Online cart abandonment is one of the most common snags that many online businesses complain about. The phenomenon is a crucial factor that is responsible for low conversion rates and low sales for businesses.
The online cart abandonment rate in India is nearly 75%. One of the significant factors that helps keep the cart abandonment rate low is the quick payment process on websites and apps. Most consumers usually demand a swift and seamless payment process that also allows them to make recurring payments.
This highlights the need for a super-fast payment solution that safely stores confidential details like card information for one-tap future payments. Payment gateways in India help the merchants solve this problem with an innovative feature like ‘one-click payment’ that completes the transaction in a single tap.
Read on to know how one-click payment can boost sales and drive conversion rates.
What is a one-click payment?
One-click payment is a service provided by payment gateways in Indiapayment gateways in India that allows the customer to pay via a single tap on the website or the mobile app. The user is prompted to save their card details on the payment gateway for convenient transactions in the future.
In other words, even the merchant does not have access to the card details entered by the customer as the data is encrypted and stored securely in special characters. Not only this but it is also stored in a tokenized form with the acquirer (bank), who processes the payment whenever the customer uses the one-click payment feature.
Zaakpay offers one-click payment solutions with affordable payment gateway prices. With a PCI DSS compliant payment gateway, businesses can bolster their sales by allowing customers to pay within milliseconds.
How do one-click payments work?
When a customer is redirected to payment gateways in Indiapayment gateways in India, they will have to enter their card details like card number, account holder’s name, card expiry date, and CVV.
After the acquirer verifies these details, the customer receives an OTP to complete the transaction. The transaction is successful as soon as the customer enters the OTP, and then the payment is debited from the customer’s card and credited into the merchant’s account.
Simultaneously, the customer’s card information is bound to a unique token and stored with the acquirer. No one else has access to the token, which minimizes the risk of hacking or cyber-attacks.
Now, when the customer returns to the website and wants to make another payment, this is what happens:
- The returning customer is recognized, and the related token with the customer’s card information is further used to make the payment. One is not required to re-enter their card details and can move directly to the payment gateway.
- The card information stored in the token is used to process the payment.
- The customer can tap and pay after the verification process is completed.
This one-click payment process is also known as card-on-file transactions and can only be initiated by the customer. After this, the customer can make effortless payments in one click whenever they make another transaction with the same online store. However, businesses must check the payment gateway price with the service provider for advanced features like one-click payments.
Advantages of one-click payment solutions for businesses
One-click payments are one of the top-class solutions for enhancing customer satisfaction and retention. Shortening the payment process for returning customers can help increase brand loyalty resulting in a boost in business sales.
Here are some exclusive benefits that businesses enjoy with one-click payments:
- Such payments eliminate the need for the customer to re-enter their payment details every time they purchase with the same online store. As a result, customers save time and can pay instantly. Hence, revisiting the merchant online store.
- Since the entire process is reduced to one-click, it increases impulse buys among customers, which helps increase sales.
- One-click payments make end-to-end transactions simpler and shorter. This reduces the online cart abandonment rate and increases the conversion rate leading to an increase in sales.
- It provides the customer with a better checkout experience on both smartphones, laptops, and tablets.
- Online shopping is more convenient for people on the move, increasing the number of sales via one-click payments.
Business-use cases
Paying on gaming platforms:
The one-click payment feature allows online gaming apps and portals to save the customer’s payment information for future transactions. This will enable customers to buy in-app gaming features without interrupting the gaming process. Topping up their gaming account after abandoning the game can divert the player from making the purchase.
Therefore, in-app purchases led by one-click payments motivate customers to finish the payment process then and there without making them go through the payment process from scratch.
Payment for subscriptions:
When customers make monthly payments for services like video streaming and mobile apps, the last thing they want is to re-enter their payment details every month. One-click payments make membership and subscription payments much easier without interrupting the entertainment.
Payment for ride-hailing apps:
People making daily commute via cabs hate going through the hassle of entering payment details every day to make payments. Nevertheless, payment gateway prices for one-click payment features need not be excessively high. Zaakpay offers one-tap payments as a premium feature at a reasonable price for businesses to enhance their sales.
Conclusion
Any E-Commerce merchant aims to make the payment process as smooth as possible on the app or website to increase their sales. A lengthy payment process can deter customers from completing the process. Thus, with extremely short attention spans in the digital era, it is essential to have a simple payment process.
