Boost Sales with Strategic E-Commerce Payment Processing
The key to e-commerce success is working smarter, not harder. By improving your online shopping experience, you can boost sales and profits with minimal effort.
For many online retailers, strategic e-commerce payment processing is a simple and effective place to start. So let’s take a look at six strategies that can help.
1: Limiting Transaction Fees
Which is more effective: lower upfront pricing or lower payment processing fees? Creators and online sellers tend to feel most comfortable with lower upfront prices—but many customers prefer the transparency of all-inclusive listings. As such, raising your prices to limit transaction fees is an easy and impactful e-commerce strategy.
According to research by Forbes, add-on fees are the leading cause of online cart abandonment. From shipping and handling to convenience and transaction fees—customers see a jump in price and begin second-guessing their purchase.
Thankfully, the solution here is simple. Instead of charging fees at the end of the checkout process, raise your upfront costs to cover these expenses. Then, you can advertise free shipping and optimize the checkout process for a quick and easy transaction.
2: Widen Payment Compatibility
One of the most foundational payment processing strategies is maintaining compatibility with the most popular online payment methods. This strategy makes it easy for buyers to purchase your products with minimal effort. While this might seem simple, it has become more challenging to juggle compatibility as new payment options continually become available.
Thankfully, advanced payment processing platforms can make this compatibility easy. You can learn more about trusted payment processors and how to implement them in our E-Commerce Payment Methods FAQ.
3: Consider Creative Payment Options
Diversifying your payment structure can help expand your customer base. With a bit of creativity, you can tailor your payment options to your inventory and your target audience.
- BNPL: Buy now, pay later services like Klarna, Affirm, and Afterpay can help provide payment flexibility for your shoppers.
- Coupons: Customers love a great deal. When your sales are slow, consider offering a discount or coupon.
- PWYW Pricing: Pay What You Want (PWYW) pricing can provide a profitable alternative to free trials or samples. This strategy helps you earn income while getting customers hooked on your products.
4: Make the Most of Each Order
Every payment a customer makes is valuable; however, higher order values can nearly double your profits. Order bumps and upsells are proven to increase your average order value by 43%. Best of all, these strategies require minimal ongoing maintenance—allowing you to boost your profits seamlessly.
5: Automate and Optimize the Payment Process
Checkout automation and optimization strategies are helping creators and buyers ease the online transaction process. You can get in on the benefits of checkout automation with a few simple steps:
- Make Your Payment Processor Accessible: Placing a checkout form directly on your sales page can help streamline each purchase.
- Pre-Applying Coupons: Pre-applying discounts and coupons is an easy way to automate the checkout process.
- Eliminate Unnecessary Form Fields: Ensure your checkout instructions are clear, and customize your form to make the most of your buyer’s time. This process can help avoid errors and delays that lead to cart abandonment.
Unlock details about the 22 most popular checkout improvement strategies in The Checkout Automation Blueprint, a free SamCart mini-book.
6: Target Recurring Payments
It is easy to passively boost your income when sales automatically regenerate each month. Can your products be formatted into a subscription or membership platform? By turning your focus to these recurring payments instead of one-time sales, you can earn more income with less effort. This strategy helps creators monetize with ease.
Strategic E-Commerce Payment Processing With SamCart
The SamCart e-commerce platform provides all the tools you need to accept customer payments strategically. When you utilize the SamPay payment processor, you can instantly access the latest payment features and help your sales skyrocket. We invite you to get started for free with a SamCart trial today!