We covered this briefly in previous articles, but payments deserve a place of their own. When we see that anywhere between 6 to 10% of users drop off from the checkout page to payment completion, then you do something about it.
The payment page could use a lot of love. Payment options such as PayPal, when added to the checkout process, provide up to a 3% lift in conversions. There are even simpler changes that provide increases in conversions — zip code auto-fills, not showing coupons prominently (instead of collapsing it), etc. They have been found to provide conversion lifts anywhere from 1% to 5%.
Payment options also differ by country, and if you use native SDK is of the payment providers, you are likely to be covered in terms of providing end-users with a good payment experience. You also need to keep track of how users in different geographies are converting and where they are bouncing. Again today most payment providers offer easy currency conversion options, but it helps to take a look at them and make sure they are working fine, especially if a lot of your business is cross-border.
Some of the biggest friction that merchants see on the payment page is when there are 2FA options — while there is very little that the merchant can do to control this, then third party tools that help control this experience and can tell you where users are dropping off.
It also helps to keep track of the settings in your payment provider’s account, especially those related to fraud and risk. Sometimes these can be overly tight, leading to a lot of dropped transactions that could have been good.
It also helps to keep track of the transaction fees, as there is a lot of fine print involved there. You should take a look at your reports from your PayPal account or in Shopify payments, etc. and see how much you are actually being charged.
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