How Payments will focus on Customer Experience in 2016

Since past five years, we have seen the evolving eCommerce from utility to inspiration. They are completely following the trend. In 2016, they have been shifted to customer experience rather transactions. It is expected that the upcoming years will also be breakthrough years in history for Alternative Payment Methods. A report predicts that eWallets will overtake credit cards in the global eCommerce market by 2019.

The rise of excellent Magento e-commerce development and other eCommerce platforms will overcome the market alongside traditional debit card, bank transfer, and cash payments. The consumers will play the enormous role in dictating which payment technologies will lead the crowd and which has turned obsolete.

The Era of making Invisible Payments

The remarkable rise of Paytm services has reinforced the holy grail of making payments which are invisible among the persons involved. By reinventing the entire payment experience between the buyer and the seller is quickly growing into world's most influential private business. The major objective of this platform is to make payment services easier. It has not reinvented payments but has just reinvented the experience. After you get out of the cab, you can simply paytm the money, without looking for hard cash. It has reset the customer's expectations of making any payments easier and conveniently.

How to get smarter without making Invisible Payments

It is not necessary that your company is ready for making Invisible Payments, several methods can be adopted to build customer experience.

1. Plan your payment methods according to your customer demographics

Offer a unique and personal interface to your customers. In the United States of America and the United Kingdom, card payment system can be over ruling the continents, but other continents may require some other kind of payment services apart from card system. So you need to optimize your payment methods around conversions and not the "flavor of the month" payment models. Just make sure they're pertinent to customer base but it is not necessary that it should be more conversion based. It does not mean you should look at your conversion metrics on a regular basis to save from loosing good orders.

2. Align your payments to today’s omnichannel reality of buy

The payment gateways should adopt the channels seamlessly. It is recommended to recognize your customers across the channels and minimize the need for entering the whole payment information multiple times. One can invest in recent technologies like tokenization and secure vaulting which allow sharing payment credentials between the channels in a secure fashion.

Apart from this, you can also keep a check that you take and make payments on the same payment channels. Do not allow your users to carry the burden of merging their online and offline worlds.

3. Proactively manage your fraud exposure

The new “chip-and-signature” cards will protect merchants and consumers. Don't wait for the problem to come as they are a recipe for more headaches. Put some strategies using an effective mix of technology and people. Nowadays there are great software tools that identify both good transactions and fraudulent transactions in mere seconds.

Wrapping up

Thus, we can say if you cannot make invisible payments, you can deliver a superior customer experience by focusing on customers demographics, thinking multiple channel approach and proactively managing fraud.