Improving Your Company's Payment Acceptance Rate

Do you feel as though your business isn’t processing payments well enough? Maybe you feel as though you’re not growing because you’re not able to build customer trust and confidence fast enough. Either way, many businesses struggle with things like payment success rates, whether this is because of technical issues, payment fraud, or even poor payment processing. If you want to work your way around this, then one of the best things you can do is try and make improvements now, so you can stand to benefit in the future.

Choose the Right System

One of the first things you need to do is try and choose the right system. If you want your company to have a high payment acceptance rate, choosing the right system is one of the most important things you can do. You have to make sure that your chosen solution provider is reliable and secure. You also need to make sure that you look at your payment processors and their overall success rate. Look for security certifications, and make sure that there is enough customer support to give you the confidence you need to go with them. You should also make sure that the system seamlessly connects with your infrastructure as well. High-risk industries face unique payment challenges, and this can also affect payment rates, so make sure that you understand things like this and that you also look into compliance, as this is again a good way for you to get the result you need. If you run a retail store, exploring retail merchant services is also one of the best things you can do, as it again influences how likely you are to succeed in the future, as well as what you can do to try and ensure data safety overall.

Multiple Payment Options

Another good thing to do would be to offer different payment options. Today’s consumers really do expect you to give them a convenient service. Expanding the payment options available is one of the best things you can do here, as it allows you to improve your payment success rates, and it also allows your customers to pay by using their preferred methods. When customers can use their ideal payment method, this means you’re more likely to be able to complete transactions, and it also helps you to really boost your payment acceptance rates. Consider global payment preferences if you sell abroad as well, as this could have a big influence on your overall success rates.

Work on your Checkout Process

Your checkout experience will really have an impact on your payment acceptance rate. If you have a confusing or even a complicated checkout process, then you may notice that you have a higher rate of abandoned carts and that you also have a lower payment success rate overall. If you want to work with this, then you need to first look at checkout optimisation. This is the best way to improve your process overall. Simplifying form fields and making sure that you only collect essential information is key as well. A lot of businesses think that they need additional information, but most of the time, this isn’t the case. If you do need extra information from your guests for compliance services, then simple features, like having a checkout progress indicator, are a very good way for you to guide your customers through the process, so you can at least make sure that they are aware of where they stand.

Optimise for Mobile

Believe it or not, most people will come to you from a mobile phone. Optimising your process for a mobile device is therefore a very good idea. Seamless payments should be across all devices. If you aren’t sure if you have any issues with your mobile checkout, then again, run tests and make sure that this is not the case. People coming from mobile should also be able to see trust signals and encryption messages, as well as security badges. If you don’t show things like this to your mobile customers, then they may not think that your site is secure, and this can lead to you having a higher bounce rate as well as a higher rate for cart abandonment. Things like this can make a huge difference to your checkout success rate, and you may also find that it stops you from running your site as efficiently as you could be. If you want to help yourself, getting a site audit done can be wise too; this will highlight issues for you.

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