5 ways to tell if you’ve outgrown your payment processor.
People increasingly prefer online over instore, and digital payments over cash and cheques. Devices and channels are also changing. Shoppers are paying with smartphones, wearable devices, voice assistants and over social media and email. Soon, cars will be payment-enabled, too.
Our new guide – Five Signs You’ve Outgrown Your Payment Processor – can help you spot signs that your current payment provider is inhibiting your business growth.
Let’s look at just 2 of the 5 signs covered in the guide.
Speed limit: failing to respond rapidly to customers’ changing preferences.
Over two-thirds of shopping cart transactions are abandoned and nearly 1 in 5 shoppers say that’s because the checkout process is too long or complicated.1
Perhaps, you’ve been slow to make your payment process mobile-friendly, or maybe it simply takes too long to enter all the information required.
If you see that your customers’ online experiences are inconsistent, if orders are being abandoned and if online feedback is negative, it may be that you’ve outgrown your payment platform.
The solution: Implement customer-friendly payment processes.
Customers expect to pay the way they prefer, whether that’s by card, digital wallet, PayPal or a locally-preferred method. Customer experience is an important factor in attracting and retaining new customers and, at the final payment stage, it’s critical to get this right.
PayPal is often ranked among the most convenient and efficient online transaction platforms. Using PayPal can help you provide an excellent customer experience that meets evolving payment preferences.
Danger ahead: managing fraudulent transactions.
You can’t grow your business efficiently if you’re spending too much time and money managing fraud. For example, every dollar of fraud suffered costs US retailers $3.36,2 and the Centre for Strategic Studies estimates the global cost of cybercrime to be nearly US$1 trillion per year.3
An outdated payment platform might not offer the protection you need in a world of sophisticated cybercriminals.
The solution: use the latest fraud-protection technology and programmes.
PayPal protects sellers with advanced fraud-protection and PayPal Seller Protection.
PayPal continuously tracks all transactions, helping prevent fraud and other cybercrime such as phishing and identity theft. It combines extensive, real-time intelligence from PayPal’s network with advanced machine learning that adapts to your business, so you can minimise chargebacks and protect good customer relationships.
PayPal Seller Protection is a policy that can protect your transactions from chargebacks, reversals, and their associated fees (as long as you meet the eligibility requirements). If a buyer disputes or reverses a transaction, you may be eligible to retain the full purchase amount and avoid any related chargeback fees paid.
Read all 5 signs in our new guide.
Would you like to learn more about the above and the other signs?
Five Signs You’ve Outgrown Your Payment Processor is free to download and can help you decide whether critical aspects of growth, like customer loyalty, international sales or systems integration are holding your business back.
Have you outgrown your current payment processor? Download our guide now and decide.
Download your report today.
2Lexis Nexis, “For every dollar of fraud committed, U.S. retailers incur $3.13 of costs”: https://risk.lexisnexis.com/insights-resources/research/2020-true-cost-of-fraud-retail
3CSIS (2020), The Hidden Costs of Cybercrime, https://www.csis.org/analysis/hidden-costs-cybercrime
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