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Why are abandoned carts so common?
Statistically, two-thirds of online consumers will abandon their shopping carts before proceeding to checkout. This can happen for a number of reasons, such as undesirable shipping time or costs, overly complicated checkout processes, concerns about website security or performance, and comparison shopping (to name a few). While many of these factors are out of the seller’s control, one particularly common issue that businesses do have control over is the variety of payment methods that they offer their customers.
When shopping online, consumers want an efficient, seamless experience from start to finish. Viewing and selecting their chosen goods is the easy part, whereas the most crucial step – both for the consumer and the seller – begins once they move to checkout. This is where Zotapay (Zota) comes in.
The importance of offering different payment methods
Zotapay’s (Zota’s) gateway technology helps implement payment solutions that allow businesses to reach a wide pool of global customers, including those in emerging market countries. The cashier page determines how the consumer pays, and the more payment methods offered, the wider the pool of paying – and returning – customers becomes. From debit/credit and prepaid cards, to eWallets, bank transfers, and direct carrier payments, the variety of options is crucial. Alternative payment methods (APMs), such as PayPal and Apple Pay, are also hugely important to consider, with APMs predicted to account for more than half of online transactions globally in the not-too-distant future.
Essentially, once they go to checkout, consumers want the payment process to be timely and convenient. The fastest and easiest methods of paying are those that are most familiar, emphasizing the importance of giving customers a variety of options. Zotapay (Zota) works with online businesses to find innovative payment solutions, helping them optimize the payment options that they can offer their customers. The more choices there are, the higher the likelihood of gaining customer satisfaction.
What are payment gateways and payment processors, and why are they a crucial part of the customer’s payment experience?
Payment gateways and payment processors work hand in hand to enable smooth operations when it comes to online transactions. Payment gateways like Zotapay (Zota) approve digital payments, ensuring they are executed as efficiently as possible between customers, payment providers, and online stores. The role of payment gateways is to allow businesses to sell their products to anyone, anywhere, in their chosen currency – while maintaining the safety and security of all data, and user information.
Payment processors do just as it says on the tin – typically, they are third-party companies that process the transactions on behalf of a business. These two systems are vital elements of the online payment journey and, therefore, the overall success of online businesses.
Why offering an array of payment options can help avoid abandoned shopping carts
So, why are payment gateways and payment processors so important when it comes to alleviating the risk of abandoned shopping carts? The answer is simple – they represent the difference between a smooth payment experience for the customer and a complicated one.
Payment gateways allow businesses to offer a variety of payment options, which in itself increases the chances of customer satisfaction once they reach the cashier page. Payment processors help by ensuring that the payments are completed with ease. The payment experience is only one of many eCommerce pain points that cause people to abandon shopping carts. However, it is one that businesses have autonomy over, meaning that the more focus placed on the consumer’s payment experience, the higher the businesses’ chances are of that payment being completed.
Zotapay’s (Zota’s) gold-standard payment gateway technology helps businesses set up their cashier page to enable an extensive variety of local and global payment methods. The more efficient your payment options are, the better the chances are of your online business avoiding too many abandoned shopping carts.