Top 5 Most Common Reasons for Payment Failures
It's a cycle.
Customer likes a product-> Finds answer to his queries-> Looks forward to making the payment-> Something goes wrong at checkout
For sure, that must have blown off the lid. Sometimes, the customer reverses the idea of buying the product itself.
When you’re initiating a payment online, there are many factors that go into making the payment possibilities and a single glitch in any of these entities can lead to an online transaction failing.
Running an online business and using an online payment system, and you’re not really happy with the way it works. Well honestly, choosing the right payment gateway is not the easiest task. There are many options to choose from and you probably haven’t made the best choice.
Below you can find a list of the 5 most common reasons for a failed payment for any of your services.
1. Your Checkout Page Isn’t In Their LanguagePeople are prepared to buy from businesses halfway around the world as long as the transaction feels comfortable. If they can’t read the checkout page, that comfort level plummets. In fact, seventy-five percent of shoppers prefer not to make a purchase decision unless the site is presented in their native language!
2. Your Checkout Process Doesn’t Support Popular Global Payment MethodsThere’s no reason shoppers from any country should arrive at your checkout page and not see a familiar payment method. Up to 13% of shoppers will abandon the purchase if they don’t see a local payment option they prefer; or, at the very least, they’ll be less satisfied with the experience.
Some customers may prefer to pay with a credit card, while others may prefer to use a digital wallet or bank transfer. By offering a variety of payment options, you can increase the likelihood of successful transactions and accommodate the preferences of your customers.
3. Downtime with Payment GatewayIt is not just you who is part of the payment game. Online payments involve another major entity called the payment gateway. If your offered payment gateway is going through a downtime for maintenance purposes or server issues, the payment can't be completed.
Fortunately, this issue could be tactically handled by offering multiple payment gateways to the customers, so if one fails there is always an alternative to have your back.
4. Complicated payment processKeeping things simple is the key to success. A complicated and confusing payment process can be too much to handle. This will lead to frustration and ultimately payment failure. User-friendly payment processes with an easy-to-use interface will lead to a smooth payment process.
Avoid asking for too much information from your customers, as this can also lead to payment failure. A smooth and seamless payment process can improve customer satisfaction and will bring them back for repeat business.
5. No payment remindersForgetting to make payments is another reason for payment failure. This could be avoided by setting up automatic payment reminders for your customers. This can be done through email or text message and can help ensure that customers don’t forget to make their payments on time.
This process can be automated to bring in effective results using the dunning management feature. This feature also fetches the add-on benefits of automatic payment retries for your customers if the payment fails.
By making it easy for customers to pay, you can reduce the risk of payment failure and improve your overall customer satisfaction.
Nonetheless, it is important to implement the right payment solution in order to keep customers on your site, and not suffer a loss of orders.
If you’re looking for a consistent, professional answer to your online business – look no further.
About us:
MYFUNDBOX is a subscription billing platform that helps businesses handle recurring billing and revenue management operations. It is integrated with payment processing decacorns like Stripe, GoCardless, and Mollie which supports more than 15 payment methods including bank transfer, debit cards, credit cards, SEPA, etc, and supports multiple global languages.
In partnership with Google Cloud, MYFUNDBOX provides a single platform to enable customer-preferred payments globally.
Choose MYFUNDBOX to be the solution for your payment issues and leave payment failures far behind.
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