May 10, 2022
Average Read Time: 4 minutes
It’s true. Customers all want a convenient and seamless experience when making online purchases, and your ability to provide them with that helps drive sales and customer stickiness. But that’s not all customers want. Do you know what else tops their list of must-haves when shopping online? Security.
In a study by PwC, 59% of respondents said they’ve become more protective of their data. What’s more, data security has a far greater impact on trust than any other factor—meaning customers are more likely to buy and make repeat purchases from a brand that goes the extra mile to protect their personal data.
And as more and more customers continue to prefer online shopping channels over brick-and-mortar ones, businesses that want to compete today will have to think through how they provide customers with a more secure and seamless online shopping experience.
This is where a hosted payment page can help.
A hosted payment page is a secure third-party web page that enables customers to submit their payment information to complete the online checkout process. When customers are ready to make a purchase and click the checkout button, they're redirected to a secure payment page. The customer can then complete their transaction by inputting their information.
Once the customer has confirmed that their information has been inputted correctly and completes their purchase, the transaction is complete. While the whole process happens in a blink of an eye, a lot more goes on behind the page.
After the transaction is submitted, the payment is processed by a third-party payment service provider like MerchantE. Since the payment happens outside your eCommerce site, on a secure hosted payments page, customer data is more secure and protected from outside influence.
Hosted payment pages have additional benefits outside of just streamlining your customer’s payment experience. They can also simplify payment processes and business workflows, enabling you to scale and grow faster. Here are the top four benefits.
Did you know that 17% of online shoppers abandon their online shopping cart because they don’t trust a website with their personal information? A hosted payment page can alleviate customers’ concerns because it can provide additional safety features like tokenization, end-to-end encryption, fraud detection, etc.
The cost and effort associated with maintaining PCI compliance are steep. Depending on the business size and level of compliance, the annual maintenance cost can range from $35,000 to $250,000. But suppose you have a hosted payment page. In that case, the scope of your PCI compliance is greatly reduced because the third-party payment provider is now responsible for managing and processing those transactions.
Do you have a subscription-based business or are you looking to offer recurring payment options to customers? Hosted payment pages enable you to do so by allowing customers to create an account and store their preferred payment option in addition to setting up auto-pay capabilities. Not only does this provide customers with a better checkout experience, but you can now enjoy the benefits of a more predictable cash flow to your business. A win-win for all.
Businesses that offer customers more ways to pay are set up to win in today’s digital environment. That’s because 42% of customers will stop a purchase if their preferred payment method is not available. A hosted payment page gives you a competitive edge by enabling you to accept multiple payment methods like ACH, debit cards, credit cards, mobile wallets, and more.
It’s always important to ensure you’re selecting the right solution for your business and its unique needs, but it’s especially true for something that represents such an integral part of your customer’s digital experience with your business. Answer these questions when evaluating third-party payment service providers.
A hosted payment page should be easy to integrate and set up on your website with just a few clicks. It shouldn’t be a time-consuming and complex process.
A branded hosted payment page helps your customers feel safe and increases their trust in your brand. Look for a solution that provides customization features like adding your brand colors and logo. The more the page looks like your website, the better. Bonus points for the provider if they have multiple template options.
A top-notch provider should have built-in end-to-end PCI compliance requirements. This reduces your liability should fraud occur on a transaction and makes for a more secure payment process. Since the provider is PCI compliant, it reduces your spend on PCI certification and maintenance.
As global economies become more interconnected, it could be beneficial to look for a provider that offers global payment acceptance capabilities. This is especially beneficial if you have plans to expand your business and operations outside of the U.S. Look for a provider that can support several languages and currencies.
Digital commerce is not going away. eCommerce sales for 2021 were estimated at $870.8 billion, an increase of 14.2% from 2020. And the global eCommerce growth for 2022 is predicted to hit 16.1% or $1.06 trillion.
With customers placing a premium on security regarding where and with whom they shop online, making sure you’re providing the trifecta of delivering an exceptional payment experience—ease, convenience, and security—will be key to winning today. A hosted payment page can help you deliver on all three.
Interested in learning more about how MerchantE’s Hosted Payment Page solution can enable you to accelerate growth?
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