What Customers Look For In A Successful Payment System

Standing out from the crowd can be challenging in today's competitive world. All of which is especially true for businesses operating in the eCommerce space.

This is why merchants need to understand what customers look for in a solid payments system. So that way, they can meet consumer expectations and smoothen the buying process.

Across the world, consumer buying patterns and preferences are changing. The outbreak of COVID has encouraged many customers to go cashless to avoid infection from physical contact.

It has also led to the rise of alternative payment methods or APMs. Customers have begun moving away from cash-based payments from direct bank transfers with RTPs to e-wallets.

This point is further strengthened by a 2021 report from Digital News Asia. In it, 45% of Visa study respondents stated they would not shop at a merchant that doesn't offer cashless payment options.

This highlights the importance of staying up-to-date with the latest payment trends. And to do so, merchants must ensure that they have the proper infrastructure to support their customers who may choose to use APMs.

With APM usage steadily rising in lieu of credit card payments, this is undoubtedly the way of the future.

Studies have found that a complicated or poorly designed payment experience has caused many customers to abandon their purchases at the last minute.

This was attributed to factors like:

These show us that customers favour a well-designed payment system with an intuitive interface that makes navigation easy.

All of these help minimise purchase friction and make payment as easy as possible. Remember: the goal here is to minimise your customer's journey time along the buyer's funnel, which goes a long way towards helping you close more sales.

Providing a positive customer experience is critical to long-term success, and your payment gateway has an essential role to play in this. Research has shown that there are multiple benefits to investing in providing customers with a positive experience; these include:

So, how does faster payment processing factor in here?

The answer is simple: convenience is something customers prize in today's fast-moving world. And long queues and extensive delays will only lead to frustration and lost revenue.

Ensuring customers can quickly pay for their purchases minimises their stress levels and keeps them happy. All of which make for a more positive customer experience.

This is why it's critical that your payment system of choice is fast, responsive, and can process transactions quickly.

Payment security or a lack of it is seen as one of the most common reasons for cart abandonment. And it's also something that customers will expect your business to provide.

With financial scams and fraud on the rise across Asia, consumers are understandably wary about handing over critical financial details. After all, what assurances do they have that their data is in safe hands?

And this is why businesses need to build up buyer confidence every step of the way.

So, consider implementing the following procedures to protect the privacy and security of your customers:

Accept alternative payment methods such as e-wallets. APMs are significantly safer than other payment methods as they require less information and some form of verification to be provided when making a payment. Because of this, more customers are turning to APMs for their payment needs.

 

Changing how your business accepts and receives payment is one of the most effective ways to convert customers and increase profits.

But to make all of this possible, you need a payment gateway that is aligned with your objectives. And this is why we at XanPay have just the solution for you.

Our platform offers:

1. Support for alternative payment methods in 10+ countries.
From DuitNow in Malaysia to PayNow in Singapore, XanPay lets you receive payments from the most popular APMs across Asia Pacific.

2. Easy integration with your website.
Use XanPay with WooCommerce, Magento Docs, OpenCart, and WordPress, all without having to input any code.

3. No fixed fees
Forget hidden charges or additional costs; XanPay does not charge any fixed fees. Our pay-as-you-go system ensures that you'll only pay for what you use.

4. Competitive domestic transactions

Increase your profitability and grow your margins with our attractive domestic transaction fees.