The 4 Laws of Online Payment Portal Success
All payment portals are not created equal. If you are a business owner, you may have noticed that the mere inclusion of an online payment portal does not necessarily lead to greater conversion rates. Why do some companies have greater conversion rates than others, even when both utilize online payment systems? You may wonder – is there a formula to success?
While there is no single formula for success, there are elements that all successful payment systems share. There are four essential laws to consider when designing and implementing an online payment portal:
- Keep it Simple.
Many companies make the mistake of over-complicating the payment process. Long forms and confusing, unnecessary text create a frustrating customer experience and actually turn away customers. Simplicity is crucial to success.
What is the best way to build a simple payment portal?
The best online payment portals have a clear call to action and a short, intuitive form to complete. This quickly tells customers what to do and enables them to do it quickly.
Research shows that websites have 8 seconds to capture the attention of customers. The best websites grab a customer’s attention quickly, have a short form to complete – without mandating registration – and provide a clear call to action. The same principle is true whether a company is advertising sales to new customers or converting an online portal into more payments —
- Personalize it.
A more personalized portal creates a better customer experience and builds trust with a customer. Traditional product marketing involves offering personalized product suggestions based on a customer’s purchase and search history. The easier you make it for a customer to find and purchase what they want, the more likely it is that they’ll purchase from you. This truth is the same for web payment portals — a more targeted personal experience brings better conversion results.
Targeted portal pages help build trust with a customer and build a more positive payment process. When a web page is personalized, rather than a generic, impersonal form, customers are less likely to worry whether they have reached the right page or whether their payment has been received and correctly allocated.
Customers are more likely to stay and pay when a site is personalized. When a customer sees his name clearly on the page, he knows how to respond. Bottom line: A personalized web page leads to higher conversion rates.
- Make it Mobile Friendly.
Ease of use and convenience go hand in hand when making an online payment portal. A successful payment portal can be utilized wherever and whenever the customer desires.
Half of all transactions are made on mobile devices. People want to pay whenever and wherever they like, on the most convenient device at that moment – whether by phone, tablet, or computer. If an online portal is frustrating or impossible to use on a mobile device, it certainly will have a negative impact on your conversion rates. The easier it is for your customers to pay from anywhere and at any time, the higher your conversion rates will be.
- Keep it Secure.
Customers are concerned about security. See this website of 19 questions and answers for consumers to set their mind at ease. Just the number of FAQs alone show that customers care that your site is secure!
Security begins with every communication you make with the customer. How you direct the customer to your website is important. Do you send a letter through USPS? Does it explain clearly and easily how to go online to make payment? Security is a matter of trust as important in business as it is in any other relationship.
Some helpful videos on data and data encryption are available at:
What else about security is important to customers?
Knowing that you have a secure website is a must for customers. One breach in security can result in a permanent loss of trust with many customers. Compliance with all requirements is of utmost importance as well. The customer experience always must be the highest concern.
View the latest security standards at https://www.pcisecuritystandards.org/ and read this helpful overview of PCI compliance
Where do I go from here?
Use the 4 Laws of Online Payment Portal Success as a checklist for your portal. Any part of your portal that doesn’t quite measure up may be negatively impacting your conversion rates and hampering your success. If your online payment portal is not translating to better conversion rates for your company, it may be time to rethink and redesign.
If you would like to take 15 minutes and learn how