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5 Payment Mistakes Every Business Must Avoid

a person shopping online through laptop and paying through phone

Losing customers is a discomforting thought. We understand; and we want to help you grow your business without pushing customers away. Here are five payment mistakes you must avoid to maximize your conversion rates.

1. Redirecting Customers to external sites

Payment page user experience is crucial to conversion. When a shopper hits “pay now” on your website checkout, do not redirect them to an external payment page with a completely different design, logo, and URL. They might not trust the page and instead, cancel the purchase. Shoppers have to trust you before they transact with you. It’s simple really – no trust, no pay.
Instead, host the entire payment flow on your website. This gives you more control over the branding and layout so that shoppers get a consistent experience throughout. This helps you design a secure environment that the shopper trusts. And more trust means more conversions and loyal customers.
You can also can use a hosted payment page from a PSP like Novalnet. This page can be customized to carry your brand’s look and feel. It easily integrates into your existing system and you can start accepting payments within minutes. Plus, since you don’t process payment data yourself (the PSP does it for you), you don’t have to worry about PCI DSS compliance.

What is PCI DSS compliance and why do merchants need it?

2. Forcing people to sign up or open an account

Shoppers are more likely to abandon a purchase if they are required to sign-up or open an account. More so, first-time buyers looking for a quick buy. Opening an account adds extra steps and make the checkout process longer, increasing the chances of a shopper giving up. Plus, every one might not be comfortable about signing up or sharing too much info.
Hence, if possible, give a guest checkout option. You can always encourage them to sign up, maybe offer discounts or special promos. But always give them a choice; don’t be pushy.

3. Collecting Too Much Data

Long checkouts are boring. Asking a shopper to fill out too many forms or details can slow down the checkout process, cause frustration and lead them to abandon their cart, Adding extra fields make the checkout process longer and increases the chances of error while filling the forms.
Hence, collect only the most essential info to process the payment and avoid payment mistakes. Try and use auto-fill, where possible, to speed up the checkout. If you have a multi-step checkout, show buyers a progress indicator to tell them where they are at checkout. Remember, user experience is key to win a new customer. The more of their time you save, the more they’ll love you.

4. Not assuring customers that their data is safe

You have to reassure your customers that their sensitive data is safe with you. They want to be sure that you are taking all necessary steps to keep their payments data secure. Trust is a big deal – once lost, it’s hard to recover. To win shoppers’ trust, design a consistent payment flow throughout the website. Ensure you use proper encryption and display all security badges on your website so that customers are aware of the steps you have taken to keep payments secure. Use latest versions of 3D Secure 2 to process payments securely. Educate your customers about data safety and safe browsing behaviour. Inform them at all points as to why and how you collect and use their data. Give them the option to opt out if they choose.
Get a PCI DSS certification if you will process payments and handle customer payment data on your servers. If not, a PCI DSS-certified provider like Novalnet can do it for you.

What is 3D Secure 2.3 And Why Do Merchants Need It?

5. Not Offering Prompt Customer Support

When a shopper tries to pay on your website but faces a problem completing the payment, they would reach out to you to resolve the issue. But if they don’t receive an apt response, or if it takes too long, they will abandon their purchase out of frustration.
Hence, you must offer alternatives in case a payment issue occurs. Prompt customer support, payment retries, and self-service options give buyers more control. Respond quickly to customer complaints and be proactive and helpful. Choosing a payment service provider with responsive 24×7 end-user support is a must to avoid payment mistakes.

Why End-user Support in Payments is Essential

Final Word

A painless checkout process is what online shoppers love the most. Hence, use a solution that will eliminate payment mistakes and will simplify the buyer’s path. The lesser the steps consumers have to go through, the higher the chances of conversion.

How can Novalnet Help?

As a global PSP, Novalnet can help you set up your payments to match your business needs. We have decades of experience in helping Europe’s leading brands process their payments. Our AI-based risk management solutions and advanced analytics help you securely process payments in a PCI DSS-compliant environment. Wherever you are in Europe, we ensure that your payments are processed in a secure, stable, and scalable way.
Reach out to us today to know more.

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