Increasing the Number of Successful Transactions: Effective Strategies for Website Payment Services with Acquiring
When it comes to payment services, ensuring a high success rate of payments on your website is crucial. To achieve this, we recommend considering several effective approaches.
One way to achieve the highest number of successful transactions is by using online services to process payments. In particular, PayPal is used by over 50% of US citizens. The advantages of implementing such a method include reducing the payment chain, which ensures a high level of successful transactions and convenience for users during payment. However, there are some drawbacks to consider. For example, this method only covers users who already have a PayPal account. Additionally, it is easy for users to request refunds or cancel subscriptions through an online service.
Infrastructural means also include opening merchant accounts (MID) at local acquiring banks. Such on-site acquiring allows more credibility with the issuing banks, especially if they are in the same jurisdiction. But opening such an account may require a legal presence in the country.
Improving communication with users whose payments did not go through is a critical step. Each unsuccessful transaction contains information about the reasons for rejection, often related to the chosen payment method. Customized messages sent to users can significantly improve the situation, increasing success rates by more than 10%. For example, messages like “incorrectly entered CVV” help users recognize errors and correct them.
Enhancing the user interface (UI) and user experience (UX) is another crucial factor. Depending on the available payment options, you can influence the user’s choice in favor of a more beneficial tool for your business.
Price optimization is another factor that affects transaction success, especially when 3d flow is used (authorization via Internet banking or SMS). However, not all banks support this functionality, and users may face connectivity issues. Therefore, it’s important to strike a balance in pricing to ensure optimal unit economics while considering the payment success rate.
Increasing the number of successful payments is a complex process that involves various stakeholders, including business development managers, developers, analysts, and UI/UX designers. The success of this process relies on decisions made at each stage, including the choice of website acquiring system. Betatransfer, as a payment service, is dedicated to ensuring the maximum number of successful payments for your business. The aforementioned approaches serve as effective strategies to achieve this goal.