Implementing The Right Payment System to Scale the Online Store Business
The payment system can be a competitive advantage for your online store business and it takes a very serious process of development. But if all the payment process handled in a less serious way, you are gonna have bad time.
The payment nature is very complex. Your online store must choose the right payment processor to optimize your overall payment impression. Yes, there is so much 3rd party to solve payment processor problem but you must have a qualification. See their rate, documentation, and security also compliance.
It’s all about customer experience. No doubt that experience can really make or break a business. Making simple your checkout flow must be considered. To do this, you don't need to be a world-class UX designer to implement this strategy. Just watch from around 10 other players. Observe, imitate, and modification.
After deciding between a few different checkout experiences, try them out with some A/B testing. Make sure you have proper analytics setup so you can track conversion rates, traffic, and other relevant data points.
A giant retailer like Amazon, use this practice to simplify the buying experience for reappearing customers. This is great for customer retention and overall traffic. However, you must be disciplined in regard to security and storing consumer data.
In case, you can track if your system has to do well or not just by the traffic. Bounce rate, ratio time access to buying can be the parameter of your success. Confuse? Thanks to the technology. Now, there is a much party that offers a payment system. A product like Veritrans, Midtrans, Doku, Jualio, and many more offer store system for social media store based company.