How Checkout Payment Page Optimization Can Boost Your Business Success

Imagine spending time and money on marketing campaigns, website design, and partnerships with influencers to promote the high-quality products and services you offer. But then you check your sales and you’re terrified to see that you’re at a loss. Alarmingly, figures show that the losses eCommerce brands globally suffer from reach $18 billion each year - with cart abandonment due to poor checkout experiences being the main reason.  

With eCommerce being an integral part of today’s shopping experiences and business operations, the truth is that merchants often focus on marketing strategies to attract customers, local products that reflect the need for sustainable practices, partnerships with marketplaces-behemoths, and automation to support employees. But among all this, one important factor that can reduce cart abandonment and churn rates remains ignored: checkout payment page optimization. 

Interestingly, experts report that checkout optimization can increase conversion rates by over 35%. So how can online business owners optimize their checkout pages and ensure customer satisfaction? We at CatalystPay are here to help. Below are listed six aspects that can reshape your business success altogether.

 

1) Make checkout processing seamless by using iFrame technology

2) Employ advanced security to ensure the safety of one-time, recurring, and one-click payments

3) Diversify your checkout page and boost conversion rates with APMs

4) Make sure your business can collect different currencies

5) Facilitate crypto payments and gain a competitive edge

6) Consider the opportunities of payment orchestration

 

1) Make checkout processing seamless by using iFrame technology

One of the main ways to reduce cart abandonment is by making payments seamless and secure for customers through either iFrame or Redirect, aka Hosted Payment Page. Without going into the technicalities of the two methods, we should note that these methods are ideal for any merchant that does not have the technology or can’t handle the compliance complexity of having their own payment gateway. Redirect, as the name suggests, offers a hosted experience and sends customers to a third-party payment platform. On the other hand, iFrame allows customers to stay on the same page while filling in their payment details. While both options offer high security, iFrame as a payment widget is a more balanced method. Without the need to visit a third-party site, users are spared all the confusion and frustration of switching between pages. Not only that this option leads to positive UX experiences, as the customer has fewer steps to go through and fewer fields to complete, but iFrame technology has another major advantage: it creates trust. In fact, we should note that lack of trust accounts for more than 17% of cart abandonment. 

2) Employ advanced security to ensure the safety of one-time, recurring, and one-click payments

Ensuring safety is vital, indeed! When working with clients, we at CatalystPay always focus on key security payment gateway features to help clients optimize their checkout and ensure safety and compliance: 

• PCI DSS (Payment Card Industry Data Security Standard) compliance, which is mandatory for businesses accepting credit cards and administered by the Payment Card Industry Security Standards Council. In order to reduce credit card fraud, the PCI DSS sets 12 requirements for compliance divided into six "control objectives" to 1) build a secure network; 2) protect cardholder data; 3) maintain a vulnerability management program; 4) implement access control measures; 5) assess network performance; 6) maintain clear policies. 
• 3DS (3-D Secure), which is an authentication protocol used to verify the identity of the cardholder, especially for high-risk transactions, such as CNP (card not present) payment card transactions. We should note that it was created by Visa and MasterCard under the brand name “Verified by Visa” and “MasterCard SecureCode,” respectively.
• Tokenization, which is a process that replaces sensitive payment information with a token or identifier. Interestingly, tokens are unique strings of information created in real time that can also enable one-click payments, which significantly increase shopping convenience - hence cart conversion.
• Anti-fraud systems, including advanced methods such as SCA (Strong Customer Authentication) and AVS (Address Verification Services) to reduce fraud risks. 

Because enhanced technology can guarantee both your customers’ and your business’ protection against fraud and financial and data losses.

 

3) Diversify your checkout page and boost conversion rates with APMs

Another way to optimize your payment page is by offering flexible payment methods - a key component of ensuring a positive customer experience and establishing trust. 

Whether that's through credit cards, PayPal, or other payment methods, depending on your business needs and integration capabilities, you should explore different APMs (Alternative Payment Methods), such as Apple Pay, Google Pay, Buy Now Pay Later, cryptocurrencies, and more. 

In our fast-paced and tech-driven world, other options to consider are different social media payments to help you attract customers from different generations. Let’s not forget that Millenials and Gen Z, as per recent data, are the most active online shoppers globally who would never complete a transaction if they had to wait for more than three seconds for the checkout page to load.

4) Make sure your business can collect different currencies

Another essential factor in optimizing your checkout page is to ensure support for different currencies. 

We at CatalystPay support ALL processing currencies for a reason. Why? Simply because giving customers the chance to pay in different currencies helps remove barriers to global commerce. It also provides a convenient and even familiar shopping experience for users, which can improve the overall customer experience.

Oh, and let's not forget that it also helps avoid foreign exchange fees - something that can attract more customers from around the globe.  

5) Facilitate crypto payments and gain a competitive edge

Talking about flexible methods and different currencies, we can't ignore the importance of crypto payments. 

Despite the volatility risks involved, many tech aficionados love using cryptocurrencies instead of credit cards given factors, such as convenience, fast processing, and enhanced safety.

Accepting different digital currencies is an important step for businesses that want to expand their customer base and succeed in today’s changing financial landscape. 

6) Consider the opportunities of payment orchestration 

Last but not least, to optimize your checkout page, consider payment orchestration. If you’re not familiar with that technology, this is a process that allows you to complete the entire end-to-end payment processing, including authorizing payments and managing settlements, within a single software platform. 

Orchestration can also help you automate payment routing based on the user's payment type and currency, which creates a personalized touch and can help your company scale and establish itself as a leader in the field.

 

In conclusion, optimizing your checkout payment page is a critical aspect of reducing cart abandonment and improving customer satisfaction, two factors that can make or break your online business. By making payments seamless and secure, offering flexible payment methods, supporting different currencies, and facilitating crypto payments, you can gain a competitive edge in the market and establish a trusted brand image. At CatalystPay, we are committed to helping businesses optimize their checkout payment page by offering industry-standard payment gateway with a wide range of customization options and ongoing services. So why wait? Get in touch with us today and start optimizing your checkout payment page.