3 Ways a Better Payment Process Can Help Curb Checkout Abandonment. Your product or service could be flawless and your website pristine. But doing e-commerce right is as much about your customer’s entire journey as it is about their first impression. And if you’re constantly losing customers at checkout —tripping at that virtual finish line — you know your e-commerce business is suffering from checkout abandonment.
Checkout abandonment costs e-commerce business owners a fourth of their customers
According to a 2016 benchmarking report by Compass, a management report solution for online businesses, the checkout abandonment rate in e-commerce sits at 25 percent. Think about it: That’s a quarter of your customers! The report further breaks down the numbers by product.
Food and drink businesses have among the lowest checkout abandonment rates, with an average of 13.2 percent. Meanwhile, health and beauty, clothing and fashion, jewelry and accessories, and electronics all suffer, on average, checkout abandonment rates between 26 and 28.4 percent. Luckily, no matter what your product or service is, you can prevent checkout abandonment.
Among the top reasons for checkout abandonment are problems with the checkout process. Often there are too many steps, issues with account creation, and just plain poor site performance. Enter a solution like Stripe. Available through third-party sites like WordPress and Drupal, Stripe is a software that provides everything a business needs for a successful online payment process.
3 ways Stripe improves your online payment process
Accept and manage payments in minutes from your website or mobile app
Stripe boasts a secure and easy-to-use platform that can be set up on your website or mobile app. On top of that, it can be used in any of the 25 countries Stripe operates in. That means buyers can make payments in their native currency and you can accept payments in yours. Being able to adapt to your customer’s preferred buying tool and payment method shows your business can adapt to their needs.
Improve cash flow with recurring, subscription payments
If your business is built on a subscription-based model, you need a reliable platform for managing recurring payments. Stripe’s three-step model can help you define how much and how often each customer should be billed. Your customers never miss a payment and you never miss a payday.
While Stripe helps you manage payments from your customers, AccountingSuite can help you manage your bank accounts, inventory, cash flow, and more. As a cloud-based solution, AccountingSuite is there whenever and whenever you need it, no extras or add-ons required. Start your free trial now to access the financial information you need to make the best decisions for your business — all in one place! Still not sure where to begin? Check out our guide to e-commerce accounting software.
For more information on how you can get started today with AccountingSuite click here!