Why digital payment options is essential, even in WeChat?
The incorporation of online payment methods for small-to-medium eCommerce businesses can be hard. While many avoid a physical store because of the rent associated, the adoption cost of digital payment often made these convenient options omitted as well.
You might not think it is a hassle as there are all sorts of other less-direct payment options available, including bank transfer or payment when picking up the goods. However, the lack of a direct payment gateway can actually turn customers away.
The confidence issues
One of the major issues in bank transfer is the lack of confidence in the method. Internet fraud is not uncommon to hear while bank transfers are one of the most used payment methods in this online crime. Using bank transfer does not mean your business is connected to internet fraud. But the lack of a secure payment gateway often initiates a challenge on the confidence of the customers, especially for those who are buying from your business the first time.
Secured payment gateways, like Paypal and credit card payment, are more than just a direct way in purchasing goods from your business. These options from trusted companies suggest the trustworthiness of your business and offer confidence in making a purchase.
Extending the confidence aspect, a direct payment gateway also meant the dedication of service from your business. It might sound as sorcery. But an intuitive payment method offers much better brand loyalty with the seamless experience during the purchase process.
Because of internet frauds, even experienced online buyers might freak out when they are led to another website for payment. And the time required to load also pose a risk of trust during the purchase process.
Why everyone going intuitive?
According to a study by Forrester Research, cited by Crucial, the website load time expectation for online shoppers is merely 2 seconds while 40% of them will leave if it takes 3 seconds or more. Two clicks of the second hand might sound a lot. But considering the high definition photos, or even videos, to showcase the latest Spring/Summer line-up, this two-second mark can be as hard to break as the two-hour marathon record.
Therefore, more and more eCommerce shops are trying to embed online payment straight into their website to minimise the related issues. WeChat, on the other hand, also strived to bring their WeChat Pay to its Mini Programs for better customer conversion.
Whilst some businesses are still on its way to adopt digital payment, a sub-sector has grown from general digital payment. You might not have heard of mobile payment, but you would have heard of Apple Pay or Android Pay.
In 2017, over eighty thousands of transactions were through these mobile payment methods. It might not sound a lot until you realised that there were only 3,700 of those done in 2014. These mobile payment options, combined with the ability to synchronise with customer loyalty programs, increased customer engagement with more instant information available.
Offering direct digital payment gateways are much more than giving customers convenience. With major technology players, like Google, Facebook, Instagram and WeChat, constantly pushing the margin of intuitive purchase on its platform with Google Shopping Ads, WeChat Official Account and the associated Mini Program, small-to-medium businesses will have to adopt direct digital payment sooner or later.