If you’re a business owner, you probably don’t need to be told about the importance of online shopping. Over three-quarters of Canadian households used the internet to buy products in 2014 and more consumers are making it a part of their regular routines. Companies with efficient online stores can offer customers more convenience and choice in their purchasing decisions. This caters to shoppers’ preferred buying methods and allows retailers to expand their customer base.
While e-commerce may seem like a dream for merchants, setting up an online store can be nightmarish. Companies need to act fast to capitalize on this untapped market, but if they rush through the implementation process, they might compromise their store’s functionality. The process can also cost a pretty penny, which scares off many smaller organizations. High-risk merchants face even greater obstacles, as payment processors may refuse to support their efforts. So how can these businesses implement the right e-commerce payment solution without succumbing to slow service, poor functionality, and high costs?
The answer is simple: focus on the right aspects of the process. When you understand which aspects of an e-commerce payment solution are important, you can prioritize them and de-emphasize less valuable options. This article will outline some of the most significant aspects of an online store so you can start selling to an internet audience.
Use an Efficient Virtual Terminal
Gathering information from customers is a slow undertaking. When someone pays with cash in a brick and mortar store, they simply have to hand over the necessary amount. On the other hand, a debit or credit transaction requires shoppers to enter a PIN and wait for a response from their issuing bank. Anyone who’s ever been stuck in a long line for coffee knows that this can be a slow, annoying slog.
Virtual terminals gather even more data, which can make them even slower. These forms allow customers to submit their credit and debit card details and shipping information, but it can also be used to gather additional information about a customer and to promote other deals. While it may be tempting to use these pages as a means to advocate for your business, you need to strike a balance between efficiency and advertising. Asking a customer to sign up for your newsletter isn’t overly obtrusive, but if you add too many steps to the process, you’ll reduce your store’s convenience for customers, and they’ll turn away in droves.
Don’t Redirect to Another Page
Some online stores don’t integrate an e-commerce payment solution directly with their online store. When customers go to a checkout page, they get redirected to a new page that asks them to input their payment information. Redirection is risky for a number of reasons. As our previous point demonstrated, consumers turn to online shopping because they want a streamlined checkout process. When you redirect someone to a new page, you place an additional obstacle in their path, which makes them less likely to follow through on a sale.
Separate pay pages also raise security concerns. A shopper may trust your site, but if you ask them to go to another, this faith may be shaken. Consumers value their security, so don’t ask them to choose between it and your product.
Look into Solutions That Accept International Payments
There are no borders in an e-commerce world. Online shoppers can buy from anywhere, so if you have fair prices and a niche specialty, your store could be a boon for business. But some solutions don’t accommodate foreign currencies, so consumers must pay a fee to convert their money if they want to buy from an international vendor. Rather than putting up this roadblock, find a service provider that allows you to accept different currencies. This will make the process more convenient for new customers.