According to the Bangko Sentral ng Pilipinas (BSP), digital payments made up 40.1% of the value of total retail payment transactions in 2022. It’s a big leap, considering how the same mode of payment contributed a mere 8% to the value of total retail payments in 2013. This change demonstrates how it’s normal for everyday buyers to expect their preferred sellers to accept online and digital payments. Plus, it highlights the increasingly important role that internet payment solutions now play in small businesses.
Modern SMEs like yours stand to gain significant benefits by adopting a versatile, secure, and user-friendly online payment solution that supports a variety of payment methods. With it, you can provide customers with smooth and hassle-free transactions and positive experiences that encourage repeat business. In addition to meeting customer expectations, having access to the best online payment processing option that matches your needs can lead to a significant boost in sales. Let’s take a closer look at exactly how such a choice affects customer experiences and business profitability.
Enhanced Customer Convenience
An efficient online payment solution greatly enhances customer convenience by simplifying the checkout process. A system that is easy for customers to navigate reduces the friction customers face when making a purchase. A prime example of this is Maya Checkout, a flexible online payment gateway solution that accepts multiple payment options such as credit and debit cards, digital wallets, and QR Ph codes. Integrating this payment gateway into your e-commerce website allows your business to cater to different payment preferences, making it more likely that a customer will complete their purchase. This variety, in turn, ensures that no matter how a customer prefers to pay, they can do so effortlessly and find increased satisfaction with every transaction.
Increased Trust and Security
Customers need to trust that their payment information is safe when making online purchases. An efficient payment solution makes this possible because it’s expected to implement robust security measures, assuring customers that you are prioritizing the safety and privacy of their data.
Maya Business, for one, makes use of world-class security measures such as following the Payment Card Industry Data Security Standard (PCI-DSS) and using CSC verification check, performing IP location checking, and employing two-factor authentication to protect transactions and sensitive data. Integrating Maya Checkout into your e-commerce website by using the Maya Plugin for WooCommerce or Shopify, then, can help you build your brand’s credibility and make customers feel more secure about entering their payment details. This increased trust can lead to more frequent and higher-value purchases, as customers feel confident in the safety of their transactions.
Faster Checkout Process
A streamlined checkout process is key to reducing cart abandonment. Features such as saving payment information for future use and one-click payments make it quicker and easier for repeat customers to complete their transactions. With these options available to them, customers can move through the checkout process swiftly without unnecessary steps and are less likely to abandon their cart. This simplified process not only improves the customer experience but also boosts your sales by ensuring more completed transactions.
Reduction in Cart Abandonment
That said, cart abandonment is a significant issue for many online retailers. Simplifying the checkout process can significantly reduce this problem. A payment system that can clearly display any additional fees or taxes before the final checkout can provide a smooth and user-friendly experience. This transparency helps prevent last-minute surprises that can cause customers to abandon their carts. By minimizing obstacles during the checkout process, you encourage customers to complete their purchases, thereby increasing your sales.
Improved Mobile Shopping Experience
With the growing trend of mobile shopping, it is vital that your payment solutions are optimized for mobile devices. A mobile-optimized payment system like Maya Checkout ensures that customers can easily complete purchases on their smartphones or tablets. At the same time, it’s well worth it to explore alternative payment options such as Payment Links that will allow your customers to complete their transactions using messaging apps. This improvement caters to the increasing number of customers who prefer shopping on their mobile devices, thereby expanding your customer base and increasing sales.
Global Reach
An efficient online payment solution can help you tap into international markets by supporting multiple currencies and localized payment methods. By accepting various currencies, you make it easier for international customers to purchase your products or services.
Enhanced Customer Satisfaction and Loyalty
When customers have a positive shopping experience, they are more likely to return and make future purchases. Every online payment processed by a seamless gateway leads to a smooth experience, which can contribute to higher customer satisfaction. Integrating your payment solution with loyalty programs can further enhance this effect by rewarding customers for their repeat business. Satisfied customers are not only likely to become repeat buyers, but they’re also more likely to recommend your business to others, driving further sales and growth.
Better Data and Insights
An efficient payment solution provides valuable data and insights into customer behavior and spending patterns. Analyzing transaction data allows you to tailor your marketing strategies and improve customer service. For example, you can offer personalized discounts and promotions based on previous purchases, enhancing customer engagement and loyalty. This data-driven approach allows you to make informed decisions that can boost your sales and optimize your business operations.
Flexibility and Payment Plans
Offering flexible payment options, such as installment plans or buy-now-pay-later options, can make higher-priced items more accessible to customers. This flexibility encourages customers to make larger purchases without the burden of paying the full amount upfront. Additionally, supporting subscription models with recurring billing can provide a steady revenue stream, increasing customer lifetime value and ensuring consistent sales.
Ensure Efficiency in Every Transaction with Maya Business Solutions
Sign up for Maya Business to create a seamless and satisfying shopping experience for your customers. By partnering with Maya Business, you’ll make it easier for your SME to attain higher customer satisfaction, increased loyalty, and ultimately, greater sales and business success.
Aside from gaining access to a roster of efficient payment solutions, signing up for Maya Business allows you to open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Partnering with Maya Business also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Check out Maya Business today to enjoy the benefits of Maya Business solutions.
