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Expand Your eCommerce Business by Offering Newer Payment Options

Expand Your eCommerce Business by Offering Newer Payment Options
Mohab Growth Hacks 0

Expand Your eCommerce Business by Offering Newer Payment Options

The e-commerce landscape is changing drastically. According to the latest trends, when it comes to the entire shopping experience, customers are looking for flexibility and convenience. With regard to that, the payment function online is very troublesome. Most of the customers will cancel their purchases if their favorite payment option is not available.

According to a survey by YouGov, more than 40% of the participants said that they feel more comfortable if the web store they have chosen offers multiple gateways and different modes of payment. E-Commerce sites are offering more and more payment options. With digital wallets and contactless & mobile payment options, people are looking for credit card alternatives.

In order to maintain a higher conversion rate, you need to be aware of the growing demand of customers for better alternatives and inclusion of popular methods of payments. Because of the diversity of demographics and the choices available, people have developed biases against particular modes of payment – and it can either be a credit card or a particular digital wallet.

Here are a few necessary things to take care of when offering payment options:

Make it convenient, simple and easy
Convenience is the key when it comes to choosing the mode of payment. Many people abandon the effort when they reach the Shopping Cart because an e-commerce web-store doesn’t provide them with the required payment options. Customers get impatient and demand better service and ease of use. So, if you provide additional modes of payment, you make the life of your customer easy.

Bring in a touch of professionalism
If you take customer psychology into consideration, you will find that that web stores that provide multiple modes of payment look more professional, reliable and worthy of endorsement.

Capture an international audience
With lots of choices available, you will do better to have an eye on international customers who have to use different modes of payment according to their personal and local preferences. Forget about countries, sometimes even different regions in a country have different preferences.

Create loyal customers
customer frustration is not just about preferred modes of payment. Transaction failures are also responsible for customers looking for alternatives. Sometimes, they get frustrated when they choose a particular mode of payment and the transaction fails repeatedly. Even customer support is not able to address these issues immediately and the entire experience may result into customer leaving your site and going to your competition.

According to the research firm, Bain and Company, if you increase the rate of customer retention by 5%, you are definitely heading towards increasing your profits by more than 95%. So, give your customers a wide range of options, so that in case of transaction failure, you can still divert them to another mode of payment and save their purchase.

Choose the right option between Integrated and hosted gateways
Again, there are two types of payment gateways:

  1. Integrated gateways
    With integrated gateways, the customer performs the entire checkout process on your website without being redirected to the third-party website. It offers them the smoothest experience, but it can be less secure. In this case, the responsibility of maintaining security lies on you as the service provider. Make sure that you are PCI compliant, so that the payment process taking place on your website is safe and secure.
  2. Hosted gateway
    When you redirect a customer to a hosted gateway, they are being directed to a third-party website which takes care of the customer’s transaction. In this case, customer experience might suffer. It is not as smooth as the first option, but in this case, you need not worry about the security issues as the responsibility of maintaining security lies with the third-party website. If you are a startup and have a low budget, you can go for this option, because to ensure security you need to invest heavily.

 
Therefore, payment gateways play an important role in customer retention and customer experience. Make sure that you provide enough payment options to your customers, so that they love the entire experience on your site and, especially when they are making their payment. It will ensure less customer loss or abandonment at the shopping cart and increased customer loyalty.

8 years ago
Changes in the E-Commerce Landscape That Could Affect Your Business
Mohab Growth Hacks 0

Changes in the E-Commerce Landscape That Could Affect Your Business

It is no news that merchants have been making the most of the e-commerce boom for quite some time now. Most businesses these days sell products as well as services online, to customers sitting in far-flung parts of the world.  While the internet has opened up a whole new world of opportunities to merchants, there are certain things you should focus on if you wish to thrive as a virtual business. As the e-commerce landscape is constantly changing, if you want to stay ahead of competition, here are the things you should keep in mind:

Offering multiple payment options

If a shopper visits your website, likes a product, clicks to buy, but sees that you only accept credit cards, he or she might abandon the cart. This is because they were probably looking to use their e-wallet. Naturally, you will lose valuable customers this way. Luckily, these days, there are payment gateways like PayTabs that allow merchants to accept many different currencies and multiple payment options like Visa, MasterCard, Union Pay, WeChat Pay, American Express, Sadad and more. Hence, as a business, you have a better chance to convert potential shoppers into actual ones if you offer more payment choices by adopting these gateways.

Make social media work for you

Social media platforms like Facebook and Twitter have become smart ways to advertise products online as well. Hence, businesses of all sizes have the scope to compete and connect with customers and turn them into loyalists. So, you should focus on social media marketing, create engaging posts, and interact with potential shoppers to build trust and confidence. Remember to accept both positive and negative reviews to get better.

Go mobile or get wiped out!

More and more online shoppers are using their mobile devices or smartphones to make purchases these days, be it a pizza or a gold ring! It is expected that by 2019, sales through tablets and smartphones can be as much as $150 billion. So you see how important it is to make your e-store mobile friendly. Or, you will lose out on sales. Adopting a payment gateway like PayTabs is also essential to make the payment process seamless and easy on mobiles.

Don’t ignore Omni-channel marketing

There was a time when people could make purchases only through a merchant’s website. But those days are long gone. You can now use social media, mobile apps, emails and even SMS to connect with your audience, inform them of sales and such, and make it easier for them to shop from you. This way, you will open up multiple channels to them for convenient shopping. Are you worried that managing the revenues from these different channels will be tough? Don’t worry as thanks to gateways like PayTabs, payment integration irrespective of the transaction channel is a reality.

Focus on customer service

The world of online shopping has become intensely competitive over the years. Customers today have more options than ever before, whether it comes to brands, type of products or benefits. So, in this scenario, great customer service can take you a really long way! But it is often expensive to set up and manage a call centre, especially if you are a new business. Though automated chatbots are popular and widely used by many e-stores, they are not always personal and don’t provide the support needed. Hence, a better idea is to use IVR or Interactive Voice Response which will work round the clock to cater to customer needs.

Payment security is very crucial

Online shoppers will only trust you when you use a secure payment gateway like PayTabs. This is because online frauds, identity thefts and phishing are on the rise. Hence, using a gateway that is PCI compliant makes total sense. Such a gateway will protect customer details, transaction data and prevent fraudulent attacks.

Finally, you see how surviving and succeeding in the e-commerce landscape is a tricky business! But with a little foresight and discretion, you can make technology work wonders for you. Just keep the above tips in mind and stay abreast with changes.

8 years ago
The Questions to Ask Before Evaluating Payment Processors
Mohab Ecommerce 0

The Questions to Ask Before Evaluating Payment Processors

The journey of entrepreneurship is not easy. Your day starts with a fresh challenge and most of your time is spent clearing obstacles. In the meantime, you are unable to pay attention to the small details that might be critical for your business if not taken care of. Choosing a payment processor in a hurry is one mistake that may cost you dearly in future.

Take a pause before you zero in to select a payment processor.

Don’t get swayed by the sweet talks of the sales guy.  Ask questions that will help you choose the right payment partner for your eCommerce business or physical store.
Always keep your objectives in mind and projected data ready, when you start asking questions.

As a business, your business model, priorities, and strategy can be different from other businesses.  So, a processor that works for your neighbor or a friend may not work for you.

To help you with this, we have created a list of things you should check before you give a nod to a payment processor:

 

Additional fee charged 

Processors normally charge a transaction fee, but some of them can also charge an additional fee in the name of a regulatory fee, some monthly fee, compliance or statement fee, etc.

These are charged upfront, but if the cumulative fees cross $200 per year for physical stores and $300 per year for E-Commerce retailers, it’s a red flag. Remember, there are additional service charges associated with the online shopping cart already.

Connectivity or speed of payment

This is a big issue as most of the payment processors use a software known as authorize.net. This software connects your shopping cart with the processor, but in some countries, they use some proprietary software, which may or may not work with your shopping cart and this may lead to connectivity issues. So, make sure that you are able to receive the payment from day one.

User experience

User experience should be good for both the merchant and the payer. The processor should offer robust customer support so that the merchant can handle different issues quickly and resolve the technical issues as well. As far as payer is concerned, payment process should be easy and convenient.

Deterrence against risk

If you are running a business where frauds are frequent, you should partner with a processor which offers excellent risk management capabilities. As the business grows, the probability of fraud also increases, so be proactive.

Share in payment processing fee

E-Commerce companies also get a small share of revenue from the fee that the processor charges for processing payments. This might be small in individual transactions, but when the transactions multiply with sales growth, this can become a big source of revenue.

Robust customer support

Make sure that you partner with a processor that offers robust customer support. They must take care of their clients and respond to their emails and phone calls instantly with a positive mindset.

Feature-rich processor

Sophisticated processors come with several exciting features that enable excellent services being offered to merchants such as “push to debit” solutions so that they can get access to their cash quickly.

Data analysis

Some advanced and sophisticated processors offer data analysis facilities, where in the merchants can see the data and analyze it themselves. It is beneficial from different angles and these features can be used by merchants for monitoring and understanding data for decision making.

Finally, make sure that your processor is known for offering excellent customer support. Check reviews and word of mouth recommendations. All of the above points are important. Analyze your business needs, keep your projections ready and engage in some straight talk.

One right question may alter your destiny for good.

8 years ago
A Guide On How You Can Bring Automation To Your Online Business Part III
Mohab Ecommerce 0

A Guide On How You Can Bring Automation To Your Online Business Part IIIImage credit: MaxPixel

Make the most of the latest and greatest in tech and save valuable business resources. From financials to marketing, all elements of your business can be streamlined and speeded up. 

In our last post in our automation series, learn more about time-saving tech.

Time-saving tech

Running a website and busy inbox can take its toll, so save time with the help of technology.

  1. Cloud computing is a massive leap forward when it comes to managing content and files. Don’t risk losing valuable data because of a messy folder structure; automate file management and version control with a cloud-based system. This is feasible for even the smallest startup, whereas larger firms have the option to upgrade to more bespoke enterprise cloud computing solutions.
  2. Automated backups of your website database and file and database cleanups aren’t difficult to implement. Use smart tools and plugins to help cut down on admin time when it comes to website management.
  3. Email filtering and auto-responders are more sophisticated than ever thanks to AI technology. You can create email ‘recipes’ and funnels that massively cut down on time spent filtering inboxes and dealing with inbound requests. You may even want to invest in helpdesk software to scale your operations.
  4. Inventory and supplier automation often have significant cost-saving and profitability benefits. Models like Amazon FBA and dropshipping aren’t for everyone, but they can help massively decrease your overheads as an e-commerce brand. Even if you got it alone, it’s recommended that you select an online store builder that works with other tools and services. For example, building a store through Shopify means having instant access in-built refunds and returns, whereas store owners on Drupal would have to separately code a lot of features — including basics like social sharing and blogging. Think about how the technology you choose helps — or limits — your choices.

Whether it’s customers, suppliers, or virtual assistants, it’s important that automation is an end-goal all departments share.  Automation should never be a dirty word in your business. As an online entrepreneur, you are in the perfect position to explore automation across your business — from marketing to finances.

About the author

Victoria Greene is a branding consultant and freelance writer. Big fan of automation when it comes to content marketing. Helping ecommerce brands and startups scale faster and better.

8 years ago
A Guide On How You Can Bring Automation To Your Online Business Part II
Mohab Ecommerce, Guest Posts 0

A Guide On How You Can Bring Automation To Your Online Business Part II

Image credit: Flickr

It doesn’t matter whether you sell services, products, or even just share content with your online audience: any online business is ripe for automation — including yours.

Set out an automation framework to help you scale and manage your automation operations — find out how to do so in part II of our automation series. 

Create an appropriate framework

The main challenge with automation is having the right framework to support your new processes. This means having an all-informed business with robust documentation. Without it, your automation drive will be lost.

You need to embrace:

  • Bots
  • Smart integrated systems
  • Cross-platform and cross-device formats
  • Workflows, processes and tasks — not individual ability
  • Zapier
  • Inventory management automation

Part of successful automation is process management. You can always automate a process.

This is really the crux of the matter when it comes to automation. Do you fancy staying up all night, packing the latest orders of your store? Or manually having to schedule every single blog promo piece for the next 6 months?

I’m guessing the answer is no…

So create a process, automate it, and move on to the more important stuff instead.

A Guide On How You Can Bring Automation To Your Online Business Part II

About the author

Victoria Greene is a branding consultant and freelance writer. Big fan of automation when it comes to content marketing. Helping ecommerce brands and startups scale faster and better.

8 years ago
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