiple express checkouts and Buy Now, Pay Later (BNPL) options – can make a significant difference to conversions. A ‘try again’ feature for failed payments is another important step merchants should ensure is in their checkout functionality. This is all crucial because any increase in completed transactions is even more valuable in November and December when shoppers typically spend much more than usual.”

Reducing the steps required to complete a purchase by consolidating delivery and payment details into fewer pages, for example, will speed up the checkout process and encourage completion. Activating auto-fill and saved payment details will save the consumer even more time and reduce the likelihood of drop-offs – adding Express Checkout, Click to Pay or e-wallet options such as Apple Pay and Google Pay can help with this, even for new customers. Buy Now, Pay Later (BNPL) options can also boost conversions for customers preferring to spread the cost of their spending. These familiar payment options provide the customer with reassurance around security whilst increasing payment success by removing the risk of human error when typing in card numbers.

To reduce the risk of failed payments, Ecommpay urges merchants to ensure their payment provider enables a range of functions including card on file/one click, cascading of transactions and retries across multiple Bank Identifier Numbers (BINs) and optimised transaction messages based on issuer. For merchants operating across multiple markets, currency choice is another key function that will reduce the risk of failed payments,

A new e-book from Ecommpay, available free from the Ecommpay website, offers e-commerce merchants practical tips for simplifying checkout journeys and optimising payment processes. Topics include utilising alternative payment methods, open banking and tokenization, facilitating global payments and reducing both decline rates and chargebacks.

“In the run-up to the festive season, no online retailer can afford to be left behind because their checkout and payment process is so lengthy customers would rather start again elsewhere”, added Moshe Winegarten. “Removing key areas of friction and making the process as smooth and convenient as possible help boost conversions, reduce cart abandonment, and capitalise on increased consumer purchasing levels. And the benefits go further. If you can give your customers a great experience now, you’re setting yourself up for growth from repeat business into the New Year.

“At Ecommpay, we work with our e-commerce clients to streamline their entire checkout journey, improving the customer experience, conversions, security and profitability.”