In today’s highly competitive e-commerce landscape, generating awareness, driving sales and building brand equity are some of the top priorities for online businesses. One thing that most merchants don’t realize is the integral role that payments play in the daily operation of their businesses.
As the final stop on the conversion funnel, the payment phase is a very important component of any merchant’s strategy. Recent studies have shown that 46% of customers abandon their carts during the checkout process. This indicates that payment options available at checkout can influence the online shopper’s path to purchase. Merchants who offer payment methods that provide convenience, security and appeal to customer preferences have higher chances of closing a sale than others.
Capturing New Markets through Payments
Nothing kills conversions better than providing limited payment options. To put it simply, there is not a single payment option that would allow businesses to capture every customer. Offering cash payments, for example, lets unbanked individuals to pay for goods and services online with money straight from their wallets. On another note, credit card payment methods are best for targeting high profile clients. Ultimately, providing the right payment mix empowers merchants to increase sales by allowing more customers to pay however they want.
Payments Continue to Evolve
Payment technology has evolved tremendously over the course of human history. Along the way, there have been a number of innovations that have defined and transformed the manner in which consumers make payments around the world. What started first as a simple bartering system centuries ago has now advanced into sophisticated forms that allow faster transactions, greater convenience, and better security for both merchants & online shoppers.
The evolution doesn’t stop here. With the fascinating abundance of emerging technologies like Augmented Reality, Biometrics and Internet of Things (IoT), the possibilities are endless. Who knows? In the next five years we might be able to pay for products and services by simply blinking.
How AsiaPay Builds Better Businesses with Payments
To fully utilize the advantages one can gain from payments, merchants can seek the services of payment gateway providers like AsiaPay that provide a one-stop shop for payment processing. With AsiaPay, merchants no longer have to individually integrate each payment method into their websites. Furthermore, both businesses and their customers are protected with multiple layers of security – secure hash, TLS 1.2 encryption, built-in fraud prevention tool and PCI DSS Level 1 compliance.
AsiaPay is an Exhibitor of Seamless Asia 2017, this April 19-20, at the Suntec Convention Centre, Singapore.To find out more about AsiaPay at Booth G17. Download the event brochure or visit the event website for more details