Online shopping is a distinctly different experience than making a purchase at a traditional point-of-sale merchant — and a lucrative one for merchants as well. Just as brick-and-mortar businesses have learned to cater to their customers, so must e-commerce businesses if they expect to be successful over the long term.
Online shopping retail sales are predicted to grow steadily to $370 billion in 2017, up from $231 billion in 2012, according to Forrester Research. However, the shopping cart abandonment rate(percentage of shoppers who place products in the shopping cart but do not complete the check-out process) is as high as 74 percent.
A newly-released survey conducted in the United Kingdom sheds some light on why online shoppers don’t complete the transaction. Reasons broke down as follows:
- 43 percent cited websites that are too slow to load or prone to crashing
- 38 percent object to having to register for an account before placing an order
- 32 percent complain that the website asks for too much information
- 28 percent abandon their cart because the website does not offer their preferred method of payment
- 25 percent don’t trust that the website is secure
Of those five points of contention, perhaps the easiest for an online business to rectify is the fourth — offering preferred methods of payment, including payment cards, which remain the preferred way to pay online for 57 percent of shoppers. In fact, the survey concludes that unless businesses ease the online purchasing experience by offering a clear preferred payment method, customers will continue to abandon purchases at checkout.
Online credit card processing with TransFirst® delivers the ability to accept payment cards quickly and securely with innovative products and services. Our proprietary payment gateway, Transaction Express®, supports multiple entry points including virtual terminal, batch, recurring payments and a hosted payment page that allows online merchants and organizations to create Pay Now buttons that website visitors can use to purchase items, pay invoices or make donations. And Transaction Express integrates with most shopping carts.
When it comes to meeting your customers’ payment preferences, Transaction Express gives you the flexibility to process all major credit cards — Visa®, MasterCard®, Discover®, American Express®, Diners Club®, Carte Blanche® and JCB® — as well as signature debit cards and ACH payments.
Keeping your online customers satisfied can be simplified with Transaction Express. To get started, complete the form on this page or call the toll-free number to speak with a TransFirst representative.
TransFirst, LLC is a registered ISO/MSP of: Wells Fargo Bank, N.A., Walnut Creek, CA and Synovus Bank, Columbus, GA for Visa and MasterCard transactions only. Trademarks are the property of their respective owners and are not necessarily affiliated with TransFirst.