Higher Conversion Rates with Online Payment Optimization
Delivering the right payment experience to customers is crucial. A huge transformation has already occurred, but the pace is constantly accelerating. New payment methods are appearing, and security standards and consumer demands are increasing.
Understanding what the customer wants regarding payments has never been more critical. Today more than ever, customers are in the driver's seat, so merchants must adapt their processes and expand their payment options to fit their demands.
As the payment process is essential for customers, optimizing it to fit their needs will likely increase your company's conversion rates, ensuring their loyalty and making your collections easier. Keep reading to learn how to take advantage of your payment process and make your business thrive.
Understanding conversion rates
Conversion rates are one of the leading performance indicators of a business. Its importance should be taken seriously, as it's the metric best suited to measure the performance and leverage of AR.
Basically, the conversion rate is the percentage of people who complete a specific action after browsing your website. This can be anything from clicking a button, signing up for a mailing list, or buying your product/service.
These rates help to forecast new investments since, by performing a conversion, you can discover the access points with better or worse performance. This facilitates the creation of actions that optimize these channels and focus efforts on the ones with the highest return.
What does the conversion rate measure?
These are some examples of conversion types analyzed in B2B conversion rate optimization:
- Guide or document downloads
- Video downloads/views
- Contact forms
- Product demo requests
- Bounce rate
- Download infographics or visual material
- Completed purchases
- Products added to shopping cart
- Event registration
Each metric is a specific action you want your users to take on the website. The conversion rate's primary utility is to forecast the efforts you would need to make to reach a specific sales goal or the budget required to achieve the number of leads or registrations on a web page.
Why is the conversion rate so important?
The importance of conversion rate can’t be overstated, as it allows you to take full advantage of your current users. By optimizing your conversion rate, not only can you increase revenue per user, but you can also grow your business.
To define the conversion metrics you should use, think about how your prospects act and the ultimate goal of your business. You must know the buying journey of your potential customers to know what they decide after seeing a product demo, reading a PDF, or attending an event. This way, you will know what to measure and what to improve to close more sales.
The importance of optimizing your payment process
Many customers face some inconvenience in the online experience which can lead to delays in their payment process, being complex and cumbersome payment methods one of the most frequent problems,
For B2B companies, receiving timely payment for goods and services is always a concern. To keep businesses growing is imperative to manage payments in a way that allows the team to process invoices quickly and receive funds on time.
There are several effective payment methods and solutions. However, choosing the one that suits both your and your customers’ needs will lead to the success of your business. Companies that offer multiple methods to pay invoices are likely to increase revenue by 30%.
It is beneficial to allow customers to make payments in different ways. You can include both digital payment and traditional payment methods. As more and more businesses and merchants are transitioning to digital payments, it is appropriate to offer a mix of payment channels and interfaces that is right for your business and your customers.
Other common challenges faced during the payment process are:
- Split transactions
- Hidden costs
- Manual labor
- Additional fees
Therefore, evaluating all the costs will help you know where to take advantage of opportunities to save money and maximize profits.
Increase conversion through optimized operations
As B2B transactions have become an increasingly convenience-based experience, clients have even more reason to be picky about where and how they invest their money as nearly every merchant tries to meet their diverse needs. So instead of businesses trying to do it all themselves, they should think about partnering with a competitive service provider that can do it for them.
If the process you provide gives customers the convenience and speed they're looking for, they're more likely to become repeat customers because they've had a good experience with your business. In addition, having complete visibility into your payment process will give you the foresight you need to manage your costs effectively, thereby increasing your profit margin.
It is recommended that you opt for a payment solution that supports and is compatible with multiple payment methods. Look for usability, reliability, integration, and ease of use. Opting for these solutions facilitates your payment process and streamlines your collections.
Optimize your payment process with Paystand
With Paystand as your provider, you can accept B2B payments easily with a fully flexible and customizable experience. End tedious, time-consuming manual processes and expensive transaction fees by taking payments digitally with a fully flexible solution. More control over your cash flow means faster turnaround times at a lower cost than ever before!
Provide an accessible, intuitive payment portal for your customers with flexible payment options and self-service capabilities like:
- Direct bank-to-bank payments (eCheck Processing), ACH, or credit/debit cards
- Customizable payment options
- Secure, real-time fund verification
You can also embed payment links in your invoices and fully digital payment collection options for every payment method, as well as accept payments in your invoices, website, billing systems, and mobile applications.
With our instant payment verification, you can give your customers access to online receipts, payment history, and a secure audit trail of all paid invoices, and the ability to manage their payments in a simple, convenient dashboard where they can review payments, obtain digital or print receipts, and review transaction details.
Increase your conversion rates and ensure your customers’ loyalty with optimized payments, zero transaction fees, and automation for a streamlined process with Paystand. Book a demo with our experts today!