CEO of Cashtronics Online Payment Gateway explains how to increase credit card acceptance rates on ecommerce websites and consequently increase profits.

Ecommerce is a highly competitive industry and online merchants must do all they can to ensure that they will be able to capture a payment whenever possible. The most frustrating a merchant can experience is to lose a potential client due to factors that they have complete control over.

With so many internet payment service providers available to customers today it is crucial that merchants work with payment gateways that are able to advise them on how to get the highest acceptance rates on their websites which will in turn lead to higher profits.

Carl Buchalet CEO of Cashtronics online payment system explains "There are many different tools that can be used in order to increase the credit card acceptance rate on a website. With the Cashtronics payment platform we closely track each merchant's acceptance rate and make changes accordingly, giving our merchants the greatest opportunity to capture that vital sale."

The following 10 points are tools that Cashtronics recommends merchants use in order to achieve exceptionally high acceptance rates:

1)     Customized payment page: A personalized payment page greatly reduces the abandonment rate of a client as the customer does not feel like they have been manipulated into going onto a foreign website where they feel their credit card information may not be secure. A custom branded payment page is an added level of reassurance for the customer, increasing the chances that they will follow through with the payment.

2)     Multiple payment options: Merchants should offer customers a variety of different payment options as this significantly increases the chances of the client completing the transaction. If the payment option that they want to pay with is not available they will go to another site where it is.

3)     Advanced anti-fraud tools: There are a plethora of tools that payment gateways use to avoid fraud but merchants need to make sure that the tools used by the payment provider are not so stringent that they are declining perfectly legitimate customers just because their tools are not sophisticated enough to filter the fraudulent cards from the non fraudulent cards.

4)     Minimum entry fields: The best payment gateways can offer the highest level security using the minimum number of client entry fields. It has been proven that the more fields the client has to enter the higher the abandonment rate.

5)     3D secure: 3D Secure is an additional security tool that any merchant can potentially benefit from however before adding it to their site the merchant should consult with their payment provider. Adding 3D secure can significantly decrease credit card acceptance so a merchant should test and weigh the benefits before implementation on their site.

6)     User friendly: Make payment instructions clear and simple. If a customer does not understand what information is being requested from them the chance that they close the payment page greatly increases. Make sure each payment field is clear so customers don't have to "guess" what is required. Also avoid lengthy sign ups for customers as they may abandon the sale before even arriving at the payment page.

7)     Customer service: In the case of a failed transaction it is important that the landing page offers alternative payment options as well as the option for the end user to reach the merchant quickly via a customer service telephone number where they will be able to complete the payment by phone.

8)     Follow up: Merchants with abandoned sales should follow up with a phone call in order to gain insight as to why the customer did not complete the transaction.

9)     Payment Gateway or Bank? Due to the high level of security tools that payment gateways have, using a good payment gateway will always yield a better success ratio than going to a bank directly.

10)  Terms and Conditions: Have clearly legible and easily available general sales conditions so that customers feel confident that the merchant is legitimate. Make sure to include an explanation of exactly what they have ordered, what the delivery time is as well as refund policies etc. If customers feel confident and know what to expect they are more likely to complete the purchase.

There are many more tools that a payment gateway can incorporate for a merchant in order to help them increase their sales. To maximize profits it is very important that a merchant uses a payment gateway that can prove they have a record of high acceptance rates, coupled with a low percentage of fraudulent transactions.

About Cashtronics                                    

Cashtronics is a leading European based online payment company. Specialized in processing payments for high turnover merchants through a secure (PCI compliant, Level 1), flexible and cost effective payment solution. Provides individual merchant accounts with highly competitive industry rates.

Contact:

Carla Arguelles

Marketing Manager

Cashtronics

Tel: +34 932 240 199

www.cashtronics.net