Every consumer is looking for security, convenience, and flexibility when it comes to paying for goods whether in-store or online. A poor payment process is a leading cause of lost sales and revenues for businesses of all types. Frictionless payment options remove or minimize most or all of the obstacles customers typically face when completing purchases. This leads to improved customer experiences and better sales for businesses. Common types of frictionless payment most people are familiar with are contactless point-of-sale systems and mobile payment options. Understanding all this, we will now look at why businesses of all sizes should embrace them.
Fewer Abandoned Carts
Frictionless payments are a great option for ecommerce deployments because they make payments convenient. A report from 2018 by SaleCycle showed that over three-quarters of consumers abandoned their shopping carts online due to a long, convoluted, and confusing payment option. This translated to lost sales for numerous businesses. Things get a lot worse when you consider that a significant number of these people will never return to the websites where they left their loaded carts.
Boosted Competitive Advantage
A majority of consumers say frictionless payments can make them decide to purchase from a business or go to a competitor altogether. This is tied to the experience they have with businesses that have deployed these payment options and those that have not.
Convenience is a big factor, with consumers saying they view businesses that provide frictionless payment options to be more convenient to shop at and do business with. They also view these businesses to be more technologically advanced and secure than their competitors.
Frictionless payment options also provide a competitive advantage in other ways. For example, they can be deployed online to give a seamless checkout experience for customers. For businesses looking for these such payment solutions, it is important to consider these added benefits.
Providing More Than One Service
Technological advancements have made it possible for frictionless payment options to provide more than one service. For example, businesses can partner with payment partners who allow their customers to pay for health insurance, greeting cards, and more at a single payment point. There are various providers businesses can partner with for this, including a major Blackhawk Healthcare competitor who provides different services and features your business can take advantage of.
Improving Customer Satisfaction and Retention
The convenience of using frictionless payment options translates into improved customer satisfaction. Customers who have had a positive experience with your business are more likely to come back. This is what leads to improved customer retention rates when businesses provide frictionless payment options.
Customers also report feeling less stressed and more at ease when they know they can pay with a click of a button or by waving a card or their phones. Heightened flexibility, quicker processing times, and the removal of passwords and PINs all contribute to the decreased feelings of stress and anxiety at payment options.
Frictionless payment options give businesses lots of advantages that cannot be ignored. They are also easy to implement, giving businesses no reason not to switch to these modern and better payment options.