By Javier Herraiz, Head of Value Proposition and Business Support at PagoNxt Merchant Solutions
Payments should be simple, and here are a variety of ways to make sure they are.
We’ve all been there. The page takes ages to load, you’re redirected to three other websites and you can’t work out the next step to finalising your purchase. A complicated payment process can kill a sale and encourage shoppers to spend elsewhere. What do these complications look like? Well, it could be anything from re-entering your personal information multiple times, a long wait, or being made to create an account. Research has found that 55% of people will abandon their basket at checkout if they’re made to re-enter information, demonstrating the value of making payments simple. From my experience working at PagoNxt Merchant Solutions, there are many ways to make payments simple. Here, I share my top four tips.
Provide a variety of payment methods
One of the best ways to make payments simple is to facilitate and process payments via different methods. Doing so will not only improve the customer experience, but for merchants it will increase the number of sales conversions and streamline internal processes to make receiving payments more simple. Adapting to different payment methods can pose a complex challenge at times, so making sure that you partner with a payments company and have the infrastructure in place to accept different payments, can save you a headache in the long term. At PagoNxt, we allow our partners to process payments via different methods, and Getnet offers merchants access to multi-channel, multi-method, and multi-country payments. Getnet has more than 1.4 million clients and processes €168 billion* in around four billion transactions per year. With the right payments partner, accepting payments via different methods can be key to simplifying payments and maximising sales.
Make errors easy to fix
Want to know an inevitable way to lose a sale? A payment error that can’t be fixed. When working with customers, sometimes a zip code is overlooked or someone forgets the ‘@’ in their email address. We all do it, right? However, when this happens, ensuring that errors are flagged and can be corrected swiftly is key to not losing the sale altogether. The ideal scenario is to have an error message appear in the field in which the error occurred. Having UX teams in charge of designing and testing the user experience is key to make payments more simple. This is not something that merchants from all sizes can do, but if you follow our blog we promise to make an special entrance of how to improve the digital experience at the checkout!
Don’t redirect people
You’re taking me where? When you have a customer visit your site, one of the worst things you can do is take someone elsewhere to pay or have their identity verified. Further, when you take a customer to a new site, they can feel concerned that they’re sharing their details with a third party or another business, sparking concerns around security. There are two problems here: the first being that by redirecting customers to another site, you minimise the chances that they will purchase more from your store, and second, if a customer is concerned about security, chances are, they will cancel the sale completely. Having a payments page on your website is key to simplifying the payment process, and generating sales.
Ask for essential information only
Taking lots of unnecessary data during the onboarding or checkout processes is another way that merchants and payment companies are making payments unnecessarily complex. When a customer is entering their data, only essential data should be entered. By doing this, merchants can reduce the speed of the conversion process, allay any customer fears around how their data will be used, and why a merchant needs such specific information. Adding a long list of fields to fill out adds more hurdles for people to jump over in order to pay. A report published by Forrester found that 11% of U.S. adults abandoned an online purchase because they either didn’t want to register or the site was asking for too much information. As such, simplifying the payment process as much as possible is in a merchants’ best interest, and failure to do so can lead to less sales and greater cart abandonment. At PagoNxt, we offer counsel to our partners on how payments can be made with less customer data, and merchants see great success as a result.
There are countless ways to simplify payments. Doing so will be key to maintaining or boosting the sales that a merchant generates. As consumers cling to their cash amid economic insecurity, cart abandonment rates may increase. As such, merchants around the world must do all that they can to maintain cash flow and continue to convert sales. Simplifying the payment process is key to this.
*Total Payment Volume in 2022
Discover how our Payments Hub platform can help any financial institution manage its payments
Get in touchImagine a payment system that’s changing the way an entire nation moves money—instantly, effortlessly, and around the clock. That’s exactly what Pix, the revolutionary real-time payment platform launched by the Central Bank of Brazil, has done. Transforming the payments landscape across the country, Pix isn’t just rewriting the rules in Brazil; it’s setting the stage for the future of Account-to-Account (A2A) payments globally, together with other similar solutions. For financial institutions, NBFIs, and corporates, it marks the beginning of a new era, defined by unprecedented speed, efficiency, and cost reduction in both domestic and cross-border transactions. Read on to discover how Pix setting a new standard for Payments globally.
PagoNxt Payments has achieved a significant milestone by receiving a prestigious award from The Banker for its outstanding innovation in payment solutions. This recognition highlights our dedication to advancing the payments landscape and meeting the dynamic needs of financial institutions globally.
In today’s fast-paced financial environment, staying ahead of regulatory changes isn’t just important—it’s essential. As the Single Euro Payments Area (SEPA) introduces a series of new regulations, financial institutions across Europe must be prepared to adapt. These changes, aimed at increasing transparency,security, and efficiency in cross-border payments, will have far-reaching impacts on your operations. Here's what your institution needs to know to not just comply, but thrive under the new SEPA framework.
Have you ever wanted to become a part of PagoNxt’s team? Below you can find out what we look for in our interviews.
As we gear up to launch our #weareWow campaign from March 4th to 8th, we’re excited to spotlight the incredible achievements of women in the tech industry. Let’s celebrate them while recognizing the power of diversity and unity to drive innovation forward:
#WeCareForPrivacy, but Let’s Embrace a Dash of Adventure! At PagoNxt, our dedication to privacy is paramount. However, in the playful spirit of Privacy Week, we challenged our experts to reveal the exact steps one might take to invite a touch of privacy invasion. ⚠️ But, here is a friendly reminder: we don’t recommend you to follow these unless you aspire to become an oversharing maestro, ok?
We’re excited to announce that PagoNxt has joined The Payments Association in the UK, a step forward in our journey of expansion and collaboration. This move not only broadens our industry reach but also presents new opportunities for PagoNxt to contribute to the payments landscape.
PagoNxt Payments, a company within the Santander Group, has achieved a major milestone with its innovative product, Payments Hub.