Are you leaving Money on the Table with your Checkout and Payment Solution?
12-07-2021 | treasuryXL | EcomStream |
Benchmarking your checkout and Payment solution is worth the effort. There are often areas for improvement that are relatively easy to execute or implement.
In 2018, EcomStream has assisted a number of online entrepreneurs, large and small, by benchmarking and optimizing their payment solution and checkout. This results in an improved customer experience and lower costs, sometimes up to 50% cheaper.
In optimization processes the checkout and payment solution is often seen as a functionality with little or no conversion uplift opportunity. Wrongly!
Studies from Baymard Institute show why in this final phase of your sales funnel, where visitors should just go through checkout and payment, they are leaving your site. It also shows what you can do about it.
The Payment solution is often overlooked in optimization projects. “Don’t fix if it ain’t broken” you sometimes hear. Many entrepreneurs are therefore already happy when their online payment solution functions properly and provides basic functionalities. There have been many developments in this area in recent years that make it easier to migrate from a payment service provider and there are considerable savings opportunities thanks to increased competition. You can compare the payments market with the market of energy suppliers but it is far less transparent. Competition is fierce and it is worthwhile to compare, renegotiate or migrate.
Let EcomStream do a benchmark assessment of your checkout and payment solution. You will be amazed by the findings. In the area of customer experience but also with regards to contractual terms and rates. A meaningful agenda item for your next optimization meeting or contact EcomStream now
