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Boosting eCommerce ROI with split payments

For eCommerce businesses, your website is everything. If there are barriers to conversion, this can have a detrimental effect on your return on investment for your website.  


Picture this.  


You invest in an excellent user experience on your site, a carefully considered SEO strategy, and digital marketing that acquires new customers. These are substantial investments in themselves.  


All this works and brings in potential customers, who move through the site, add to basket, and then... 


They’re gone.  


If this strikes a chord with you, you’re not alone.  


In eCommerce, on average, only three out of ten customers who add to cart successfully complete their purchases. Not only this, but over 10% of payments fail at checkout for the average eCommerce business- with 60% of eCommerce businesses saying this increased staff workload.  


It’s a difficult issue to solve, but one thing is for certain. Conversion rate optimisation services should be deployed across the checkout, to improve the payment experience and facilitate abandoned cart recovery.  

 

eCommerce Payment Solutions for boosting eCommerce ROI 


To resolve failed payments, Multi Card is the solution.  

Multi Card allows customers to make their financial assets go further and split the payment across multiple cards. The benefit for merchants?  


  • Credit limits are no longer a barrier to conversion 

  • Insufficient funds will be less of an issue, due to the ability to use multiple payment sources 

  • User experience is improved due to convenience for the customer, boosting ecommerce ROI through customer retention and more completed purchases 


For high-value items, group payments can be an excellent method of abandoned cart recovery and an innovative example of one of the emerging eCommerce payment solutions.  This allows groups of purchasers to split the cost of an item at checkout through a shared payment window, paying what each person owes and reducing the burden on the lead purchaser. This reduces failed payments, due to insufficient funds, and abandoned carts left out of frustration or hesitancy to foot the bill for a group upfront.  


Take the example of a university house.  


A group of five want to split the cost of a TV for their shared living room- on a students’ average loan, funds would struggle to stretch to such a high value item. Someone will have to foot the cost as the lead purchaser, leading to them having to awkwardly chase their housemates for money and potentially leaving them out of pocket.  


This could eventually result in an abandoned cart due to frustration or a failed payment due to insufficient funds.  


With group payments, this cost would be split between each group member at checkout, with them each receiving a payment link with a deadline established by the merchant. This payment can be split equally or in custom amounts.  


This means the friction in the payments process is removed for the lead booker, eliminating this barrier to conversion.  

 

Split the Payment with Hands In 


Don’t let the investments you’ve made in your website and marketing go to waste and stop your potential customers dropping off at the last minute- ensure that your checkout experience is optimised for conversion. By offering your customers more options with split payments, a better and more streamlined way to pay, and a way to overcome barriers to conversion such as insufficient funds and card limits, abandoned carts and failed payments will be reduced.  


Group payments and payments using multiple cards are the future of split payments. To find out more about whether split payments are the right fit for your eCommerce business, get in touch here.  

 

 

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