How a good Payment Gateway can improve your Conversion Rate
eCommerce is strongly developing year by year and its total sales and profits have been increasing tremendously. Despite its success, merchants still struggle with the conversion rate on their eCommerce sites not having the desired result.
What is conversion rate?
Conversion rate is calculated by dividing the number of site visitors by the number of those who take the desired action. It can be measured by sales of products, membership registrations, newsletter subscriptions, software downloads, etc. A high conversion rate depends on several factors, for example, the interest level of the visitor, the attractiveness of the offer, and the ease of the process.
How does a payment gateway give you a better conversion rate?
First, a good payment gateway provides high-security for merchants. Security in the payment process is considered the most important thing. Most users do not want their personal information stolen. This solution implements advanced authentication technologies, helping websites’ owners to decrease fraudulent payment activities and gain customers’ trust.
Besides, a payment gateway often provides an extensive array of payment methods and support more currencies. This helps merchants to appeal to a wide range of customers by allowing them with easier transactions. You don’t want all your marketing efforts to go to waste just because a customer can’t use his/her credit card to pay at your website.
Last but not least, a good payment gateway has will provide a better buying experience for customers. This can come in the form of a more reliable and/or intuitive checkout steps. Back in the early days of eCommerce, checkout is very complicated and lengthy process and it would turn off a lot of people. The simpler the buying process is, the more satisfied customer feel.
In this article, we introduce 3 very commonly used payment gateways with Magento 2:
Stripe Payment Gateway
Stripe is the best software platform for running an internet business. It is dealing with billions of dollars every year for forward-thinking businesses around the world.
Sage Pay Payment Gateway
Sage Pay is known as one of the most trusted payment companies in Europe serving over 50,000 customers. It is known as the first provider to introduce a simple pricing policy for the SME market based around a flat monthly fee with no transaction charges.
Paya Payment Gateway (Sage Payment Solution in the US)
Paya is the seamless payments platform by delivering easy-to-use technology to support every stage of a business’ growth, today and tomorrow. Paya, with more than 100,000 clients, provide simple, secure payments technology, and accelerate the business.
All of the products provide a more secure payment gateway for your Magento 2 store. They all have the best security implementation possible and so comply with the highest security standards – PCI DSS Compliance Level 1. Moreover, they support lots of payment methods such as Apple Pay, Google Pay, and Microsoft Pay and numerous currencies.
Merchants always want to sell their products more and sometimes focus too much on marketing, promotions, etc. without thinking about the importance of a good UX the website could have. With a reliable payment gateway, merchants can enhance customers’ purchase process and prevent lost sales.