Why do some ecommerce businesses succeed whilst others barely keep their heads above water?
A well-targeted range of products or services is obviously one factor, as is a well-designed website which takes into account user experience best practice across mobile and desktop devices.
But an equally important reason is the ease with which customers can pay. Many of us return time and time again to the same website because we’ve experienced a frictionless checkout experience…even when that item may be available at a better price elsewhere.
Hence why alternative payment methods have risen in popularity – they’re quick, secure, optimised for mobile devices, and you need only remember your email address and password.
The new kid in town: Visa Checkout
One of the latest alternative payment methods already having a considerable impact is Visa Checkout, the online checkout service developed by Visa to create a better customer experience. They’ve sought to remove friction from the checkout so that once a customer has shopped with Visa Checkout for the first time, future purchases require a simple one-click process, no matter what device they’re using. This is significant because it closes the gap between smaller retailers and the online retailing giants.
How easy is Visa Checkout for consumers to use?
In short, very easy. I recommend taking the few moments it takes to set up a consumer account to see for yourself – you simply sign up by entering your card details and address. Visa Checkout then stores that information in a secure account so that you can skip the forms and speed through online checkout everywhere you see the Visa Checkout button.
A better user experience and quicker route to purchase = a higher likelihood of conversion
With payment and shipping information already stored, it doesn’t matter what device the customer is using - there’s no need to enter additional information and consequently no wasted time. Because customers have only to complete their username and password, they reach, and press, the ‘Buy now’ button much sooner than when using a traditional card payment, which means there’s less chance of that transaction being aborted before completion.
The statistics themselves provide hard evidence on the impact of Visa Checkout on cart conversions – Visa’s merchant analysis reports a 90% average conversion rate across desktop, mobile & tablet transactions, compared with the e-commerce average of 69%.
Consumers also like the ‘card art’ functionality of Visa Checkout – a nice touch by Visa where the cardholder sees their payment card branding illustrated within the payment window. This provides further reassurance of the authenticity of the payment process and the site itself. They’re obviously doing all the right things to convert consumers - more than 30 million cardholders (1.5 million in the UK) are enrolled with Visa Checkout already and this figure is growing all the time.
Why are ecommerce businesses choosing Visa Checkout?
In addition to the basket conversion and customer experience advantages, merchants benefit from the simple 3-step integration of Visa Checkout, enabling it to be featured on any page or in any flow on their e-commerce website or app. Rather than dominating the checkout, it runs alongside any standard payment pages.
Also of interest to merchants is how Visa is investing in targeted digital marketing to drive consumer awareness, including partnering with card issuers to educate cardholders on the benefits of enrolling in the service and to promote offers direct to consumers. This offers a further opportunity to merchants, who can leverage Visa’s consumer channels to publish offers and marketing to Visa Checkout subscribers.
These benefits, combined with the repeat-business effect of making it incredibly easy for customers to purchase and thus increasing customer loyalty, makes Visa Checkout a very attractive proposition.
Instantly available from Pay360
Already being used across 26 countries by 340,000 merchants, I’m sure it won’t be long before Visa Checkout is ubiquitous, offering customers the payment convenience and security they value across a diverse range of merchants.
And at Pay360 we’re one of the first payment companies to deliver Visa Checkout to customers. Indeed, Visa Checkout is fully integrated with our solutions so that it’s available by default, both through our hosted solution and our API solution.
To incorporate Visa Checkout within your payment journey, get in touch or call our team on 0333 313 7160.