No purchase can be completed without a financial transaction that is executed by a payment system. To provide the best payment option to users, is the most critical aspects of any e-commerce business. Unavailability to make payment forces customers to abandon their cart. To make it a pleasant shopping experience for existing customers and also to make new customers, certain qualities should be present in a payment system. A safe, robust, and easy to use payment system is the one that provides seamless payment experience to users.
Number of payment options
Some e-commerce businesses provide a long list of payment options to its customers. Such a long list can overwhelm a user and prove to be useless. It is therefore required that a business provides commonly used and popular options to make an online payment in Asia. Payment options should be such that it can be conveniently used by the users. These can be credit cards, debit cards, net banking, Instant EFT, and bitcoin.
User interface is another important thing that leads to success of an e-commerce business. Many people get confused when trying to browse through the products, place the order, and make the payment. A poorly designed user interface can be damaging especially at the times of checkout and payments.
A business should strive hard to make the user interface design as simple, easy to understand and intuitive so that people who are visiting the website for the first time should complete the entire transaction without any help.
Simplified checkout process
For smooth accomplishment of the checkout process, it has to make simple, and quick. It has been seen that filling out many forms or performing complex or repetitive tasks makes users impatient. The result is that they abandon the cart and sign out from the website without making any purchase. So, the key here is to design the checkout process in a way that it gets completed quickly and offer seamless experience to its users.
As per the studies on online shoppers all across the world, it was found that people are highly concerned about identity theft, phishing and other types of fraudulent activities when it comes to online shopping.
Many people who are uncertain about the safety of their financial transactions terminate their online shopping session. Thus, a good e-commerce business understands the importance of security in financial transactions and their payment systems offer the best level of security to its users.
It is important that an e-commerce payment system is PCI Level 1 compliant that use three-dimensional secure session. Online shoppers are also advised not to disclose their personal and financial information anywhere else except the banking website and use banking level encryption.
Payment systems are one of the factors that determine the success of an e-commerce business. These are the qualities of an efficient online payment system. With several different types of payment solutions available on the market, one has to be very careful in choosing the best one for their business.