The number of online businesses today has grown exponentially in the past few years. Some of these businesses thrive and take off, while others remain unknown and short-lived. Either way, online businesses have a lower starting capital requirement than offline businesses and can reach a wider audience. According to a report by Guardian, Amazon earned $2.5 billion in profits during Q2 of 2018. Another report by Yahoo Finance shows eBay sales rising by 9% YoY to reach $2.64 billion.
The key to successful online marketing is a payment e commerce gateway terminal designed to execute transactions securely and efficiently. There are several essential features that these gateways must have for an enhanced user experience.
7 Essential Features for e-Commerce Payments:
1. Multiple login options:
One of the biggest turn-offs for a customer is having to create an account on a website to checkout and complete their transaction. Consider adding options such as ‘Sign in as a guest’ or allow users to log in using their Google, Twitter and Facebook accounts. These options help minimise friction by making the buying process more efficient.
2. Authentication or login layers:
New customers who don’t have an account on a website they choose to shop from want assurance that their money and data are secure. This is critical especially when a customer forgets their login information. To ensure proper authorisation, ask customers several detailed security questions before allowing them access to their account once again.
3. PCI compliance:
The PCI SSC (Security Standards Council) is a series of DSS (data security standards) that govern all businesses regardless of their transaction volumes or revenue. Businesses hosting and managing their personal e-commerce platforms are responsible for ensuring PCI compliance according to pre-existing standards.
4. Integrated payment processing:
Some payment processors redirect customers away from the merchant’s website to complete their payments. The new payment page often disrupts the user experience and might discourage several buyers to abandon their purchases for fear of poor security. Using a credit card payment gateway that integrates with the business website is a secure and efficient way of overcoming this challenge. It also enhances the customer experience and could result in increased customer loyalty.
5. SSL certification:
Every e-commerce channel must have an SSL certificate designed to secure the personal and payment data that customers share while making an online transaction. SSL is the security standard that all online payment processors must adhere to, ensuring all data remains secure as it passes between a browser and a web server.
6. Visual checkout process:
Most online businesses ensure their payment process encompasses multiple pages. In such cases, it helps to give customers a visual idea of how much time or how many steps remain till their transaction is complete.
7. Refund and return policy:
Ensure a readily-available refund and return policy on your main business website. Make this agreement a component within the checkout page and also add it to your website’s footer.
Setting up a new e-commerce business can be both exciting and overwhelming. But with a little planning and e-commerce payment strategising, you can easily process as many e-commerce transactions as needed.
