Many e-commerce entrepreneurs struggle to grow their businesses. It is important to increase your conversions to get steady revenue. Sportsbooks such as Betway strive to offer an enjoyable payment experience to their clients. It should be fast and secure. The following are three top payment technologies that you can use to increase conversions.
1. Streamlined Customer Journey
Businesses should build trust with their clients to improve the efficiency of their payment instruments. They need to create a customer-friendly website with a detailed payment page. It should confirm the information that a web user enters. An ideal website should have enough space for customers to add their credit card number. The system should only accept numerical values to prevent people from typing their names.
The payment page’s design should be compatible with that of the application that the company will display it in. Sports fans who engage in Betway live sports betting need an intuitive and precise payment page. It shouldn’t contain irrelevant information and logos. You can upload a list of various payment methods that your system accepts. Normally, the payment method that a customer often uses should appear at the top of the list. Your system should adjust to the new location of return clients to have the latest payment methods list.
2. Customer-Initiated Credential on File (CI COF)
CI COF is a payment method that allows companies to save their client data once they give consent. Customer-Initiated Credential on File allows customers to provide their card data when they make the first purchase. The system stores the data and you can access it if a client makes a second purchase from a particular company. The client has to complete a 3D-Secure identification process that includes entering a payment code. They can complete other payments by clicking on the payment icon.
Customer-Initiated Credential on File is ideal for industries that sell inexpensive items such as clothing and online games. Ali express, OneClick, and Yoox use the payment technology to increase conversions. Many clients who like making online purchases trust merchants with their card data. They don’t show their cards whenever they visit an e-commerce business frequently. The technology allows an enterprise to streamline its payment process through single clicks. Its increased customer loyalty.
3. Merchant-Initiated Credential on File (MI COF)
Merchants agree with clients that they will pay a fixed amount of money per month. The merchant initiates the payment. Merchant-Initiated Credential on File is common in automated customer accounts and subscription services such as IP telephony services. It is necessary to consider the preferences of your local clients. The schedule you create of pending subscription charges should adapt to factors such as where a client works or the people who live in a particular country. They can slow down, automatic payments in an enterprise. MI COF reduces the risk of a client defaulting recurring payments. It covers merchants against loses when a client is declared bankrupt.
Each business needs to improve its payment experience to widen its clientele. But, increasing conversions isn’t a walk in the park. Betway analyses its data points to improve its cash inflow. Enterprises need to have measurable objectives to maintain KPIs. Also, they should test their payment systems regularly.