{"id":2877,"date":"2020-04-30T18:12:14","date_gmt":"2020-04-30T18:12:14","guid":{"rendered":"https:\/\/synder.com\/news\/?p=2877"},"modified":"2025-02-17T10:19:23","modified_gmt":"2025-02-17T10:19:23","slug":"how-to-increase-online-sales-with-the-simple-payment-process","status":"publish","type":"post","link":"https:\/\/synder.com\/blog\/how-to-increase-online-sales-with-the-simple-payment-process\/","title":{"rendered":"How to Increase Online Sales With the Simple Payment Process"},"content":{"rendered":"\n

Today, being able to sell online is a necessity small businesses can\u2019t go without. The lesson learned from the situation with the COVID-19 outbreak is that you can\u2019t rely on a single channel of sales anymore, especially if this channel is exclusively offline. Another one is that you have to transform your business online quickly (as it can be a matter of survival) and keep track of new e-commerce accounting trends<\/a> for better management. <\/p>\n\n\n\n

Taking your business online may sound complicated. But basically, there are two requirements: you can accept online payments, and your customers can easily pay for your products or services. These two options are interrelated, but the latter can significantly influence your online sales. <\/p>\n\n\n\n

Frankly, many tools on the market can help you meet these requirements with more or less effort (for example, e-commerce accounting software<\/a> solution). And below, I’ll describe a combination of tools that, in my opinion, would be a better fit for small businesses to quickly enable online sales, power them up with a simple payment process, and easily manage them at the backend.<\/p>\n\n\n\n

How does the payment process impact sales?<\/h2>\n\n\n\n

It was mentioned that the success of online sales highly depends on how simple the process of purchasing is. To prove the point, let\u2019s take a look at some figures. A shopping cart abandonment study<\/a> showed that, on average, 69.23% of online shoppers abandon purchasing at the checkout, naming the complicated checkout process among the top three reasons for abandonment (21% of respondents) right after the necessity to create an account and hidden extra costs.<\/p>\n\n\n\n

This 21% means that one out of five people that intended to purchase quitted because it was too difficult for them to pay for the chosen items.<\/p>\n\n\n\n

So, what\u2019s the takeaway? It doesn\u2019t matter what you sell online. If people can\u2019t pay for it fast and simple, you’re failing your sales.<\/p>\n\n\n\n

A consumers\u2019 approach to purchasing<\/h2>\n\n\n\n

To simplify the process of purchasing for your customers, you need to look at it with their eyes. How do people purchase online? What payment methods do they prefer? <\/p>\n\n\n\n

According to Statista<\/a>, payment by card is one of the most preferred payment methods in the US, and 45% of consumers prefer using stored card information for online transactions. Moreover, a survey by Visa<\/a> showed that 90% of cardholders identified being able to shop online as the top benefits of payments by card.<\/p>\n\n\n\n

Another thing that you can’t ignore is consumer behavior. Today, social media influences it greatly, changing customers’ approach to online purchasing. Thus, 54% of consumers<\/a> purchase after seeing a product or service on social media platforms, such as Instagram. And while there’s no shopping cart option on Instagram, you need to provide for a simple payment option that would allow people to purchase right away, on your business page. <\/p>\n\n\n\n

To sum up, to enable online sales successfully, you need to provide customers with the easiest way possible to pay with a card, which can work on any site or platform. How can you do that? I\u2019m going to it right away.<\/p>\n\n\n\n

Best toolset to enable simple payments and manage them hands down<\/h2>\n\n\n\n

Before I get to the tools, I need to make a little clarification on the choice criteria. I wanted the combination to be of the maximum value for small businesses, allowing them to manage their online sales: set up online payments, receive them, and record them in accounting books – all together. So, here\u2019s the combo that, I believe, fits the bill perfectly:<\/p>\n\n\n\n