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Digital payment technologies have evolved tremendously over the past few years. It has proved to be successful in this pandemic and turned the tables on how to do business. A recent survey reveals that 60% of consumers will be using digital and cashless payments due to growing health concerns.
According to PR News Wire, over two-thirds of digital payment users are worried about the security of performing online transactions. This observation is common for those new to this digital technology, primarily septuagenarians and octogenarians. It is understandable as they never got exposure to such technologies; consequently, they hesitate while doing digital transactions.
While electronic payment risks are inevitable, businesses can still make the experience more desirable. They can do so by taking specific steps to resolve potential security threats of mobile solutions. The main agenda should focus on ensuring reliability, speed, and convenience.
Tips to simplify digital payments
Rewarding customers for paying online is one way to make digital payments more effective. The customers earn cashback and discounts for using electronic payments to maximize usage. Establishing a loyalty program around your digital payment solution motivates customers to use electronic payments. It also increases customer retention and helps to build or expand your customer base.
Consumer behaviours are dynamic in nature, and keeping up with them can potentially exhaust business resources. So creating loyalty for your digital payments helps to establish long term rapport with customers and reduce turnover due to lack of engagement.
Research suggests that roughly 68% of potential customers who browse your website online never attempt transfers. A significant reason that contributes to this downturn is the process of lengthy online money transfer. In simple words, the process of payments is time taking and involves unnecessary steps. Sometimes it often creates doubt among your customers and damages their trust by sending them in your competitor's direction.
One way to avoid missed conversion opportunities is to shorten the customer's payment journey. Pre-populating fields, seeking minimal information and keeping the checkout process on a single page are excellent ways to achieve brevity.
Using robust mobile payment software solutions is vital in making digital payments. A mobile payment platform securely stores customers' credit and debit card details to transfer using their smartphones. Digital payment systems often assign users a unique code or token before checkout to ensure malicious parties do not intercept their payments. In this way, you can create a faster, more user-friendly, and more secure customer experience.
Making digital payments interoperable helps businesses to improve customer service. As the world becomes more interconnected through the internet, customers expect companies to cater to multiple payment modes.
It also provides more convenience for customers who are making cross border transfer. A mobile payment solution with superb interoperability features enables customers to make transfers on their domestic currencies. This process quickens the payment process and eliminates currency conversion errors, thus, increasing overall brand loyalty.
Getting rid of redirects is another way of making digital transfers more efficient and easy to use. Page redirects reduce the load speed significantly, increasing the likelihood for customers to abandon the site. Sometimes, businesses mistake redirecting customers to a separate page to provide additional information about their payment details. As a result, customers may opt for alternate channels to process their transaction. It lowers customer trust since redirection means that the user will have to connect to the redirect before going through the correct page. It gives anxiety to the customers about having their payment information stolen by malicious parties.
Avoiding page redirects shows that your digital payment system is secure and responsive enough to handle multiple transactions. This way, organizations can make customers feel safe, potentially leading them to recommend your company to their friends and families. Thus, increasing potential revenues without spending a dime on marketing.
Implementing technology in the financial industry is necessary for the survival of businesses. Fintech companies have led the revolution in transforming the financial sector by digitalizing the end user's transactional eco-system.
Remitall Software is one such solution, designed with customer convenience as its guiding philosophy. To know more about what it is capable of, please request a demo today.
Reading time 2:30 Minutes
Irene has completed her post-graduation in Integrated Marketing Communication from Calcutta Media Institute, Kolkata, India. Her key areas are blogging and content writing. She is in this industry for three years. Her interest areas include travelling listening to music, and painting.
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