As an online retailer, you know the importance of meeting your customer’s needs. The same should be said for your checkout process—how does your payment processing measure up to your shopper’s expectations? Especially when processing high volumes of orders, you need to make sure that your checkout is in tip-top shape.
In 2015 there were 426.3 billion non-cash payments made across the globe, with over a quarter of those being in North America. In an age where barely anyone carries cash anymore, online and in-person debit and credit transactions are the new normal. Now more than ever, e-commerce sites need to be able to effectively process high volumes of payment efficiently and effectively. If not, your business could suffer.
Follow these three tips for high-volume payment processing to effectively manage your e-commerce credit transaction purchases.
1. Fast Transactions
When processing a high-volume of payments, speed is essential. Slow websites cost retailers an average of $2.49 billion in lost sales per year, as 57 percent of shoppers will abandon a web page if it doesn’t load in three seconds. When there are multiple users using your site at once, the possibility of slow wait times increases exponentially.
To protect yourself from losing money, you’ll need to equip your checkout with the best online payment processing solution. This way, your e-commerce site will be ready and equipped to handle any volume of customers looking to purchase your product with the fastest speed available on the market.
2. Don’t Overpay for Service
Credit card processing fees are any e-commerce business’ least favourite part of online transactions. Fees for online merchants can range anywhere from 1.5 to three percent.
Let’s say that you made $500 worth of sales in one day. Your payment processing fees would be anywhere between five dollars to $15 per day. While this doesn’t seem like that much money now, consider how much money this could accumulate to. Each year, your business would be losing between $1,825 and $5,475—that’s a lot. Now think about that number over the next five or ten years… doesn’t seem so negligible now, does it?
While credit card fees are a pain in the neck to have to pay, they’re also essential for your e-commerce business. That’s why it’s important to find a fee percentage that fits within your budget. Don’t overpay for credit card services.
You also don’t want to be overpaying for the services of your merchant provider. No one likes hidden fees, and unfortunately, some services providers can have lots of them. It’s important when dealing with your payment processing service provider that you fully understand the costs and fees associated with your business, and are comfortable with the payment options available to you. To find the best options for your budget, get a quote from an experienced and trusted company, for reliable payment processing solutions and services.
3. Reduce Complexity
Your checkout should be as easy as possible. You want to create a unique online experience for your customers that is engaging yet easy. 53 percent of online shoppers don’t make it past the first step of checkout. When you’re dealing with high volumes of online shoppers, this is a drastic number of customers you could be losing.
By simplifying your payment and checkout process, you’ll be able to retain more customers and make more sales—the fewer clicks the better. When dealing with large amounts of traffic to your website, payment processing can either make or break your e-commerce site.
Using a smart payment solution to reduce the complexity of your checkout process will equip your e-commerce website with a short implementation cycle, one risk management protocol, one authorization flow, next-generation (UX) HTML5 ready, reporting interface, and more.