11 Tips for Accepting Mobile Payments on your eCommerce Site
It wasn’t that long ago when mobile payments were considered a novelty. That’s quickly changed when you consider that by 2020 mobile payment transactions will exceed $314 billion. Even more promising, Vantiv has found that 46 percent of Millennials and 41 percent of Gen Xers already use mobile payments — with 22 percent of Millennials using mobile payments regularly to make purchases. Simply put, mobile payments aren’t going anywhere. As such, if you want to capture a piece of the mobile payment pie, it’s time to start accepting mobile payments on your eCommerce site. But, before you start accepting mobile payments, check out these eleven tips first.
Tips for Accepting Mobile Payments on your eCommerce Site
1. Pay attention to your demographics.
If your business is geared towards Millennials, then it’s a safe bet that they’ll embrace mobile payments — particularly peer-to-peer payments using wallets like Venmo. After all, they’re only the most tech-savvy demographic around. So, it just makes sense for your online business to embrace mobile payments.
At the same time, even if your demographics are older, there’s still an opportunity for you to accept mobile payments on your eCommerce site. The key is that you use the mobile payment option. For example, 22 percent of PayPal’s user base is aged 55 or older.
2. Align yourself with the right app or software.
This is probably the most important tip to keep in mind when accepting mobile payments.
Between our mobile wallet, PayPal, Square, Apple Pay, Samsung Pay, Flint, Checkout by Amazon, PaySimple, and Dwolla, there’s no shortage of top-notch mobile payment options. To narrow down your search, start by looking for options that your customers are already using. This is because they already trust the payment option and don’t have to create a new account.
Additionally, you want to pay attention to factors like processing fees and ease-of-use.
3. Allow payments without requiring an account.
Piggybacking off the last point. Do your customers a favor and let them checkout as a guest. I mean do they really need to remember yet another username and password?
Also, since most people are iffey about the security of mobile payments, this reduces that fear.
Furthermore, since your customers are on a mobile device, filling out lengthy forms can be tedious since the screen and keyboard are smaller. Again, if you accept payments via Apple Pay, Amazon, or PayPal, your customers can make a purchase seamlessly.
If you do require additional information, keep it only to the essentials, such as an email address and payment method. Asking for too much information will result in abandoned carts.
4. Leverage loyalty.
“Whether you’re earning cash back, points, or getting offers and coupons from programs such as our Discover Deals platform, your mobile device is now the place to go to get additional value for your purchase,” said Brian Meier, Director of Strategic Merchant Relations at Discover. “Everything a consumer needs to lower transaction costs or speed up the checkout process is now right at their fingertips, and retailers enjoy the benefits of creating closer relationships with their customers.”
The good news is that this can be simple to implement. For example, for every dollar your customer spends at your store, they’ll earn multiple reward points that can put towards a future purchase. You could also make a game of it by giving your customers a chance to win an amazing prize, like a free product.
5. Accept multiple billing and payment options.
According to the 2016 Annual Billing Household Survey, customers use an average of 3.6 different payment methods each month for their bills. What’s more, 42 percent of smartphone users reported that they’ve paid bills through their phone.
If you want to improve the customer experience, don’t limit your mobile payment options. Allow users to make a purchase using a mobile wallet, credit or debit card, eCheck, or eCash like bitcoin.
6. Pre-fill locations.
Offering a pre-fill option, which 82 percent of the top grossing e-commerce sites already offer, will reduce errors and make the checkout precious less redundant. At the minimum, you should have an auto-fill where the address is automatically filled during the checkout process. It’s a simple way to keep your customers satisfied since it saves them a ton of time.
7. Design mobile-friendly clear-to-action buttons.
Another way to keep your customers happy is by designing mobile-friendly CTAs. This way they can easily and quickly complete the checkout process since they know exactly what to step-by-step.
Here’s a couple of ways to create more effective CTA buttons for your smartphone users:
- Keep your messages short and to the point. No need to clutter their smartphone screens.
- Use action words that tell what them what to do next and what will happen. This eliminates the guessing game.
- Take into consideration “the thumb zone.”
- Apple recommends touch screen conversions at 44 x 44 pixels.
- Limit your CTAs to just one per given space.
- “Stick” your CTAs to the bottom of the page.
- Use colors wisely.
8. Make security a priority.
As mentioned previously, security is one of the main reasons why people are hesitant to ue mobile payments. You can reduce those fears by making security a priority.
We already discussed this in a previous Due post, but here’s a refresher on how you can secure mobile payments;
- Encrypt all sensitive data.
- Use a Virtual Private Network.
- Only download files and apps from trusted sources.
- No jailbreaking or rooting.
- Don’t reveal your IMEI or MEID numbers.
- Update your device’s software.
- Download anti-virus software.
Don’t forget to verify each transaction by:
- Requiring customers to enter their security code or CVV number.
- Making sure that there’s an address verification match.
- Monitoring customer purchasing patterns for abnormal purchases.
- Requiring two-factor authentication.
9. Be compliant.
Speaking of security, if you process any payments online, then you’ll have to adhere to a set of security standards known as the Payment Card Industry Data Security Standard (PCI DSS).
To ensure that your eCommerce site is PCI compliant, visit the official site of the PCI Security Standards Council.
10. Train your staff.
Whenever you start using new technology, you’ll have to not only train and educate yourself, but also your employees. Start by helping them understand the technology. For starters, when customers use Apple Pay and Android Pay they’re actually transmitting a “token” of data, instead of the customer’s actual credit card number. This is an added layer of security that prevents possible fraudulent activity since the card number isn’t seen.
Additionally, credit card numbers and transaction histories are never held on Apple or Android servers. It’s another security measure that prevents sensitive data from being revealed.
You also want to make sure that your team knows how mobile payments are processed. This way if a customer has a question or concern, your staff can quickly answer or address the question or concern.
11. Let the world know.
Finally, when you’re ready to start accepting mobile payments share the good news. Write a blog post that explains how users can make a mobile payment on your site.
And don’t forget to display badges and logos of the mobile payment options you accept throughout your website.