The Internet and mobile gadgets have undeniably impacted customer expectations and behavior.
As a result, today’s consumers demand precision and unbroken functionality from their user experience.
They want a personalized multichannel strategy that works on desktop, mobile, tablets, etc.
As a result, merchants began focusing more on transactional operations, as successful payments (or lack thereof) directly affect revenue.
This means that retailers started focused on enhancing customer experience when it comes to payment operations.
Optimized Payment Page Design, Higher Conversion Rate
Aesthetic and intuitive design is crucial to improving payment acceptance rates.
If your checkout is cluttered and confusing, your consumers may abandon their carts in frustration.
Fortunately, there are suggestions on how to improve your user experience design and thus your payment acceptance rate.
Conversion-Friendly 2-Factor Authentication
An extra layer of protection, such as 3-D Secure, requires users to give a secret code along with their card numbers.
The cardholder is then led to a bank-hosted page where they must enter an extra code.
In summary, 3-D Secure helps retailers prevent fraud. Many of them have claimed that this has resulted in revenue losses due to a lower payment authorization rate.
Why? Because 3-D Secure is intrusive and disrupts the checkout process, some customers prefer to abandon their carts.
Due to the polarizing views on 3-D Secure’s benefits and drawbacks, retailers have chosen to either completely avoid it or to adopt it across all transactions.
But this isn’t your only option. 3-D Secure may be customized to meet your corporate needs.
For example, you can employ 3-D Secure to reduce fraud risks only in particular transactions, based on the cardholder’s country, transaction value, and/or risk.
Also, keep in mind that a payment processor can adopt a non-invasive version of 3-D Secure that won’t affect your payment acceptance rate.
Smart Fraud Prevention with Data
Over the previous few years, the number of fraudulent transactions and attempts has increased dramatically.
But merchants have another challenge that is affecting their payment acceptance rate and should not be disregarded.
This is money wasted due to misconfigured fraud prevention measures.
If your payment processor has set up anti-fraud measures that aren’t tailored to your business or industry, it’s very probable that you’ll get “false-positives.”
And this is bad for business. If your anti-fraud tools identify a real customer as a fraudster, their transaction will be denied.
As you may understand, this scenario not only reduces payment acceptance rates but also annoys customers, increasing churn rates and decreasing client lifetime value.
Partnering With A Single Payment Provider
Consider working with just one payment provider to enhance payment acceptance and streamline transactional operations.
Why? Because sometimes working with many providers just doesn’t make sense.
Choosing a different provider and/or acquirer for each country is pointless if your consumers are distributed across multiple areas. It’s just too hard.
Managing many payment processors and reconciling financial data from each is a nuisance and raises the risk of something going wrong.
As a result, retailers are increasingly considering using just one source for all payment needs. So they have a single point of contact in case of concerns and can trace what caused them.
Having a single payment processor makes greater financial and operational sense for merchants.
This method saves money because you simply have to pay one supplier. Working with a single supplier reduces the number of steps in the payment process, minimizing the number of potential failure spots, and increasing payment acceptance rates.