Payment Gateway Singapore for recurring automated payments and familiar payment methods
Payment behavior has changed significantly since FinTech took the world by storm in the last few decades. Traditional payment methods, such as credit cards, are becoming obsolete; many potential customers are unable to obtain credit cards at all. People began to invest in local digital markets as shopping shifted online in the last two years. Credit cards are simply insufficient to cover all of the various customer behaviors and payment preferences, which is why an increasing number of businesses are deciding that going local is the best option.
Customers aren’t the only ones who toss their business cards aside. Some large retailers, such as Amazon, are even going so far as to discontinue traditional payment methods. From 2022 onwards, UK customers will no longer be able to pay on Amazon with VISA cards. It’s safe to say that recurring automated payments and familiar payment methods are gradually but steadily replacing traditional payment methods.
Model of Buy Now, Pay Later
Despite its unpopularity due to its high risk, the BNPL model is finally receiving much-needed regulation. Legislators are tasked with protecting both customers and merchants and ensuring that this payment method does not put either party in financial jeopardy. The system is far from perfect, but it is clearly taking its place.
With the issues that BNPL is dealing with, there is definitely room for improvement. Some of the original providers are already taking advantage of the opportunity. By adapting and offering buy-now and pay-now options, providers are gaining access to a new market segment. It should come as no surprise that research indicates that global spending on BNPL services will reach $995 billion by 2026. This is four times the size it is now, so keep an eye out for this payment method!
We at PayCly prefer to provide a Payment Gateway Singapore that will allow you to have multiple payment options that are feasible for your chosen niche. We understand the market and provide bespoke payment solutions that help you stabilise your payment transactions.
Deliver Improved User Experience and you will be able to Target the Bull’s Eye
15% of customers say they abandon websites during the checkout process because they don’t trust the website with their credit card information. By providing a familiar payment method, you demonstrate to your customers that you care about their experience and safety. A small gesture can go a long way because customers can easily navigate your website in a familiar manner!
Having a variety of payment methods available makes it easier for your customers to check out. You are ensuring that all of their dreams are realized in a matter of clicks rather than postponing it further. A purchase that is free of hassle and security concerns improves the customer experience and encourages them to become repeat customers. This means more sales for your e-commerce site.
Enhancing Conversion Rates
Offering at least one of the top payment methods, such as SEPA, which is very popular throughout Europe, can increase your store’s conversion rate by up to 30%. Multiple payment options contribute to a better shopping experience, lowering the rate at which users abandon their shopping carts and increasing customer loyalty. This encourages potential customers to become repeat customers. People who had a positive user experience the first time they shopped in your store are more likely to return and increase sales. Simply put, a better user experience converts a person into a purchasing customer.
Cart Abandonment is Being Reduced
In an ideal world, the customer would be able to purchase your product with a single click. In reality, however, this is not the case. According to studies, one of the reasons customers quit halfway through is due to obstacles such as a lack of an eligible payment method. The average global shopping cart abandonment rate to retail is 73 percent due to a slow checkout process.
Provide a Variety of Payment Options
Although it may appear clear, some websites only offer one payment option. However, according to data highlighted in a Milo info-graphic, 56 percent of respondents expect a variety of payment options on the checkout page.
While accepting every payment method available is not necessary – or even practicable – you should look at your target audience to determine which payment methods they use. Then you’ll be able to capture the vast majority of visitors to your website.
For example, allowing direct bank transfers and payments from all major credit cards would be a terrific combo. It all comes down to who you’re catering to in the end.
Give Assurances about Security and Privacy
Always go out of your way to illustrate the security measures you have in place when it comes to personal information. According to an eConsultancy survey, 58 percent of respondents abandoned the checkout page due to payment security concerns.
Delivering a consistent design and avoiding sending them to a third-party checkout page, as previously said, are essential elements in developing confidence with potential buyers. You must, however, do more to convince individuals that their personal information is protected from hackers.
A Secure Sockets Layer (SSL) certificate is required to create a secure connection and encrypt credit card information on your website. You’ll also want to follow the PCI Security Standards Council’s guidelines (PCI SSC). The council manages security standards for anybody who holds, transmits, or processes cardholder data, while payment card companies enforce PCI compliance.
PayCly provides you with a profitable Payment Gateway Singapore that can avoid chargeback issues by taking the necessary steps to take advantage of the lowest chargeback rates. Our knowledgeable team has extensive experience assisting merchants in better understanding and mitigating chargebacks. If you have any questions about this topic or would like to open a merchant account, please contact us right away.
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