How Can Online Payment Platforms Influence The B2C Relationship
In many discussions about online commerce, marketing takes priority. Web layout, ease of use, and other factors are often talked about as well. While all of these elements of e-commerce have a heavy influence on your companyâ€™s relationship with consumers, there is another aspect that is often overlooked but is also essential: online payment platform.
Understanding how your choice of online payment platform affects your business to customer (B2C) relationship is an important part of ensuring your e-commerce runs smoothly and effectively. Consider the following ways the platform you choose for online payment influences B2C:
Online Payment Platforms are Regularly Used by Consumers
If your business is succeeding at e-commerce, consumers are making purchases using your online payment platform. That means that every day, your customer base will interact with the tool you choose. Every time your customers reach the end of the e-commerce sales funnels, they will make their purchase online.
As a result of this reality, your payment platform has a big responsibility. Donâ€™t underestimate how important user experience is when it comes to paying online. Consumers can purchase most products on different websites if they think your payment platform is hard to navigate, unreliable, or insecure.
Money is at Stake with Online Payment Platforms
As the saying goes â€œmoney talks.â€ Consumers value their hard-earned dollars and wonâ€™t expose themselves to financial risks. Since making a transaction using an online payment platform requires people to give their financial information to your business, the platform you use needs to be trustworthy.
Factors that make a payment platform appear reliable to consumers who want to make purchases securely include:
* The platformsâ€™ reputation
* If the platform requires captcha checking or other anti-fraud measures
* Professional looking design
Choose a payment platform that positively boasts these features in order to show customers their transaction will be secure.
Customer Service Addresses Online Payment Platform Problems
Sometimes platforms and other web tools break or malfunction. Since money is at stake, payment platforms with issues can make customers upset easily. If problems cannot be resolved quickly, customer service can usually expect to have a problem on their hands.
Select a platform that offers built-in support and reasonable customer service availability. Many payment platforms online will provide consumer service directly to your customers if they have a problem processing a payment. Check reviews to be sure other businessesâ€™ customers have positive experiences with the platformâ€™s service assistance. Find out the kinds of customer service tools the platforms offer (email, live chat, phone support, etc.)
Convenience Affects Consumer Choice
Since consumers can usually easily find products and services offered on other websites by other businesses, itâ€™s important to make your entire sales funnel as convenient as possible. Convenience is a primary factor in consumer decision making processes. When considering payment platform options, look at convenience factors such as:
* How long it takes consumers to make a purchase using the platform
* The forms of payment the platform can accept
* Policies for disputes and refunds
* Load time and integration into existing website
* Available buttons pre-designed to make buying easy
* One-click buying options
* The countries the platform is available in
Forms of payment accepted, for example, can make or break a transaction. Consumers want to be able to use whatever payment form they want, including online cash or checking accounts, credit cards, and even electronic checks. Take the time to compare these factors between multiple online payment platforms.
Fees Affect Prices Offered Online
Watch out for hidden fees when you are choosing between online payment platforms. Most platforms charge transaction fees, but the types of fees and rates vary widely. Obviously this affects your business costs, but in the long run, it can also affect your B2C relationship.
For example, if you have to charge higher prices for good online to make for transaction fee losses, consumers may not opt to support your e-commerce- or your business. Choose a platform you can afford to use without inflating your product costs enough to affect customers.
Retention Rates Can be Positively or Negatively Influenced
By the time your customers reach the end of the sales funnel, they are ready to make their purchase. Many customers spend considerable amounts of time browsing online, making comparisons, and finally choosing a product or service to purchase. After all the time they put in, once theyâ€™ve made a decision they just want to finish up and make their transaction.
If consumers reach the point of the transaction just to find an online payment platform they find frustrating or ineffective, they may not return to your business. As a result, your customer retention rate will suffer. On the other hand, a positive transaction experience that makes customers say â€œthat was easyâ€ can enhance customer loyalty. Keep customer experience in mind as you research, compare, and decide which platform to use for your online business.