How to Reduce Checkout Drop-offs for Online Businesses

The increasing cart abandonment rate for any online business, from e-commerce to Software as a Service (SaaS) could be one of the biggest silent revenue killers for any company. Remember how hard you worked to bring those users and convert them into buyers. Losing them at the final payment stage due to a poor checkout optimization payments experience can be extremely costly.

Checkout drop-offs are critical for all businesses if it is not designed optimally. It may lead you to lose a large number of customers every minute! No business can afford to lose sales due to a poor checkout experience alone.

Do not worry!

This blog post will help you gain meaningful insights and get rid of the increasing drop-offs.

What are Checkout Drop-offs?

Checkout drop-offs (also known as cart abandonment) is when a customer leaves the checkout page without completing a purchase. It typically happens due to some issues, which could be payment friction, downtime, no preferred payment method of a customer’s choice, an insecure checkout experience, and more.

Understanding checkout drop-offs is the first step toward improving your checkout optimization payments strategy.

Explained: What are Checkout Optimization Payments?

It is a complete payment solution that delivers to any online company’s customers with an improved experience. A dedicated payment solution with a checkout optimization payments solution can accelerate your experience with quick payments, easy payment UX, and more. These solutions are designed keeping users in mind.

A better payment service provider improves the checkout problems. It delivers you a checkout optimization payments option with a secure, compliant, easy-to-use, and productive solution. In order to align with your company’s exact requirements, such as to have:

• Customers familiar with their choice payment methods.

• Secure payment solution with:

  • Encrypted payments.
  • PCI DSS compliant.
  • RBI regulated solution.

What Are Common Reasons for Businesses Increasing Cart Abandonment Rate?

A company’s increasing cart abandonment rate can be critical. It directly impacts a company’s sales. A customer having a poor experience at the time of checkout can put you in a position to face issues like failed transactions, increased trust issues, and more.

In this section, we will discuss some of the crucial points that will give insights into understanding the abandonment rate for your online business.

1. Trust Issue with Website

Feel yourself purchasing something from a website that appears fake with its content, like huge promises without any facts, difficult to navigate, or other things that do not connect with you. Would you like to fill in the sensitive payment information? Of course not, right?

It could be something wrong with your website, which does not feel connected to the user. Should audit your website, including everything from content to visuals, and more.

2. Ask for Too Much Personal Information

People are addicted to shortcuts; no one wants to fill out long forms. Moreover, when a platform asks for too much information that is not relevant most of the time and user feels insecure. It is natural that customers will return, and it feels fraudulent to collect information that is not relevant most of the time, even though you are a genuine platform.

To cut a long story short, get the relevant information only, which is quick to fill in within a few minutes.

3. Compliant and Regulated

Is your payment service provider platform compliant with the Payment Card Industry Data Security Standard (PCI DSS) and regulated by the Reserve Bank of India (RBI)?

Tell your customers about your being authenticated with platforms like PCI DSS, and the RBI can tell a story to your targeted audience. How is your platform regulated? Both of the platforms serve a distinct value in the fintech world.

Therefore, telling your business customers about a trusted checkout experience will assist with an improved checkout flow.

4. Complicated Checkout

If your platform does not offer checkout optimization payments to your customers and is complex. It could be another problem that is increasing your company’s churn rate.

You need to work on the end process at the time your customers make payments while being on the platform.

The other reasons

Here are some other reasons you should consider. These options can help you reduce the increasing return rate of your platform.

5. Payment Method Not Supported

Does the payment gateway service provider company you selected support all payment methods? It is one of the problems businesses underestimate while choosing a payment platform.

Never assume any provider based on its appearance only; ask and get your doubts cleared at the first meeting. If the provider aligns with your company’s online payment requirement, only then finalize.

You can determine what your customers are familiar with. Here are some of the payment methods you can consider that your customers may be familiar with.

• Unified Payment Interface (UPI).
• Direct bank transfer.
• Credit or debit card payments.
• Buy Now Pay Later (BNPL).

You need to determine what your customers need, but not what others are using - keep this in mind!

6. Customer Preferred Payment Option is Not Available

Some are familiar with payment methods like UPI or others. On the other hand, some have a myth about fraudulent payment methods. It means your job is not to give an explanation of what is good or bad.

You provide the solution (method) that customers trust and want to pay with. This will help your platform deliver an improved experience and have checkout optimization for payments.

7. Credit or Debit Card Was Declined

Card decline may have various reasons, including its expiry, insufficient balance, typo, and the card not supported. These are some of the reasons that could let users return without purchasing anything.

But there is still a catch! If your payment provider delivers payment options like BNPL. It can let customers choose to buy with the buy now, pay later option.

8. Delivery Agent

In most of the cases, it is seen that customers do not trust the delivery agent. If your store is connected with a delivery company that does not have a good reputation within the market. It could also affect your company’s image. So choose the partner, one that aligns with your company values, and build trust.

If your customer does not trust the process, they are likely to return. Choose the delivery platform that lets your customers feel comfortable.

Before choosing a provider, it’s important to understand the integration process. This beginner-friendly payment gateway integration guide covers everything you need to know.

How Does Wonderpay Fit Well for Your Company?

Wonderpay, the top gateway in India, is identified for its trusted digital payment service. It is a PCI DSS compliant and the RBI regulated platform. WPay supports businesses with a frictionless, better payment UX, smooth checkout flow, and a platform with no failed transaction volumes yet, as it delivers you with the solution with high uptime.

It will improve your experience with all types of payments. Whether you want to accept payments, or disburse with a number of functionalities including auto payin, automatic reconciliation, analytics with insights, and has no learning curve at all.

Final Thoughts

The continuously increasing checkout drop offs is serious for any business. If the checkout optimization payments are not improved. It may cause a business to lose customers in a big number of customers or to shut down permanently. It requires careful consideration to improve the checkout experience of your customers.

If you are seeking an improved solution for your company to get rid of increasing cart abandonment. Connect with Wonderpay, right now, and get the right solution your company needs.