04/11/2021

Why customer payment experience matters

By Mariana Almeida Marques

Payments represent the ultimate moment of truth for customers. No matter how great your product or service is, a poor checkout experience can really deter your customers from continuing the purchase. Thanks to all the digital developments in the payments arena, customers now require a seamless, fast and user-friendly experience, and they are quick to look out for other companies if they aren’t offered this type of service. In this article, we will discuss the importance of customer payment experience and how optimising your payment system can help you attract more customers and improve customer satisfaction.

Boost customer trust

There are always risks associated with sharing bank details online. Initiating a payment through a company’s page requires a lot of trust from the customer side, so it is an extremely important area to nail. Companies need to ensure that customers feel safe sharing their details. They can do so by partnering with providers that offer strong security tools and have SSL technology that encrypts all payment data. If a website uses SSL encryption, customers will be able to see a padlock symbol before the website’s URL. This is an easy way to tell your customers that they can trust you with their data, and to make them feel safer when making a payment.

SSL encryption is shown as a padlock before the website's URL.

Enhance personalisation

Customers want websites that are user-friendly and easy to navigate. Amongst other aspects, they want to be able to quickly access any information about your product, and to easily reach a member of your team should they require assistance. The focus on user experience and hyper personalization doesn’t end on the website itself- the payments page should be tailored to your customers too. Companies can better tailor their payments page by providing a large number of local and international payment methods. This way, customers have an array of payment options to choose from, and are more likely to be able to pay in their preferred method.

Improve transparency

Very much in line with the access to information, customers are becoming increasingly inquisitive when it comes to companies’ transparency in the services and purchasing experience they provide. It is important to make customers aware of all the payment services you offer, such as range of payment methods, return/cancelation policies and fees. Not only that, but to make your checkout process as clear and simple as possible. If the checkout process is complex and it takes too much time to initiate a payment, customers are likely to abandon your checkout page and look for companies that offer simpler processes. Transparency and clarity in the payment process show your customers that you are a reliable provider, and makes them more likely to want to buy from you in the future.

Improving transparency with your customers can increase brand trust.

The importance of payment experience

The few minutes that your customers spend initiating a payment can actually have a tremendous influence on their opinions about your company. In fact, ecommerce brands alone are estimated to lose $18 billion every year just on checkout abandonment (Forrester report). But the ecommerce industry isn’t the only one suffering the painful consequences of checkout abandonment: poor payment experiences are a detrimental factor of success/failure in any industry. Particularly in times when customers have a lot of products and companies to choose from, customer service is key in building and maintaining your customers’ loyalty to the brand.

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

Author

Mariana Marques

Mariana is a content writer at Imburse, specialising in Finance and Technology topics.

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