E-Commerce Payment Gateways Throws A Curveball At Unsuspecting Website Owners
There are between 2 and 3 million e-commerce sites excluding those in China, which makes online competition quite tough. Apart from product and brand, there are a few things that website owners can do to differentiate themselves from their competitors. One of the areas where they tend to bleed revenue, however, is through the online payment gateway. Without a proper setup, not even the best online marketer can produce enough business to tackle the issue.
You Need To Build Trust
Customers can change their minds on purchases at the drop of a hat for the smallest reasons, however, a major one is failing to establish trust. It’s important to ensure that the payment gateway is able to convey trust to the customers with familiar processes, safety features, and strangely enough, even icons. Customers are more likely to trust what they know.
The Payment Gateway Is Restrictive
Shoppers want their items to go into the basket and then click the “submit” or “pay” button before buyer’s remorse kicks in. The moment visitors find it difficult to complete a transaction, it’s as good as losing a sale. Choosing the right payment gateway is an integral part of closing the sale and boosting customer confidence for future visits. If they know they’re going to have a hard time ordering, it will lead them straight into the arms of the competitors. It should be a simple process that starts with the product selection, viewing the basket, entering payment means such as card details, and finalizing the transaction.
Welcome To The World Of Chargeback Fraud
Convenience is the number one reason customers purchase their goods online in the first place and also happens to be the reason 81% of consumers prefer to log chargebacks as opposed to contacting the merchant. Of the claims made by customers, a number of these are fraudulent and e-commerce sites are soft targets. This is because the technology is simply not able to keep up with the different product codes, which means that logging a dispute is quite easy. Regulations for chargebacks are in favor of customers and have been in lace well before e-commerce sites were even around.
All it takes is a little bit of research and a whole lot of testing to ensure that the payment gateway is not a leaking bucket of revenue or customers. Security and convenience are the two most critical components of an effective payment gateway. For website owners, knowing that sometimes the customer is the sneaky component in a payment gateway can help them prepare for payment fraud.