Payment and payment flow
Closing the deal
Payment is the moment when the customer switches from being a visitor on your platform to a paying customer in your company. This is a moment of trust, where the customer doesn't just provide their payment details, but also a few personal details so that they can be set up in your e-commerce platform to close the deal between you. This means your platform must be able to lead the customer through a well-designed, user-friendly payment flow, which provides a secure space where the customer can give out their sensitive information with peace of mind.
Open the relationship
But a payment flow should also be dynamic and be able to recognise the customer so that the information they have provided doesn't need to be re-entered when buying from your E-Commerce platform. This means your platform needs to identify the customer based on defined information so that the flow from the shop to payment is shortened and is as relevant and brief as possible. You can achieve this by delivering a personalised service to your customers.
Provide access to the customer
A well-designed payment flow gives the customer the right payment options while also collecting all the data about the customer that enables you to send the product to them, ask for payment and market to the customer in the future, as well as address other specific relationships between you and the customer. Gathering such data should, of course, happen in a user-friendly way, so the customer doesn't feel pressurised or have doubts about what their data is going to be used for. That's why you need to give your payment flow some serious thought so that you collect relevant information that has a purpose in the scenario from here on, and which also complies with data protection legislation.
The payment itself can take place in many different ways. It could be a simple credit card payment for one-off sales, repeated payments for subscription schemes, payment via mobile, or a plan that splits the customer's payment over a few instalments. Regardless of how you choose to let the customer pay, it must always reflect the customer relationship. If you are a big B2B company, then mobile pay is not an appropriate solution. It's about creating relevance in the services you offer the customer, both regarding the payment solutions, but also being able to provide a range of services as part of the payment.
Here are a couple of examples of services you can work with as part of a successful payment flow.
Insurance benefits in sales
Insurance services are appropriate for linking some products of a particular value. The service plays on a mix of fear and peace of mind and gives the customer a service that requires neither production or dispatch.
The customer's choice can, in some cases, be affected by describing them in a specific way or charge them so that the choice is easier for the customer to make. It could be that postage costs are favourable to your company using a specific provider in a specific area, and you want to promote this option when the customer comes to choosing a delivery option. You can also favour certain payment cards by charging them differently. For example, you might want the money to be paid instantly and could, therefore, charge more for using a credit rather than a debit card, as the latter can be charged at point of payment, while a credit card can only be charged a month later.
Fraud detection and identity theft
Fraudsters are unavoidable. However, you run your business, but there are plenty of options for minimising your vulnerability with some tools that track attempts at fraud or similar behaviour. Multiple options are available; some manual, some automated. For example, your system can retain an order for manual approval if certain products or a product above a certain value is part of the order. This could be particularly expensive watches or iPhones that are easily transferable or if you receive several identical orders that could be an attempt at committing fraud.
At the more automated end of the scale, you can use artificial intelligence and advanced analytics to teach your E-Commerce platform to recognise suspicious behaviour based on the delivery address, personal data or misused credit cards. You can then retain these orders and let a colleague take care of them.