The Indian payment system has evolved, and today, we are getting used to employing a contactless payment system. Amidst the pandemic, people are customary to the easiest and most convenient digital payment method of their preference. To make their business survive and thrive, merchants need to give their customers what they need. In most cases, a smooth and frictionless payment system is the answer. It would help online sellers lower the cart abandonment rate, giving them the chance to increase the sale.
In the following article, we will understand more about a frictionless payment system and how merchants can provide its services to their customers.
Frictionless Payment: What is it?
A frictionless payment is a process that increases customer satisfaction by smoothing out the buying process. It is a simple payment process that involves fewer steps and interactions. Moreover, it increases revenue for merchants by decreasing shopping cart abandonment and increasing conversion rates.
Using a payment gateway such as Zaakpay would make the process of accepting and making payments extremely easy. The service focuses on providing your customers with a seamless and secure process of making online transactions.
To call a payment method frictionless, it has to fulfil the following conditions:
- It should eliminate the need for multiple processes during the payment process to provide a faster and easier checkout.
- It should be integrated with a good payment gateway like Zaakpay.
Frictionless Payment: Advantages
Frictionless payment can be highly beneficial to your business and its overall growth. The boxes a payment system must check are pretty straightforward and must be kept in mind while selecting one for your business.
- Enhanced Security for Payments: Tokenization has helped secure the transaction by replacing the sensitive data of the customer’s card with a token. These tokens are not of any use, even if they fall into the hands of cybercriminals. Many companies offer merchants with secured payment gateway. This helps both the parties involved to conduct digital transactions safely.
- Decreasing Cart Abandonment: Offering a smooth checkout process will help the merchants increase sales on their site. If the customer does not have to go through the complex transaction process, they will purchase from your website. Cart abandonment causes a lot of loss for businesses regarding customers and revenue. A smooth payment system would prevent that from happening.
- Better User Experience: With NFC-based technology’s help, sellers can provide a better user experience to their customers. They do not need to go through the hassle of waiting for their chance to pay for their purchase. Instead, they can pay using their fingerprint. It is reported that 55% of the consumers would prefer to pay with a quick and smooth payment service.
Frictionless Payment: Examples
Let us have a look into some of the popular frictionless payment methods.
Buy Now Pay Later
BNPL (Buy Now Pay Later) is considered the most convenient payment method by several consumers. It gives them the flexibility to purchase according to their need and pay the amount in installments. However, some merchants might charge interest, and some might not. These can be done with the help of payment gateways. In India, payment gateway is an excellent option for merchants to make their payments safer. For example, Zaakpay allows merchants to send a customized payment link to their customers that helps them with frictionless checkout.
Contactless Payment Card
Using a contactless payment card eliminates the need of entering the PIN Code, as the customer needs to place it close to a contactless-enabled payment system. These contactless payment systems use NFC (Near-Field Communication) technology and have embedded microchips.
Mobile Wallets
This is the best example of a frictionless payment so far. It reduces the chances of fraud and offers smooth payment on minimal or no processing fees. These mobile wallets are integrated with payment gateways. An India payment gateway, such as Zaakpay, offers a safe and secured payment system with a hassle-free checkout process.
Purchase Online & Pick-up In-Store
These payment systems were all the rage at the time of COVID. People can purchase online and pick up their orders from the store, eliminating the delivery cost and fearing exposure to others.
Frictionless Payment: How to Create a Frictionless Experience?
Recognise Customer’s Touchpoint
Merchants need to put themselves in their customers’ shoes and think about what they might expect. Touchpoints can be anything, like:
- Signup process
- Surveys
- Live chat
- Customer’s testimonials
- Email marketing
- Free demo of the product
- Blog Post
- Comment Section on social media posts
Identifying the customer’s touchpoint is the first and very crucial step. Next, merchants need to have the goal to engage, nurture, and convert potential customers into buyers. Finally, customers need consistency, which they will get only through frictionless payment.
Paying Attention to Details
Now that the merchants have identified the touchpoints, they must pay attention to every minute detail. Online sellers need to keep the following factors in mind:
- The waiting period of the customer for the response in the case of the chatbot, customer service agents, etc.
- Consistency of the brand across all the touchpoints
- Check if the mails are digitally signed so that the customers know where the emails are coming from.
- Check if their emails have a Call-To-Action button to make it easy for the customers to take desired action hassle-free.
Time to Analyse and Plan
It’s time to analyse and dive into making plans to make the payment frictionless. Merchants need to assign the requisite to each member and ensure they work well on the given task. After assigning the task, they must first prioritise the least effective touchpoints and work on those.
Execute your Plan
Merchants need to focus and work on the topmost priority on the list and track its progress and improvement. The key to providing frictionless customer service is whenever their customers need them. Furthermore, begin implementing these changes into your product line.
To conclude, reducing customer friction in their journey does not have a specific time frame. Most companies focus on customer experience right now, so you have to properly conduct business planning and implementation. At the end of the day, it’s the love and support of the customer that counts.
