https://www.linkedin.com/pulse/companies-need-optimize-online-payment-

Have you thought about how your business is actually getting paid? More specifically how your business is collecting payments online?

Most businesses look at their online payment solutions as an afterthought. After all, the main goal is to sell and gain more customers. However, businesses really should look at how they are collecting payments online.

A study in Europe (which traditional has been ahead of the US in updating online sales technology) found that 68% of business with online stores are investing in new or improving their payment technology. They see that how a customer pays is really the main touch point for gain resells and growth. If a customer has a bad experience paying for a product/service, the chances of them coming back or referring your business drops by almost 90% no matter how much they enjoyed the product or service.

Twenty percent of businesses have cited loss of revenue due to poorly optimized online payment options. These businesses know they need to speed up the process and make it as easy as possible. This is why 25% of businesses in the survey said they are planning on improving the checkout and payment experience for their customers.

Businesses have recognized that consumers will abandon their shopping cart if they cannot pay with their preferred payment method or find it too cumbersome.

If you have not looked into how your business is getting paid and enhancing your customer’s experience, you may find that your business will stop getting paid altogether. Don’t let your business stagnate. Review your online payment options and make the payments as an enjoyable experience as choosing your business in the first place.