Payment Enhancements To Boost Your Black Friday Sales

updated: 28/10/2024

It's that time of year again, and the main shopping events of 2024 are just around the corner—Black Friday & Cyber Monday!

As merchants fine-tune hot offers, optimize user experiences, designing ads and refine conversion funnels, customers are busy making their shopping lists, planning which boots, coat, or TV to buy at a great discount, and topping up their credit cards.

But have you, as a merchant, prepared your payments to keep up with the holiday demand?

As you prepare for the upcoming Black Friday sales, it is important to partner with a reputable payment provider who has experience in scaling up their operations. The right payment gateway can help ensure that your conversions at checkout are smooth which will lead more customers into becoming loyal followers of your brand.

In our latest article we explore how you should prepare yourself as an ecommerce business so that this year's festive period goes off without any hiccups or technical difficulties - read on: 

Payment Methods — Set Up Your Checkout for Success 

There's a lot going on in the world of ecommerce, and one thing that has become increasingly important is payment methods. In 2022 nearly 25% percent ended up leaving an online store checkout page if their preferred method wasn't available - which means you can't take it lightly, as 80% of consumers rank convenience as something crucial when shopping. Additionally, without multiple payment options, 40% of customers lose their confidence in your products / services in 2023. 

To ensure the best customer experience possible, it's important to offer shoppers as many popular and convenient payment methods. However there can be some variation in preference between countries due to local customs or preferences so you must take this into account when choosing a suitable solution for your business.

The popularity of credit and debit cards is decreasing as more tech-oriented methods such Apple Pay or Google pay become increasingly popular with younger generations. The trends show that 26% of all 25 - 34 year old would use these technologies as their primary payment method over the next 5 years. 

Black Friday: Buy Now, Pay Later

Integrating a "buy now, pay later" (BNPL) payment option for e-commerce Black Friday sales offers a compelling opportunity. According to Klarna, With the flexibility of BNPL, 44% of shoppers on average decide to make purchases they might have otherwise delayed. 

This method has the potential to notably elevate sales and conversion rates, empowering customers to make larger purchases by alleviating immediate financial constraints. Moreover, it serves as a magnet for a broader customer base and significantly reduces instances of abandoned carts, positively impacting business competitiveness during this high-demand shopping period.

Speed Up Transactions with One-Click Payments & Fast Checkout Solutions

In the frenzy of Black Friday, the benefits of one-click payment and fast checkout solutions for e-commerce cannot be overstated. These streamlined payment solutions significantly reduce the time and effort required for customers to complete their purchases, enhancing their shopping experience. 

The simplicity of one-click payments expedites transactions, encouraging impulse buying and reducing cart abandonment rates. Customers initially input their payment and shipping information securely, saving it as "card on file." For subsequent transactions, a simple click or tap on a designated button (e.g., "Buy Now") suffices to finalize the purchase, eliminating the need for re-entering payment details. 

Fast checkout is another solution that not only provides convenience but also offers a competitive edge for online retailers. Shoppers can choose between standard checkout or immediate payment (e.g. with Apple Pay) aligning with their preferences. This flexibility streamlines the process and minimizes friction, ultimately reducing cart abandonment and improving conversion rates.

Payment Page Implementation and Design 

The payment page is the gateway to your customers' purchases. It should be well designed and easy for them so that you can get their business as soon as possible, not just this once. In order not to lose any potential revenue from visitors who may walk away at crucial points in an online retailer's sales process due to poor customer experience.

This is one area where you as an online retailer have complete control, so it's crucial that your design and content reflect the professionalism with which all other aspects of your business operate.

When it comes to the overall design of your payment pages, there are several important elements to consider:

• Pay attention to logos and images: When building payment pages, it is important to ensure that you are using high-quality images and branding. You should also consider including logos from popular methods so shoppers won't question your checkout's legitimacy before making a purchase.
• Check That Payment Pages Are Responsive: It's important to make sure your website looks great on all devices, and that means making it responsive. You'll have more customers if you can sell them something while they are browsing with their phone or tablet in addition to when you show up live.
• Secure and Trustworthy Elements: Display security badges or logos from trusted payment service providers to reassure customers about the safety of their transactions. This can include SSL certification, secure payment gateway logos, and trust seals.
• Loading Speed Optimization: Ensure the page loads quickly. Slow loading times often lead to cart abandonment, so optimizing the speed is crucial for a smooth checkout process.

Infrastructure - Ensure Your Site Can Cope With Increased Demand 

Heavy demand periods are a nightmare for any business - they can cause errors and downtime. You don't want your site's speed or customer service to go down during peak times, which means you need an infrastructure in place that will keep up with increased traffic levels without crashing- this includes choosing reliable payment providers as well.

• Provide Continuity Through A Backup System: 

But what is redundancy? In payment processing, it is a good practice that refers to having at least two separate systems that back each other up to make sure that online transactions are reliable and accurate. When it comes to online payment processing, one of the key elements for a successful online business is redundancy. Redundancy may be a word you're unfamiliar with, but in the world of online payments, having redundant systems and processes in place can mean the difference between success and failure. 

Redundancy means having at least two separate systems to back up each other in order to ensure the accuracy and reliability of online transactions.

The main reasons to implement redundant systems in online processing are the complexity of the processing systems, as well as security and reliability concerns. 

• Uptime

With a high-load situation on Black Friday, you'll want to make sure that the payment provider has systems in place for when things get hectic. This includes multiple data centers and an uptime guarantee at 99,99%. 

• Fraud Protection

There is no doubt that fraudsters will try their luck with any opportunity they get, especially during big sales events like Black Friday. Our recent survey data revealed 30% of online business owners had seen an increase in fraudulent activity at checkouts and 37% consumers were scammed while shopping online! In order to tackle this complex topic you must ensure you have reliable risk control systems set up.

• Customer Support

Merchants should look for a payment provider that can offer timely expert support in case something goes wrong. Downtime during one of the biggest online sales seasons represents lost revenue, so having reliable and efficient customer service is absolutely necessary. 

Network Tokenization: Secure and Seamless Payments for Higher Authorization Rates

Network tokenization has become indispensable for merchants looking to enhance security and maximize authorization rates during high-traffic shopping events like Black Friday. By replacing sensitive card details with a unique, encrypted token, network tokenization minimizes the risk of data breaches and lowers the chance of transaction declines.

Network tokens also update automatically when card information changes or expires, ensuring uninterrupted transactions during peak shopping hours. To learn more about network tokenization’s benefits for secure, seamless payments, read our detailed article here.

Key Payment KPIs to Monitor for Black Friday Success

Tracking payment processing metrics can reveal insights into your checkout process and help you make real-time adjustments. Key KPIs include:

1. Authorization Rate: This KPI measures the percentage of transactions successfully authorized. A high authorization rate directly impacts your conversion rates, indicating that payments are being accepted smoothly without unnecessary declines.

2. Chargeback Ratio: Monitoring chargebacks is essential during Black Friday, as increased traffic often correlates with higher fraud risks. A low chargeback rate reflects effective fraud prevention strategies, ensuring that sales aren’t undermined by revenue loss from disputes.

3. Transaction Approval Rate: This KPI reflects the rate at which your payment provider approves transactions on the first attempt. A high approval rate reduces the likelihood of customer frustration and abandoned carts, helping to optimize the checkout process during peak shopping times.

4. Payment Decline Rate: Understanding your payment decline rate helps identify potential issues in the payment process. By tracking declines, merchants can proactively adjust fraud filters or address other issues, minimizing customer drop-off and preserving potential sales.

Integrating these KPIs will enable merchants to make data-driven adjustments throughout Black Friday and Cyber Monday, ensuring a smooth checkout experience and maximizing conversions.

For an in-depth look at these metrics, explore our KPI guide here.

In Conclusion

The Black Friday weekend has arrived and with it comes a hectic period for online shoppers. With increased traffic, business owners must ensure their payment infrastructure can keep up so they don't miss out on any opportunities this year.

We at Catalystpay thrive to enable online businesses by providing industry-leading payment gateway technology. Contact us to discuss how we can support your business through the holiday season.