When making an online purchase customers are able to go to any number of online stores to make a selection. So how do they decide where to shop? Sure, having the product the customer wants in the variety and style is certainly important, but there is much to say about the customer interaction.

Unfortunately, with online shopping there is little face to face interaction that can be accomplished so the customer bases his or her impression of your online shop through their experience.

For a solid experience, it helps to have a streamlined payment process. Knowing that payment was secure, fast, and efficient can help increase customer retention rates and encourage customers to come back time and time again. Below, we have set out just a few examples of how having a smooth payment process can help increase customer retention rates.

1. Easy Checkout

To increase your customer retention rates, it is vital to have an easy check out experience. This means that once the customer decides to purchase their product, it needs to be easy to complete the order. Having a streamline system can help with this tremendously. Make sure to ask for as little information as possible to help prevent the buyer from being bogged down with questions. If the online form to complete for payment is readable and easy to understand, customers are more likely to complete their purchase and return.

2. Hosted Payment

In order to gain your customer’s trust and to build the loyalty in your own small business and brand, it is important to use an online hosted payment company to help facilitate check out. Not only does this help improve customer loyalty, but it also can help protect your small business. Using a hosted payment company will help to reduce the amount of charge back accounts and can minimise the amount of responsibility on your shoulders to maintain the customer’s payment information. A hosted payment site will make running your small online business easier while helping to increase customer retention rates.

3. Be Transparent

When your customers are making their purchases, it is important to have a transparent website. This means that your customers should be able to fully see what parts of your inventory are available and in stock and in what variations. This should be easy to read and interpret. Further, going through the checkout experience, your customer should be able to see an accurate delivery timeline to be able to except when their package will arrive. When dealing internationally, it is important to ensure that these same transparency rules are in effect for border to border transactions as well.

4. Accurate Conversion

Working globally, it is important to have fast and accurate currency conversions for your customers. In today’s world, working between countries and currencies is vital for success. Therefore, you must make sure that your online shop is able to accommodate for different currencies. Make sure that you are doing the converting and not placing the burden on your customers. Forcing your customers to do the work themselves will greatly reduce the amount of customer retention you can expect to see.

So, while these are great tips on how to increase customer retention, how does one go about accomplishing this?

  • Use a faster payments service – If you’ve got to pay a retailer and want to continue doing business with them, consider using this faster payments service which will enable you to pay them in a timely manner. They’ll appreciate this considerably and your business will go up in their estimations.
  • Fix your checkout process – if you still haven’t streamlined the checkout process, take a look at these tips and see what upgrades you can implement.
  • Offer multiple currencies – make your products/services more appealing to global customers by making your store compatible with multiple currencies.

Retaining clients can be tough, but it’s an essential part of business that you need to perfect. Make payments easy for customers by analysing your existing process and taking on the above advice. It may take time to get things working perfectly, but eventually you’ll have a business that customers won’t be able to resist buying from.

One Comment to: How Streamlining Payments Will Increase Customer Retention Rates

  1. Damien

    June 25th, 2017

    Hurrah, I was trying to convince my boss about our need to have more payment options and that’s what I was seeking for, what a information! present here at this website, thanks admin of this website.

    Reply

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