How to improve payment rate on independent websites? Sellers must know!

For many foreign trade independent sites, after choosing the appropriate credit card payment method, the payment success rate has also become a key indicator of business growth. The payment success rate is directly related to the actual conversion rate of the order. The higher the success rate, the better the user experience will be, and the higher the actual conversion rate will be, which means that the merchant will get the highest profit for the same cost. Therefore, improving the payment success rate can increase sales and profits without increasing investment. Especially during peak trading periods such as Christmas and Black Friday, it can greatly reduce the losses caused by payment failures. How to effectively optimize the payment process and greatly improve the payment rate?

Consumer payment link:

Need to understand consumers’ payment habits and consumption psychology

When consumers place an order, they select a payment method on the website, enter their personal information, and click on the payment button to complete the operation. However, this only belongs to the "consumer payment" link. In this link, the checkout page selected by the seller, the payment method provided, and the experience of consumers filling in payment information will all affect the conversion effect. This is also the first thing that most cross-border sellers think of when they think of optimizing the payment link.

A possible misunderstanding is that some sellers believe that optimizing the payment experience means making the payment steps for consumers as simple as possible.

This idea may be applicable to brand independent sites with low average order value and products that meet impulse purchase conditions, such as fast fashion independent sites. However, for independent sites with higher unit prices and products that users often have to consider repeatedly before purchasing, such as independent sites selling large furniture and 3C products, it may be necessary to emphasize payment security to increase consumers' sense of security and trust in the website when they are deducting large bills.

Therefore, optimizing the consumer payment process does not mean simplifying the payment steps.

Risk control verification stage

After the user fills in all the information on the checkout interface and submits it successfully, the merchant website will transmit the payment request to the acquiring bank and gateway. Risk control is involved at this stage.

Risk control is a very important part of independent website payment. It can effectively intercept suspicious fraudulent orders and fake card transactions. Transactions intercepted by risk control will also be counted as failed orders, so risk control is also one of the factors affecting the payment success rate.

A good risk control model needs to minimize the misjudgment of orders and maximize the success rate of the merchant website while ensuring the security of merchant funds and intercepting fraudulent and false orders.

Acquiring and Settlement

The settlement time will directly affect the merchant's capital turnover. Cooperating with an acquiring bank that has acquiring qualifications and is directly connected to the card organization can shorten the settlement cycle. The settlement cycle between the acquiring bank and the card group is about T+2, and the frequency is daily settlement, while the settlement frequency between the acquiring bank and the payment agent is often weekly settlement. The payment agent may also set a delayed settlement in the settlement with the merchant, which further delays the time when the merchant can finally settle the payment.

If merchants can cooperate with qualified acquiring institutions, they can enjoy a shorter settlement cycle, thereby optimizing the overall capital circulation efficiency, optimizing cash flow, and reducing financial and operating costs.

By splitting the payment process in this way, sellers can find a way to optimize payment. In addition to these three hidden links, sellers' payment collection and after-sales service are also linked to the payment process. Even from a longer-term perspective such as independent site operation or even brand growth, it is necessary to focus on payment.

Today I shared with you 3 entry points for optimizing the payment process. In addition to these 3 hidden links, the seller’s payment and after-sales service are also linked to the payment process. Seller friends need to continuously optimize the payment process based on their actual situation. I hope that the content shared today can help you.