TIPS ON CHOOSING AN ONLINE PAYMENT PROVIDER

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Dashboards, reports and management meetings have all declared: your business needs a stronger, user friendly online payment provider to boost sales and increase conversion.
What now? We’ve written down our top 4 key features to look for in a payment provider to help you kick off your selection. In a dynamic environment constantly subject to change, deconstructing the rules of online payments as per traditional commerce exchange went from a way of coping to a way of doing business. With online payments gaining full speed ahead - in both performance and popularity - a visionary approach to your payment strategy can help you conquer the e-commerce world. It’s time to reconfigure online transactions for your customer pipeline, but do you know what the right route is in doing so?
Here are 4 learning points from our experience that we’ve put into useful tips for choosing your payment provider.

1. Simplicity

Are you aligned with the rising and proliferating consumer demands?
You can now achieve results at a greater scale, at a faster pace, with the right online payment enabler for your business. In this decision cycle, simplicity is key. The payment method that you integrate on your website must account for an intuitive user experience and reduce to the highest extent the rate of cart abandonment. The more complex and sequential the checkout process is, the more your customer drop off percentage will increase.
Skip re-directions, customize the look and feel of your checkout page to be consistent with your branding, stay honest and straightforward when asking for customer information and always ask everything upfront. With Mambo Wallet, you can benefit of a customized online payment solution which makes it easy to integrate your own design and manage page components to stay in line with the brand elements. All these while benefiting of the stress-free experience that a professional payment provider will deliver to your business.

2. Approval ratio

What’s the percentage of approved transactions by customers’ issuing banks right now? Run your dashboards and do the measurement, as this is one of the first aspects to analyze even prior to doing your research on an online payment provider. The approval ratio highlights the success rate of online payments initiated by your customers.
There are various reasons for which transactions required may be declined by the issuing banks, so working with a PCI compliant payment provider like mambo wallet will maximize profit and increase your cash flow.

3. Real-time reporting

Real-time reporting means visibility and control. As a merchant, you must be able to monitor the ongoing updated stream of online payment processes so that you may improve in a timely manner any aspect that is lagging in the user’s online acquisition journey. Delivering valuable information as it occurs is one of the key leverages that an online payment provider can include in their go-to-market business case.
This provides great input to merchants and helps fix and prevent other potential future scenarios of unsuccessful transactions.
4. Variation
Before conquering no longer comes dividing, but rather unifying. The mindframe of your customers is choice, choice, choice! A payment provider that is fit to support your business will ensure your customers can connect to the online acquisition ecosystem not only through well-established credit or debit cards, but also through a nice variation of alternative payment methods.
Keep in mind that you must think global before you go global. Introducing your customers to the possibility of alternative online payments methods is not only likely to help you boost your revenue pipeline, but to actually increase awareness and brand popularity. Most APM’s address a domestic economy or have been specifically designed for certain electronic channels.
Mambo Wallet supports all APM’s making the purchase process very easy and intuitive for both merchants and customers. These are mambo wallet’s four pro-features that make the difference between an online payment provider open for business and the payment provider that will boost your business. Remember that customer experience is valuable to your sales records only when it comes paired with satisfaction and loyalty.

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