Introducing the Retry Payment Option: Reducing Cart Abandonment
Cart abandonment is a persistent issue in eCommerce, with more than 70% of online shopping carts being abandoned according to the Baymard Institute. One significant reason for this is failed transactions, often due to insufficient funds or errors in entering payment information. So, to address this, we’ve introduced a “Retry Payment” button on our hosted payment page.
Imagine a scenario where a customer’s payment fails because of an incorrect PIN for 3D Secure or an insufficient balance. Instead of losing the sale, the customer can now simply click "Retry Payment," correct the issue with the enhanced visibility of the problem, and complete their purchase. This small change can have a massive impact, increasing your payment success rates and reducing the number of abandoned carts. By providing an immediate retry option, we’re making the checkout process smoother and more forgiving, which translates into higher conversion rates and a better user experience.
Boosting Security with Network Tokenisation: Peace of Mind for You and Your Customers
Security is at the forefront of every transaction, and for good reason. In 2023, the average cost of a data breach was $4.45 million. To enhance the security of your transactions, we’ve implemented network tokenisation in partnership with Visa and Mastercard.
Network tokenisation replaces sensitive credit card numbers with unique tokens that are only usable for specific transactions. This means even if the data is intercepted, it’s useless to fraudsters. This advanced security measure not only protects your customers’ data but also simplifies your compliance requirements. By not storing sensitive card information, you reduce your vulnerability to data breaches and the associated costs.
Tokens are perceived as more secure by card issuers, which can lead to higher approval rates for transactions (great news!) This means fewer declined transactions and more completed sales for you. It’s a win-win: enhanced security and improved efficiency.
Save Card Feature: Streamlining the Checkout Process
Speed and convenience are crucial in today’s online shopping environment. Our new save card feature allows customers to securely save up to four cards, making future purchases quicker and easier.
Think about the last time you shopped online. How much more convenient is it when you don’t have to enter your card details every time? This feature not only reduces checkout time by up to 30% but also significantly improves customer satisfaction. According to industry data, merchants who offer saved card options see an average increase in conversion rates by 15-20%.
This feature is particularly beneficial for repeat customers, who can enjoy a seamless and efficient shopping experience, fostering loyalty and encouraging them to return. The convenience of saved cards can lead to more frequent purchases and higher overall sales.
Update for Instant Bank Transfers: Streamlined Access for UniCredit Customers
Starting September 2024, UniCredit customers in Austria, Germany, and Italy will experience a smoother payment process with the shift from "Bank Offered" to "Global Consent." This update means that end-users will grant access to all their accounts at once, eliminating the need to select them individually.
This update will happen automatically, ensuring a seamless transition without any required action from your end.
However, be prepared for potential queries from end-users regarding this change. Highlight the benefits of reduced friction and increased efficiency in their banking experience. This aligns with our commitment to providing innovative solutions that drive both security and convenience for your business.
The Bigger Picture: How These Features Fit Into Your Business Strategy
At payabl., our goal is to be your strategic partner in growth. These new features are part of our broader commitment to provide comprehensive, innovative solutions that drive business success.
- Global Reach: With support for over 130 currencies, you can easily extend your market reach and cater to customers worldwide.
- Advanced Fraud Prevention: Our technology developments ensure robust protection against fraud, giving you ultimate peace of mind.
- Real-time Insights: Our dashboard offers real-time reporting, providing full visibility into your financial status and transaction history. This enables you to make informed decisions and optimise your operations.
Ready to Improve Your Payment Processing?
Our team at payabl. is here to support you every step of the way. Whether you have questions or need assistance with implementation, we’re dedicated to helping you make the most of these new features.
With payabl., you’re partnering with a team committed to your success. Adopt these new features today and experience the future of payments with payabl.