Strategies for Safe and Quick Financial Transactions

Amy Fenton
Authored by Amy Fenton
Posted: Saturday, November 11, 2023 - 09:25

Is payment fraud scaring you away from digital transactions? Juniper Research estimates that online payment fraud will cost $362 billion worldwide between 2023 and 2028, including $91 billion in 2028. Yet 70% of customers leave due to slow checkouts. The answer? Payment processing optimized for speed and security.

TIP 1: Offer Multiple Payment Options

Offer payment options to customers. Multiple payment methods streamline checkout and make it accessible to all shoppers. This is the right answer for how to start a payment processing company with a good income.

Popular online payment methods:

  • Credit/debit cards
  • Digital Wallets 
  • Bank Transfers

Payment options for flexibility:

  • COD/Pay on Delivery
  • Gift Cards
  • Cryptocurrency

TIP 2: Use a Fast-Approval Payment Gateway

To process payments quickly, choose a digital platform payment gateway (https://akurateco.com/payment-gateway-software-development) that integrates with payment processors and card networks.

The Importance of Quick Transactions When Using a Payment Gateway

Faster digital platform payment gateway approval times mean faster checkout, fewer abandoned carts, and faster payment processing. Customers don't want payment delays.

What to look for in a Quick Gateway?

  • Fast processor integrations: The gateway should connect to fast processors that use technology to approve payments quickly.
  • Optimized Request Flows: The merchant website, gateway, and processors should have streamlined payment process request flows.
  • Response caching and load balancing prevent traffic surge bottlenecks.
  • International customers experience less latency with globally distributed digital platform payment gateways.
  • Analytics and Monitoring: Robust analytics identify and fix bottlenecks to speed up payment processing.

TIP 3: Allow One-Click Payments

Let registered customers checkout in one click for repeat purchases.

One-click payments benefits: 

  • Fewer Carts Abandoned: Customers are less likely to leave their carts if they skip the checkout fields.
  • Higher Conversion Rates: Getting rid of difficulty with quick checkouts raises conversion rates generally.
  • Superior Customer Experience: One-click buying creates an easy, "Amazon-like" shopping experience.

Tip 4: Guest checkout

For fast payment processing, let customers check out without an account.

What's the Point of Having a Guest Check-in Option?

  • Removes Friction: Skipping account creation boosts conversions.
  • Accommodates Reluctant Shoppers: Customers may not want to share information or create another account.
  • Guest checkout allows last-minute purchases.
  • Fewer fields and steps prevent customer abandonment.

TIP 5: Checkout Page Optimization

Optimize your checkout page for speed, conversions, and easy payments.

Checkout Optimization Elements:

  • Minimal fields: Ask for only necessary user and payment information to reduce abandonment.
  • Auto-filled data: Pre-fill shipping and payment information to speed checkout.
  • Clarity: Use microcopy to inform users about security and benefits.
  • The checkout page should be responsive to mobile, desktop, and tablet devices.
  • Support guest checkout and account creation for flexibility.
  • Progress Tracker: Inform and build trust with checkout progress.

Final Thoughts

Today's digital commerce requires fast and secure payment processing. These tips will help your business streamline checkouts and boost conversions.

Balanced payment convenience and safety boost business growth and prevent fraud. With advanced payment processing, Akurateco does the same for your business. With secure payment processing and seamless transactions, you can beat competitors and increase revenue quickly, securely, and compliantly.
 

Gallery