Payment difficulty or failure is the quickest way to lose a customer. Nothing will bring your online business to a halt like a payment failure, no matter how irresistible your offer is or how smooth the customer sale journey process could be.
Pricing, customer service, and other factors could all be causing you to lose customers. However, abandoned shopping carts as a result of checkout and payment issues are one of the most difficult obstacles your e-commerce business will face, resulting in customer loss.
While lead generation and driving traffic are important, paying attention to the entire sales conversion process, including what happens during the checkout process, is equally important for running a successful online business and avoiding customer loss.
Although, losing one or two customers is normal and expected in any business because you cannot always serve and satisfy everyone. However, if it becomes a recurring pattern due to payment, resulting in a significant customer loss trend, in that case, it is time to figure out why this is happening and how to rectify the situation and prevent customer loss.
Hence, it is critical that you pay attention to your business's checkout and payment pages, understand why payments fail and figure out how to permanently fix the problem to avoid losing more customers.
Why Should I Pay Attention To Payment Failure?
Given how difficult and competitive it is to generate leads online, regardless of your industry, you must pay attention to payment failure because it is the quickest way to lose an existing customer and makes a new customer question your online business's trustworthiness.
As a result, payment failure has a long-term impact and effect on your business because it can harm your reputation, which can take a long time to repair. On the other hand, payment failure can be divided into two categories: checkout payment error and processing payment error.
When customers experience a checkout payment error, the online transaction is not completed, and the customer does not check out of the store or product page. In contrast, in the case of processing payment error, the customer checkouts and completes payment on the page, but something along the way prevents the transaction from being completed completely.
Thus, paying attention to your business's payment process and failure is critical because the fewer payment difficulties and failed transactions customers experience, the greater the increase in sales and, more importantly, customer satisfaction.
Causes Of Payment Failure
Numerous factors can contribute to your online business's payment failure. Customers providing incorrect information, mistyping their information, or insufficient funds are some of the payment failures caused by the customer themselves.
On the other hand, payment gateways are the most common causes of payment failure in online businesses. Payment gateways act as merchants, processing all online business payments. However, an error in the payment gateway's configuration can result in customer payment failure while purchasing.
Payment failure can occur when there is a system outage involving the payment gateway, the acquiring bank, and other payment instruments that the payment gateway does not support. On the other hand, payment failure could occur due to the payment gateway not supporting the customer's preferred payment method.
As much as a payment gateway facilitates payment and manages the checkout of your customer's sales journey, it can also be the reason for customer loss if not properly configured. So, how do you reduce or eliminate payment failure in your online business?
How To Reduce Payment Failure?
Even though online payment failure is often likely to occur, especially for e-commerce businesses, there are tried-and-true methods for reducing failed online payments. Among them are:
Adopting Smart Payment Routing
Technically, the payment gateway sends customer transactions to the processor during the online payment process. However, if your payment gateway only uses one processor, there is a greater chance of downtime and failed payments.
On the other hand, adopting smart routing sends the transaction to multiple processors. Once the payment gateway receives a customer transaction, it sends it to the appropriate processor for processing, eliminating the possibility of a payment failure.
Prioritizing Payment Security Tools
It has become increasingly difficult to protect your online business from fraudulent payments when transacting online. Therefore, having strong security measures in place and adhering to online payment security regulations not only protects your customers but also protects your business from fraudsters and other security risks. In addition, check that the providers you connect to are PCI-compliant and that all other security protocols are in place.
Using Crypto Payment Gateway
Using a payment gateway, such as a cryptocurrency payment gateway, that allows you to receive payments without the need for intermediaries acting as processors and guarantees instant payments is a surefire way to permanently fix payment failure for your online business and reach more customers.
Crypto payment gateways not only resolve payment failures and allow you to receive borderless payments but also provide anonymity to your customers, reducing the risk of fraud, chargebacks, and other security concerns. And, since crypto payment gateways are processed on a decentralized network that is highly resistant to hacking and other forms of attack, they ensure payment transactions are highly secure and eliminate the risk of these issues.
How Can I Use Crypto Payment Gateway To Fix Payment Failure?
Accepting crypto payments is undoubtedly one method of permanently fixing payment failure and providing a seamless payment experience for your customers. As a result, using a crypto payment gateway enables you to automate the payment process and seamlessly accept cryptocurrency payments for your business.
Fixing payment failures and accepting cryptocurrency payments is easier than you think; you only need to integrate a crypto payment gateway API and receive payments without restriction or fear of payment failure.
However, when choosing a crypto payment gateway, these crucial factors must be considered:
- Airtight security
- Simple integration
- Low transaction fee
- Supports multi-currency
One of the best crypto payment gateways that meet all these requirements is CCPayment.
Permanently Fix Payment Failure With CCPayment
CCPayment is a new payment processor that aims to make cryptocurrency payments in online stores as easy as possible. It aims to address many market concerns by enabling merchant payments with almost no fees and a diverse range of supported cryptocurrencies.
CCPayment allows for the simple integration of crypto payment gateways into websites and stands out from the crowd with a service charge of 0.03%, which is 0.97% lower than the industry average. It supports transactions with more than 70 wallet service providers, including popular ones like Cwallet, Coinbase, MetaMask, Trust Wallet, and others.
CCPayment employs advanced data encryption to protect customer data and adaptive transactions to conceal the path of customers' spending. CCPayment has passed several security audits and is therefore risk-free.
Visit the CCPayment website, sign up for an account, and import the API into your website in seconds without writing a single line of code to fix payment failure and retain your customers permanently.
Why Choose CCPayment?
In terms of efficiency, CCPayment outperforms the general market in the following ways:
- Airtight security
- Incredibly low fees
- A wide range of cryptocurrencies supported
- Free merchant-to-merchant transfers and withdrawals to Cwallet.
- Compatible with well-known wallet services providers such as Metamask, Coinbase, Cwallet, Trust Wallet, Exodus Wallet, and others.
CCPayment, a subsidiary of Cwallet, aspires to be a global leader in the crypto payment industry by providing solutions that assist businesses in advancing to the next level of the global financial revolution through cryptocurrency.
With CCPayment compatible with over 70 wallet service providers, you don't have to worry about which wallet your customers use; all you have to do is customize your merchant profile and payment settings to your liking, and you're ready to go!
Get started with CCPayment today! Learn More.