As we have mentioned in recent blog posts, online payments are a necessity for any business looking to grow. Online payments increase your customer base, as they allow you to accept a variety of payment methods and multiple currencies, enabling you can reach customers from across the globe, as well as from within your borders.
The ease and convenience of an online payment platform increases customer satisfaction, which leads to more loyal customers and reduced shopping cart abandonment. Accepting online payments also saves money by reducing the expenses associated with cash transactions. Of course, every transaction is highly secure and risk management tools are used to prevent fraud as well.
As you can see, there are plenty of reasons why ecommerce operators in Africa should transition to online payments. The question is - how do you get started?
Here are some tips on how to start accepting online payments easily and successfully:
Work with a secure, local PSP
When choosing a payment service provider (PSP), choose one that is PCI DSS level 1 certified, meaning that it meets high security standards to ensure that customer payment information is safe at all times.
You will also want to make sure that the PSP understands your specific business needs. This is why you should choose a local PSP who is familiar with your culture and the local market. You can then communicate easily in your own language and express your requirements in depth.
A local PSP will also already be integrated with the payment methods and currencies that are needed to serve your local customers. Plus, they can also help reduce fraud more effectively thanks to an understanding of local fraud risks. Of course, a good PSP will also know the global payment industry, so you can accept cross-border and international payments securely, too.
Use a hosted payment page
When it comes to creating a payment page, you can either create a payment page from scratch, or use a secure hosted payment page provided by a PSP. Using a hosted payment page is far easier.
If a merchant creates their own payment page, they’ll have to invest in time and money to implement security protocols and become PCI certified. This task is eliminated completely when using a hosted payment page, as the PSP providing the page is already PCI-certified.
The PSP is also an expert in data security and will remain up-to-date with the latest technologies. As hosted payment pages are so secure and credit card information isn’t stored on the merchant’s server, merchants can benefit from reduced fraud risks and reduced liability. All of this leaves you to concentrate on running your e-commerce business.
Building a payment page from scratch also involves high development costs. A team is needed to design and build the page. It must be compatible with all devices, and it must provide customers with a streamlined payment process. All payment methods and currencies need to be integrated individually. The PSP does all this work for you - a hosted payment page is already optimized and ready for use on all the latest devices.
Educate customers on digital payments to drive adoption
To maximize business growth, you’ll want to encourage your customers to start using digital payments through incentives. Here are three ideas:
- Create a limited time discount for customers who choose to use digital payments. You could also offer free shipping. A free returns policy can be especially beneficial for customers who feel uneasy about paying for their product before receiving it.
- Give your customers a chance to sign up for a tailored loyalty program exclusive to online payment adopters. Incorporate gamification techniques such as point scoring to drive more sales using online payments.
- Create and share content about the benefits of making online payments. Tell customers just how convenient and easy the process is for them. This will persuade them to give online payments a try. Emphasize how secure the online payment process is, to assuage any fears about online fraud.
See for yourself how online payments drive business growth. Follow these top tips and start accepting online payments, today.