No matter how you slice it, frictionless payments are a real competitive advantage — regardless of your industry, sales channels, or business model.
And since there’s no stopping the flourishing app economy, we thought: How could we convince more companies to make payments a seamless part of their apps and websites?
This blog post is our attempt of doing just that.
1. Better UX = better business
When you think about your favorite mobile and web apps, they probably have a few things in common:
- They have just the right number of features: nothing more, nothing less
Did you happen to think of Uber, Airbnb, Spotify, or Netflix? Those are exactly the type of apps we mean. And the reason why they’re so popular is simple: they offer ultimate convenience for their users.
If you think about it, UX research and design are the key to these apps’ success. In fact, studies show that:
And since payments are such an integral part of commercially successful apps, it’s crucial that payments flow every bit as smoothly than the rest of the experience.
2. Increased loyalty = more repeat purchases
When it comes to experiences, the bottom line is this: the less your customers have to think about paying, the more likely they are to buy from you again.
Take Uber — or any modern taxi app — for an example. The reason why we keep using them is that we get a consistently great experience without having to wait in a call line, go outside until we know that the car is near, or play around with cash or credit cards when we’re getting off.
Now, compare that to the taxi experience a few years back. And that, my friend, is how you win loyal customers — and boost repeat purchases.
3. Better conversions = more revenue
How many times have you decided to abandon a physical or virtual shopping cart when you’ve realized what a hassle the payment process is?
That’s right. Dozens.
And when it comes to app and online payments, payment friction is the number one killer of conversions. To your business, that ultimately means fewer euros in the bank.
So what can you do to combat the downward spiral of your app conversions?
Find out how your customers prefer to pay (yep, we’re talking about customer research again).
Make sure the payment flow is as simple as it can be — again: think recurring, event-triggered, or one-click payments. The fewer the hoops your customers have to jump through, the better.
Add your customers favorite mobile wallet as a payment alternative to your app. That way, your customers can buy things in one simple (fingerprint authenticated) tap, and you’ll get the customer’s delivery address and contact details directly from the wallet. Meaning: Less hassle for your customers, less hassle for you.
And voilá. Now watch those conversions go up!
4. Building custom payments = easy
Back when custom payments were still a pain to integrate, it was no wonder that many companies opted for less than ideal solutions for their apps. But boy, have things changed in the past few years.
With payment platforms like Payment Highway, you can design a perfectly customized payment flow first, and then easily build that using our native SDKs and language-specific libraries. Honestly, it doesn’t get much more straightforward than that.
And if you’ve run out of reasons not to build frictionless payments into your mobile or web app, we’d be happy to help you get started. Or if you’re still on the fence, you can play around in our open Sandbox and get to know the dev kit before you make your move.