Have you considered how much you could increase your online store’s sales if you change payment gateways? What methods do you currently use? Do they fit your customers’ preferences and your business needs? The key to unlock these questions is choosing the optimal payment gateway.
How does a payment gateway work?
Increasing sales is the main goal of any business and you can easily achieve it by choosing the right payment gateway and combining it with a dashboard from which to track your eCommerce transactions. It is the perfect combination for:
- Analysing all transactions.
- Optimising the operations that have been rejected and controlling your customers’ payments.
- Understanding user behaviour with the help of interpretable graphics.
- Accessing unlimited lists of filtered transactions from statistics you want to analyse.
- Comparing real-time business results with historical ones, identifying errors, and applying results-based improvements.
Controlling your online business with a single click is possible with the most advanced technologies in online payments.
Why can a payment gateway help you boost your sales?
When users or customers decide to make an online purchase, the process that worries them the most and generates the most distrust is payment. However, if they find payment methods that are familiar to them and they use regularly, their confidence increases and, therefore, the chances of making a purchase and returning to that online store afterwards.
That’s why eCommerce sites have lots of work ahead:
- Identifying the type of customer and methods that best suit him. For example, the growing tourism coming from countries such as China or India is causing many European businesses to incorporate payment platforms with specific solutions (WeChat, AliPay+, RuPay).
- Establishing omnichannel payments. Letting different payment methods coexist and connect them through a strategy based on user experience. The goal is for consumers to choose which channel to use to make their purchase and for them not to be directed to an external page.
- Identifying pain points and correcting them. Where does the online sale of your products fail? The lack of a unified login and a common interface, loading time, confusing prices and few alternatives in payment methods are the main reasons your sales are stagnant.
All e-commerce businesses need to optimise their sales processes with the solution that best suits their needs. And payment gateways are the right tools to increase your sales for several reasons: they help you recover lost leads through the buying funnel and help you sell more and better because they fit users’ interests.
Advantages of having an appropriate payment gateway for your eCommerce site
Companies benefit from having a payment solution with several options perfectly tailored to their needs. Beyond the undisputed increase in sales, they can find the following advantages:
- Reduction of chargebacks or refunds.
- Standard payments tailored to business needs.
- Increased security and lower risk.
- Business control through a powerful dashboard for the industry.
- Better user experience with the online store.
Did you know that one of the main keys to success in the internationalisation of the company is to have the right payment method according to local habits to obtain a large volume of sales?
Summary of increased sales in your eCommerce site
Generally, we tend to think that payment gateways are software designed solely to facilitate transactions in an online store, between bank and commerce. But this is not the case. These tools have many more functionalities, allowing e-commerce sites to optimise their sales and strategies. The payment gateway is a strategic element of your business, and you don’t want to choose it lightly.
Choosing a payment platform is not an easy process. It is one of the preeminent questions in the process of setting up any e-business. Checking service costs, information to consider when talking to a provider, typically associated costs, integration and usability, fraud prevention, and the added value to your industry or vertical, among many others, are key points to consider. And unless you’re a payment technology guru, you’ll need help setting up.
The perfect formula to increase sales is purchasing a payment gateway adapted to your business and a dashboard to analyse behaviour.
You’ll be giving your customers what they need (payment methods tailored to their preferences and countries of origin, trust and security) and leveraging information on shopping habits and transactions to identify pain points and improve. Without a doubt, a payment platform will improve your conversion rate. At the same time, you are safe from chargebacks, using the most advanced technological tools for payments, which are specialised in businesses like yours.