29 May WHAT DEFINES FRICTIONLESS PAYMENTS AND HOW THEY CAN SUPPORT YOUR BUSINESS

WHAT DEFINES FRICTIONLESS PAYMENTS AND HOW THEY CAN SUPPORT YOUR BUSINESS

When it comes to online user experience, customers expect to purchase online from your site in smooth way, without meeting obstacles during the purchase and the payment process. There are a few simple things that you should keep in mind when it comes to provide a great and frictionless payment experience.

Frictionless payments make the purchasing process extremely fast and simple, making the checkout moment a natural part of the customer purchasing experience. “Simply put, they make buying easier for the buyer and selling easier for the seller, effectively reducing churn and decreasing shopping cart abandonment, while increasing revenue and improving customer experience.” [1]

What do you need to do to go frictionless? In this list we will give you the few points that can really make the difference to embrace it.

Offer one-click checkout options

Frictionless payments allow to complete the purchase in a few clicks, providing a smooth, intuitive, and fast checkout. When you reduce the number of steps and clicks the user has to go through to complete the checkout, you will be able to reduce also the percentage of cart abandonment.

Avoid further registrations and data sharing

Especially with GDPR, it is important to protect your customers data, avoiding sharing them with third parties. Choose payment methods that do not require additional registrations or passwords to memorise, and that do not share your clients’ data with other platforms.

Choose payments that provide anti-fraud systems

It is extremely important that payment methods are able to immediately identify and block fraud attempts, using systems such as Strong Customer Authentication. Strong authentication will play a predominant role to ensure cyber-security and user’s privacy protection, in a world where data breaches and frauds are more and more aggressive.[2]

Prefer payment methods that support also app-to-app purchases

Choose payment methods that also support mobile payments. On top of that, to offer a great purchasing experience and to make the process as fast and easy as possible, it is important to prefer payments that support app-to-app transactions, which provide a fast, smooth, cross-device checkout experience that can help you increase the conversion rate.[3]

Offer immediate confirmation of the transaction

Eliminate the waiting time at checkout by choosing payment methods that give both you and your clients the immediate confirmation of the successful transaction, which makes the purchasing process smoother and increases trust and reliability.

Provide cross-border transactions

Not all payment methods provide a frictionless experience when it comes to international transactions, and not all of them support international purchases. When you select your payment offer, make sure to select payment systems that support cross-border purchases, especially at European level.

How MyBank offers a frictionless payment solution

MyBank is an e-payment solution that allows your clients to pay online directly from their Internet or mobile banking in just a few clicks and without the need of registering or creating new passwords, as it leverages the SCA provided by the secure online banking environment.

MyBank supports mobile payments both at a domestic and at cross-border level across Europe and supports indeed both payments processed from mobile sites and app-to-app transactions.

On top of that, MyBank is more than e-payments, as it can facilitate the digital stipulation of contracts and  the user’s identity verification without the need to ask for complicated forms or ID scans.

All these features make MyBank a frictionless payment system, which helps companies operating online expand their businesses.

Conclusions

As a company selling online you want to provide a frictionless experience to your customers, ensuring that you provide a smooth payment process and a checkout moment that feels naturally part of the whole purchasing process. Frictionless payments, such as MyBank, support companies with this and help them achieve higher conversions and larger revenues from their online businesses.

[1] https://www.paymenthighway.io/blog/frictionless-payments