Speed of a transaction can be broadly explained in two main categories. Firstly, speed can refer to the amount of time that a system will take to perform a transaction. This may be due to host and server issues. Secondly speed can be explained as the time a potential customer will take to perform a transaction when he/she locks into a website. This largely depends on the design of the webpage. It largely takes into consideration the use of the one click payment system and a seamless checkout process.
The quicker the transaction speed, the faster the responding process and hence the better the customer experience. The processing of credit card information should be within the shortest time possible. The speed depends on several factors.
I. The host: The web host technology you are using should be fast and reliable. A host is supposed to provide the technology for organizational services for Websites. So that webpages can be viewed on the internet. Website host are stored on computers called servers.
II. The server: Findings and research should be conducted about a particular server before they are chosen. Find out the history of the company offering the server services. A server that has been slow will certainly not deliver.
III. The internet connection of the payment gateway user: Before choosing a payment gateway make sure you find out from current users about its efficiency. Apart of the above host and server issues, the owner of the online platform can improve on his website in other to get a better user experience. This can be done in the following ways
SPEED WHEN NAVIGATING THROUGH THE WEBSITE
They checkout pages of the websites should be designed in such a way that there will be homogeneity in appearance and page set up. Customers become suspicious of any malicious activities on websites. The absence of a seamless checkout option may frustrate users when they want to return to past information. Hence it is very important to design especially the payment page to be simple as possible. In case of any suspicion, customers will be very unwilling to summit their credit card information. Also diversions during payments to different sites are a red flag. In fact any unnecessary step in your payment that will divert customers attention should be removed. Especially when they appear on the payment page.
• Cross border transactions
This generally refers to intercity or inter country transactions. The speed of inter city or inter country payments should be as fast as possible. This is because if they are slow a customer might cancel the transaction and even ask for a refund.
• One click payment
In other to minimize transaction time and the burden of password memorization, the one click payment system should be used. With the one click payment system users can conclude their payments in seconds. With this system a buyer has an option to choose whether or not he wants to save his card information within the system for the future use of payment on that particular website. The rightful implementation of this system requires that the best security features are put place in other to prevent any case of credit card information theft.
Imagine a customer issuing multiple clicks because a particular website is not functioning only to discover that he or she has authorized multiple pay commands. This is a typical scenario that could lead to an immediate demand for a return of funds by a customer. Also the use of mobile smart devices such as smart phones with Internet connection have become one of the major means for online payment. That said, the design of a website should be in such a way that a particular website has a mobile friendly payment application in use.
If customers don’t feel safe about a particular website, they will leave. The implementation of security on a website depends on the security futures that you use. This is because certain security features have received global recognition for the proper protection of costumer data and credit card information. The most renowned being the 3-D 2.0 secure protection. This security system is being offered by specialized gateways such as the PayQ gateway system.
A payment gateway has as function to safely and efficiently transfer information between a website and an acquiring bank. Payment gateway services are usually offered by specialized financial institutions.
SUGGESTING ADDITIONAL PRODUCTS AND SERVICES TO CUSTOMER.
Related products and services can be merged into the same category. That way when a potential customer clicks on a product or service, other product or services will be displayed for him or her
to choose from. Also based on the user information, only the most essential services are being displayed. For newest arrivals the set of the most purchased products and services can be
displayed. Cross sales are perfect for both small and large online stores.
Typical with sales subscription, customers are expected to buy and subscribe for information with regards to the latest date of expiry of their purchased products, the release of new designs and brands, last day of promotion. Rather than selling products individually, a subscription helps a business owner to sells periodically (monthly or yearly or seasonal) using information sent to potential buyers.