Simplify your checkout process for an easy online payment experience

The checkout process is the final hurdle a customer faces before purchasing. A smooth and efficient checkout significantly improves conversion rates and boosts your bottom line. However, many businesses struggle with suboptimal checkout systems that create friction.

Here’s how a limited checkout process can hurt your business:

• Cart abandonment: Imagine customers filling their carts with your products only to abandon them at checkout due to limited payment options or a complex process.
• Delayed settlements: Slow settlement times from unreliable checkout processes can significantly affect your cash flow.
• Security concerns: Insecure checkout processes raise red flags for customers, leading to hesitation and cart abandonment.
• Platform switching: Forcing customers to leave your platform to confirm payments disrupts their shopping experience and increases the risk of clients abandoning the purchase altogether.
• Limited currency support: Not offering local currency options in developing markets excludes potential customers. Additionally, inadequate support for digital currencies can put you behind the innovation curve.

Fortunately, with APS, your business will overcome these hurdles. Partnering with a reliable payment service provider opens the door to a checkout process that enhances customer confidence and maximizes sales.

A worrying trend in online shopping carts

Here’s a troubling reality – shoppers are ditching their virtual carts at an alarming rate.

• Studies in 2022 showed that between 59% and nearly 80% of shopping carts were abandoned.

Why is this a concern for businesses?

Imagine a physical store where seven out of ten customers pile items in their baskets but leave buying nothing. That’s the harsh reality of cart abandonment. The problem is more acute on mobile devices, where 85.65% of carts are abandoned.

E-commerce businesses lose billions in potential revenue each year. Estimates suggest that the cost of abandoned carts could reach a staggering $6.39 trillion in 2024.

Subpar checkout processes affect companies across industries, not just e-commerce stores. It can happen when a licensed brokerage client starts a deposit but never completes it or during gameplay when a player fills a virtual shopping cart but abandons the purchase before checkout.

While the impact might be most noticeable in e-commerce, cart abandonment impacts your bottom line regardless of your industry.

Fun fact:

Nearly 7 out of 10 online shoppers abandon their carts before completing a purchase. That’s right, 70.19% of potential sales vanish just before finalizing a purchase. This lost revenue is a major pain point for businesses of all sizes.

Excellent checkout service is the bare minimum

Modern online shoppers demand a seamless and secure experience throughout the checkout process. This includes various convenient payment options, a transparent and trustworthy payment gateway, and exceptional customer service if they encounter any issues. Beyond these basics, clients also demand you meet their unique requirements based on the location and existing payment methods.

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Below are solutions through which businesses can meet their client requirements.

Power up your payments with diverse options

Consider partnering with a reliable payment processor like APS. With a single integration, you can accept major credit cards, including VISA, Mastercard, JCB, and Union Pay. The payment diversity caters to a broader audience and increases the likelihood of customers completing their purchases.

The importance of offering card payments cannot be understated. In 2023 alone, they accounted for a significant portion (34%) of all e-commerce sales. The trend is expected to continue as online shopping grows in popularity, driven by consumer preferences for convenient and secure online transactions.

A gateway to new customers with tailored payment solutions

Emerging markets offer a wealth of potential customers eager to explore the world of online shopping. However, unique payment challenges can create roadblocks during checkout, leading to lost sales. One hurdle is the lack of universally accepted payment methods.

Customers in these regions often prefer local payment methods in their familiar currency. Alternative Payment Methods by APS bridge the payment gap existing in these regions. It offers a network of local payment methods across areas like Asia Pacific (APAC), the Middle East, and North Africa (MENA) by supporting alternative payment methods preferred in these localities. APS also ensures you receive these payments in your preferred currency, eliminating foreign exchange hassles and simplifying your operations.

Explore digital currency payments for faster settlements

Looking beyond traditional options, digital currency payments are another avenue to explore. Through solutions like Binance Pay, your business receives near-instant settlements, ensuring you receive your funds quickly and efficiently when using our payment solution. Furthermore, you can accept these payments in your preferred currency, providing valuable peace of mind.

With these solutions, you’ll be well-equipped to improve your checkout process in emerging markets, opening your business to new clients.

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Increase platform transactions with embedded payments

Licensed brokerage services can lose clients who abandon transactions mid-way. One effective solution is integrating the MT5 Embedded Payments feature by APS. It offers several advantages for reducing cart abandonment in brokerage services:

• Seamless transactions: Clients deposit and make payments directly within the MT5 trading platform, eliminating the need to switch platforms and reducing the risk of abandonment. Keeping clients within the platform minimizes distractions and the likelihood of abandoning the transaction.
• Convenient payments: Your clients can quickly and easily top up their accounts or make transactions through various payment methods, such as card payments. Clients can choose the most convenient payment method, making it easier for them to complete transactions.

Your complete payment picture with APS

APS goes beyond simply processing transactions to provide an efficient checkout experience. We offer comprehensive services to streamline your business operations and maximize your success.

Effortless payment monitoring with the merchant portal

The APS Merchant Portal acts as your central hub for all things payment-related. Receive instant insights into payment status, types, volumes, originating countries, and popular payment methods. This level of detail allows you to identify trends, optimize your payment strategy, and ensure a smooth customer checkout experience.

Data-driven decisions for growth

The Merchant Portal doesn’t stop at real-time data. You can also generate customized reports tailored to your specific needs. These reports provide the precise insights required to make informed, data-driven decisions. With a clear understanding of your payments, you can optimize pricing structures, identify high-performing regions and payment methods, and ultimately drive business growth.

APS allows business owners to transform their payment experiences for increased sales performance through reliable payments.

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FAQs

1. What is a checkout process?

The checkout process is a set of steps that customers follow to complete their online purchases. It entails going through the items in the cart, inputting billing and shipping information, selecting a payment method, and confirming the order.

2. What is cart abandonment?

Cart abandonment happens when customers add products to their online shopping cart but leave the process without completing the purchase. The abandoned cart represents a lost sale and a missed opportunity for businesses.

3. Why is shopping cart abandonment a problem?

Cart abandonment translates to lost revenue – a significant concern for online businesses. Statistics show that staggering percentages of carts, often exceeding 60%, end up abandoned. When potential customers show initial interest but don’t purchase the items, it can impact inventory planning and prevent valuable customer insights from being discovered.

4. How to reduce cart abandonment?

Several strategies to reduce cart abandonment and improve checkout include:

• Offering transparent pricing (including taxes and shipping costs upfront) and providing multiple secure payment options can ease customer anxieties.
• Employing clear product information, high-quality images, and customer reviews can boost purchase confidence.
• Retargeting abandoned carts with personalized reminders or special offers can nudge customers back to complete their transactions.
• Finally, incorporating a reliable and trusted payment service improves the overall checkout experience, leading to more sales.

5. What is the average cart abandonment rate?

While the exact rate can vary depending on industry and other factors, research suggests a global average shopping cart abandonment rate hovering around 70%. Seven of every ten potential customers who add items to their cart might abandon them before checkout.

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