As an online business, you may be wondering what your customer is thinking the moment after he or she decided to buy a product online. It seems ambiguous and rather irritating to lose a customer right in their checkout cart.
There are many theories online that explains why your customers ultimately cancelled their transaction, which unsurprisingly is not because of the quality of your product. However, according to the recent MasterCard findings, customers seem to care a lot for ease of checkout and security, not to mention that it is also affected by age and gender.
In this blog, we will try to decrypt the findings of MasterCard about the behavior of online customers, which may help you make future decisions. So, let’s start...
Ease of checkout
As claimed by MasterCard, 33% of the surveyed customers “disliking having to enter payment information repeatedly on every website”.
Statistically, 100 different customers want to buy your product, but as a result to the inconvenient checkout process, your business only sells to 67% out of the 100. This is ridiculous! You might say, but now let’s start focusing on producing solutions to your already wanted products.
You can equip your business with a solution that employs a tokenization system, a technique that stores user’s credentials so that returning customers do not face this difficulty in the future and your business can perform on the 100% level again.
MOLPay 1-Click payment provides a tokenization system, thus helping your returning customers to pay through a single click system. I suggest you to take a look at this solution and decide whether it fits your business or not.
You may figure out by now, what do I mean by security? Security as far as online payment is very critical and fundamental for any online business. However, as far as MasterCard records, security is divided into two segments, information security and transactional security.
Information security as it suggest is the security of sharing payment information online or on mobile. Customers are still very cautious about sharing their information online, especially for customers on the age of 65+. Interestingly, only 11% of customers from ages 18-24 claim that it is not their top reason not to shop online.
P.S: tokenization creates a token for each customer, which will strip an unimportant piece of information even if the token gets hacked.
On the other hand, transaction security is defined as the security that is involved during the different phases of a transaction. Sure, every payment gateway has their own security system during a transaction, but I will suggest you what I have been suggesting to many online business or startups. “Always choose a payment gateway that have the experience”
So why experience? It’s simple. Hackers will always try to find loopholes and outsmart the security system. However, an experienced payment gateway company can tackle those new loopholes because are constantly faced with these issues within the system.By far, MOLPay is the most experienced payment gateway company in Southeast Asia as we have been operating for close to 10 years. We wanted to give you your piece of comfort for any transactions online or mobile phones, so that you can focus on things that are more important in your business.