Adapting Payments to CX Expectations: 5 Optimization Strategies

Business today is like a game of musical chairs – except instead of racing for a seat when the music stops, companies are battling it out to deliver the best customer experience (CX). The stakes? Only the most customer-centric brands will have a chair left when the chorus ends.

So why should you care if you’re not a CX expert? Well, more than two-thirds of brands now compete solely on the basis of customer experience. In other words, if your business isn’t focused on optimizing CX, you might as well stop playing the music and walk away.

And one of the biggest pain points for both customers and companies? Payments.

From confusion over fees to website crashes during checkout – the payment process is filled with hurdles that frustrate shoppers and cost companies in lost sales. A high number of customers will abandon their cart all together just because the checkout process is too complicated.

As such, payments also represent an enormous opportunity to delight customers when done right. Seamless transactions build loyalty and trust. That’s why optimizing the payment experience is mission critical for CX leaders. In this post, we will take you on a quick crash course through five ways to heighten the CX across your payments processes so you can stay competitive and meet those ever increasing expectations.

Use Data Analytics to Personalize Payment Experiences

Understanding customer payment preferences through data analytics has become vital for delivering personalized, frictionless checkout experiences. Specifically, strategies like:

Tailored Recommendations – Analyze purchase history and browsing data to serve up tailored, one-click payment options. For example, if a customer uses Apple Pay frequently, automatically display that first in their wallet.
Customized Bundling – Create bundled payment and financing offers like customizable subscriptions for individuals based on usage and limits.
Personalized Loyalty Programs – Design loyalty programs with customized rewards and discounts based on customer behaviors regarding payment options, cart abandonment, etc.
Predictive Modeling – Forecast future payment patterns and potential adoption of new emerging methods using predictive data models. Get ahead of trends.

Checkouts powered to understand each customer’s payment needs and friction points at an individual level provide a competitive edge through true personalization. As a result, payment analytics should inform the foundation of any customer experience strategy today.

Finding Your Perfect Payment Gateway Match

Selecting the right payment gateway is kind of like finding a good pair of shoes – you want something comfortable that fits well with your needs. When evaluating payment gateways, make a list of must-have features based on your business priorities – integration capabilities, global reach, solid reporting tools. Also note nice-to-have perks like supporting emerging payment types or providing exceptional onboarding support.

Vet a few potential partners by sending RFPs and going for a test drive. You want to check for things like ease of customizing hosted payment pages, fraud prevention capabilities, and overall compatibility with your tech environment. Essentially, assess how well each stacks up against your criteria.

It comes down to finding a payment gateway that feels like it was made for you, rather than forcing a square peg into a round hole. One positioned to help you adapt quickly to shifts in customer payment preferences and scale the kind of personalized checkout experiences that matter today. Identifying that ideal fit ensures you can grow your business without unnecessary friction – for both you and your customers.

Adopt Emerging Payment Technologies

Staying up to date with the latest payment tech trends is no longer optional – it’s imperative for meeting rising customer expectations. Whether it be enabling cryptocurrency processing or contactless options, businesses must move swiftly to adopt emerging innovations.

The strategic implementation of new payment types before they hit mainstream gives you a competitive edge while also elevating your brand’s market reputation for innovation. Just take care that any adopted tech properly integrates with and complements your existing systems and workflows.

Making the effort to follow payment advancements shows customers that convenience and experience are priorities for your business. But more than that, staying ahead of the curve allows you to shape preferences rather than simply react to them. Give customers flexible emerging payment channels and watch loyalty grow as you become known for setting new precedents in customer-centric checkout.

Install Redundancies to Ensure Payment Uptime

Nothing dismantles a positive checkout experience faster than a crashed payment page. Customers expect seamless, uninterrupted transactions when handing over their hard-earned money. That means minimizing the risk of disruption by building redundancies into your payment infrastructure.

Implement failover servers so you can instantly reroute traffic if your primary payment system goes down. Establish backup measures at every step of the payment process, from your gateway to processor, to limit exposure to any single point of failure.

While failproof uptime requires an investment on the backend, it pays dividends through boosted customer confidence and peace of mind. Make site reliability and continuous availability cornerstones of your payment strategy. Show customers their data and dollars are secure by keeping checkout online around the clock with built-in contingencies across all channels.

Allow Cross-Channel Returns and Exchanges

Nobody likes dealing with returns – it’s usually a pain trying to remember policies or print shipping labels. That’s why letting customers initiate returns wherever and however is convenient for them, is key to keeping things going along swimmingly.

Whether someone bought those shoes on a smartphone at 3am or their neighbor grabbed a gift card from the corner store – make returns and exchanges easy to start via website, app, in-person…you name it. Consistent omni-channel policies avoid confusing customers.

Streamline by allowing online submission of return requests with clear instructions. Provide hassle-free options for refund type too – account credit, back on the original payment method, store credits – you choose. Empower people to make it work for their situation with as few hoops as possible.

Taking returns friction off the table increases the chances someone sticks with you versus another business. And saving customers the headache of unraveling where, how, and when they can send something back? Well, that earns goodwill, builds loyalty – keeps them coming back for more.

Final Word

At the end of the day, payments represent a pivotal touchpoint for winning on customer experience – fail there, and you’ll likely lose customers altogether. That’s why taking the time to continually optimize and adapt your payments infrastructure is so vital for any operation. Follow the strategies we outlined, and you’ll be well on your way to checkout experiences that delight rather than deter.

DMCA

PROTECTED