How payment gateways impact customer’s experience

Customer’s experience can be defined as how customers perceive their interactions with your company. This is important as purchasers are empowered like never before, thus, great customer experience drives loyalty and revenue. Harald Fanderl of McKinsey said in a podcast “It’s all about putting customer needs at the centre of what a company need to do, and then ensuring along all the touchpoints and even more so along all the relevant customer’s journeys”.

So how payment gateway impacts your customer’s experience?

Payment method are often viewed as the final stage of securing a customer to be a purchaser of your product. Hence, providing customers with payment option like payment gateway helps to smooth customer experiences. In doing so, by giving options of payment method, customer are indulged with payment options. This does not only generate positive experiences but also increase customer’s advocacy. According to Clickz, 84% of consumers do not trust adverts anymore, they prefer to seek for the 3rd party validations when making a decision.

Keep in mind that, the decision is not the final decision that leads to buying your product. Furthermore, a study by McKinsey found that word of mouth contribute 20%-50% of buying decision, meaning that if you relates to Clickz study, between 30% – 60% would not buy your product. That is how significant customer’s advocacy can impact your business. Due to that, using a payment gateway will increase your chances in capturing customers.

Trust is another thing that gained, given by the customer aside from advocacy. Building trust with the customers is important as it helps you to secure your customer to be loyal customer. As stated by Forbes in their websites, the core of building a trust with your customers are services, consistency and transparency. Payment gateway conforms to all of them. Having a payment gateway means that your store are giving a range of payment options to customers.  Not only that, well-known payment gateway will indicate that your company is consistent, keeping up with the progress of transactions.

So, if you are using a legitimate payment gateway, what does that make your company? The answer is your company will also appear as a legitimate entity. Payment gateway can be seen as a sign of stability as well as legitimacy. Having a payment gateway in your store will prove that you are a serious company and you are taking serious in fulfilling customer needs in terms of payment option, security and convenience.