While more and more consumers are using their mobile phones to shop, the world is also getting flatter. If you’re an online merchant, providing a checkout page that can convert all of your customers can get confusing. All of a sudden you may have shoppers coming in from their iPhone from Germany, China and Ireland, wait, what? Is your checkout page prepared to handle all of that? Luckily for you, we’ve got some tips and tricks to keep that global, mobile checkout page happy and healthy:
Intelligent Payment Routing Can Change Your Life
If you haven’t heard of intelligent payment routing, your payment gateway probably only connects you to one acquiring bank. Intelligent Payment Routing is used to ensure that transactions go to the acquiring bank that is most likely to approve a transaction – as well as support “failover transactions” so that if one acquiring bank declines a transaction another might approve it. In doing so, global merchants can accept shoppers from anywhere and increase their percentage of approved transactions. For example, if you have a site located in Ireland with a shopper coming in from the US, that US payment method likely won’t be accepted in an Irish bank – therefore resulting in a decline.
When a bank declines a transaction based on a shopper’s location and transaction amount, there is no getting that sale back. Rather than leaving that money on the table, make sure your payment gateway connects to multiple acquiring banks. That way, the payment can be intelligently routed based on a shopper’s location and amount. With multiple acquiring banks, the valid transaction is more likely to be approved, versus sending it halfway around the world to be declined. Our customers typically seen between 10-20% increase in conversions due to intelligent payment routing.
Mobile Checkout is the New Black
Ecommerce is set to grow 300% by 2020 to $5 trillion – 50% of this growth will be fueled by mobile. Not only that, but by 2019, 23% of consumers will be checking out on mobile, and 55% of them will be paying with alternative payment methods (think digital wallets!).
While mobile checkout pages are a relatively new phenomena for eCommerce merchants, it doesn’t mean that your technology can be lacking. The mobile checkout page should be pleasing to the eye and lacking distractions! Stop making your shoppers fill out unnecessary fields, which can be a complete pain on the mobile phone – they just want to tap on the Buy Now button and checkout. Frictionless checkouts are becoming more necessary for customers who seem to have less and less time – think Amazon.
Not only is it important to keep up with technology, but also consumers are increasingly demanding alternative payment types – especially those that will make checkout even more frictionless. This is where digital wallets will come in to play, especially for those at mobile checkout. Your payment gateway should allow you to have functionality to add these wallets at mobile checkout – from Android Pay, to Apple Pay, to Visa Checkout, MasterPass, and more. Don’t let your mobile checkout suffer because you aren’t adding the payment types consumers are demanding.
Use Hosted Checkout Pages to Your Advantage
To conquer the world of a global, mobile checkout – hosted pages can help if you lack development resources. By using hosted checkout pages, you’ll be able to have a page that will fit-to-screen on any device your shopper may be coming from. Also, for mobile shoppers, you have the option of producing a slim checkout page, so that they aren’t bogged down with too many fields to complete. By using hosted checkout pages you can localize your checkout to display local language, local currency, and local payment type. Shoppers are much more likely to make a purchase if they can read your site in their local language (75% more likely, to be exact), not to mention if you include their local currency and payment type, your conversion rates will go up. And don’t forget, you can combine hosted pages with APIs to get the full look you want while converting international and mobile checkout shoppers.
Don’t Forget About Fraud
Fraud is a serious concern for all online merchants, whether mobile or not. More importantly, fraud risk on mobile and web is not the same and should be treated as such. More than half (51%) of merchants surveyed responded that the fraud risk is equally as risky for both mobile and web eCommerce. Furthermore, nearly 30 percent (28%) of merchants believe that standard eCommerce fraud processes can manage mobile commerce fraud. Not the case! Each platform, and even each device, must be carefully considered individually to best combat fraud on that specific channel. The tools that work for web commerce will not necessarily work for mobile transactions, and vice versa. Merchants must pay extra attention to what channels and devices they see the most fraud from, and implement channel-specific tools to best protect themselves and their customers.
Not only should you be considering fraud on mobile as it’s own beast, but you should also be working to provide a frictionless fraud solution for your mobile checkout. Consider these three things:
Fraud detection platforms should be fast. It should take well under one second to determine if the order is fraudulent. Remember, customers expect to see a confirmation page immediately after they click submit, especially at mobile checkout.
When your goal is to minimize fraud on mobile, it’s easy to slip into mindset where everything looks suspicious. In reality, most orders are legitimate though. And you’re not going to hit all of your growth milestones by turning away your largest orders.
When choosing a fraud tool to implement, it’s important to consider a tool’s effectiveness for mobile checkout as well as its shopper impact. The best fraud tools have no shopper impact. They gather all the relevant information as a shopper browses your website or completes the checkout form, and analyzes it without the shopper even knowing it. The analysis is both unobtrusive for legitimate customers and concealed to fraudsters.
Creating a global, mobile checkout doesn’t have to be difficult. If your payment gateway isn’t helping you achieve all the goals for your 21st century checkout, you may need to consider switching. Check out our Ultimate Guide to Switching Payment Gateway Providers (no, it’s not as scary as you think):