By Chris Turner, Partnerships Manager (Payments), Visual soft
Founded in 1998, leading end-to-end eCommerce system, Visualsoft has supported some of the UK’s leading online retailers. Combining an award-winning platform, support and marketing services, Visualsoft offers a perfect blend of technology and human tech expertise that helps ambitious businesses to grow their online store to flourish and prosper online. With over 300 employees, and processing over £1 billion + revenue in client transactions, Visualsoft is growing alongside its clients’ online success. From fashion and footwear to jewellery, pet care, home furnishing and sports, Visualsoft is working with leading brands to build exceptional customer experiences that keep customers coming back. Whether retailers are looking to expand into new markets, improve their checkout experience, add new ways for consumers to pay, or personalise their store experience, Visualsoft’s end-to-end eCommerce solution gives brands everything they need to elevate online sales.
Offering shoppers an optimised checkout is crucial at any time of the year, but in the all-important Golden Quarter, your payment solution can make or break your Christmas conversions, and your bottom line.
Although often overlooked by retailers in the past, checkouts have a huge impact on the success of an online store, which is why they’re now rightly regarded as a value creator rather than a cost centre. By meeting the needs of your customers with a well-designed payment process, you can not only decrease drop offs, but also boost conversions at the busiest time of the year.
And it matters to customers. Visualsoft’s Golden Quarter report found that as more of us turn to alternative digital payment methods, options like PayPal and mobile apps are capturing a larger slice of seasonal transactions. Overall credit and debit cards are still the most popular option (72%) followed by PayPal (41%). While only 17% intend to use Buy-Now-Pay-Later methods, traction is much higher among 25–34-year-olds (29%) who increasingly want to manage their spend over time using trusted brands like Klarna or Clearpay. Similarly mobile payments are twice as high as the average among Gen Z shoppers (42%). Regionally, Londoners prefer alternative payment methods with only 59% looking to use a credit / debit card, 32% using mobile payment apps, 27% using BNPL and 29% using bank transfer / open banking. This contrasts to the East Midlands where 78% would use credit / debit card, 13% would use mobile payment, 10% BNPL and 8% bank transfer.
It is essential to consider the wider checkout process from product selection to basket and through to order completion. Speed is of the essence along with trust signals, and ideally a one-click checkout option. Unexpected costs are the number one reason people abandon checkouts so be upfront about all taxes, delivery charges and any other fees and make the total order cost clear at all stages. If possible, work with a conversion rate optimisation agency or expert to refine the checkout performance over time.
Here we list the top qualities that customers value most when paying for purchases online, highlighting how you can transform clunky transactions into a streamlined experience.
Tried and trusted security
With online fraud on the rise as scamming tricks and techniques become increasingly sophisticated, security remains a key concern for today’s shoppers. As a result, consumers need to be certain that your checkout solution is safe and reliable, and leverages protection from the biggest and most robust brands.
World class payment methods such as Barclaycard, – offer real-time fraud protection alongside SCA compliance straight out of the box, at no extra cost to your business. Long-standing providers such as PayPal also quickly alleviate security worries, with stats proving that over 54% of shoppers are more willing to buy from businesses when it’s present as a payment option.
Friction-free convenience
Products like VS Pay, powered by Stripe, also include all possible payment methods which creates a frictionless experience, enabling shoppers to glide through the checkout with minimum interaction without compromising security.
This level of convenience is hugely important to online customers, with a growing number – particularly among younger generations – now opting for the ease of paying via digital wallets such Apple Pay, Google Pay, and PayPal. Relied on by millions of worldwide shoppers everyday, Amazon Pay can also reduce basket abandonment by reducing the time it takes for customers to checkout, which is proven to uplift conversions by as much as 35%.
International options
For retailers looking to increase their global market share, international options are a must, as shoppers are much more likely to place orders with stores that accept familiar, localised payment methods and allow them to checkout in their own currency.
Available on Visualsoft, our industry partner Checkout.com is specifically geared up to help businesses convert more sales abroad. Importantly for merchants, it also helps to cut payment processing costs in over 150 countries, and offers local acquiring in more than 55 regions to help you to tap into new global markets.
More ways to pay
Alongside traditional payment methods and digital wallets, more shoppers are looking for flexible options that allow them to spread the cost of Christmas shopping, particularly when budgets are tight. Trusted by millions of global customers, solutions such as Clearpay can enable shoppers to pay in interest-free instalments – at no risk to your business – which in turn can boost conversions, increase average order value, and reduce your return rate. Our industry partner Klarna is also a highly regarded brand, allowing customers to pay now, pay later or pay over time, all interest-free, while ensuring your business is paid up front.
