How can you accelerate your growth through payment?

Payment: a growth lever for your Ecommerce operations

To make the sales a success this year, you've probably planned your discounts, updated your product info sheets, and put together social networks campaigns. But have you thought about improving your customer payment experience?

The winter sales are fast approaching! After a disappointing 2021, which was hit hard by the Covid-19 lockdown, this upcoming sales period is likely to be crucial for retailers.

To make the sales a success this year, you've probably planned your discounts, updated your product info sheets, and put together social networks campaigns. But have you thought about improving your customer payment experience?  

PayPlug, a French payment solution provider, explains in this article how to make payment a growth lever for your Ecommerce operations in 2022 and beyond!

1. Offer payment facilities

The success of payment facilities is well proven: 60% of French citizens have already used them to pay in instalments, and 50% plan to use them more frequently for their purchases (OpinionWay, 2021).

This enables you to better manage your budget by spreading out certain expenses, or to deal with an unexpected event without having to dip into your savings. Offering this payment facility on your site gives your customers great flexibility which they will appreciate, especially if your average cart total comes to more than €100. As a result, your conversion rate will improve!

What's more, payment plans are a powerful lever for increasing your average cart total: customers who pay in three or four instalments will have a cart more than twice as large as those who pay in one go (PayPlug, 2021).

To implement this on your Ecommerce site, you can, for example, opt for PayLater, a guaranteed payment instalment solution proposed by PayPlug. Why “guaranteed”? Because you receive the full amount as soon as the order is placed. Fraud and non-payment are 100% covered by our partner Oney.

Payment in three instalments on the Project X Paris website

Bonus tip: you can choose to offer payment in instalments with or without fees. “No fee” means that you cover the entire cost of the service, so your customer does not have to pay any additional fees. It can be beneficial to offer this option during sales periods, as it will give your visitors an extra incentive to make a purchase.

2. Simplify your shopping journey

When it is poorly designed, the online payment stage can be a source of frustration for your visitors. An overly long process, or a checkout page that doesn’t seem secure or isn’t adapted to mobile, runs the risk of losing customers in the last few seconds before they make their purchase.

Fortunately, there are simple techniques to reduce sources of friction at checkout. For starters, you can identify these by using a free evaluation tool: you will receive tailored recommendations by email based on the strengths of your checkout page, as well as areas that need improvement.

In general, we would advise you to choose a solution that enables you to customize your checkout page: a simple, reassuring interface with your logo and colors can considerably improve your conversion rate.

Let’s look at the example of Green Touch’s store, which opted for a redirected checkout page. It added a background photo to remind visitors of their surroundings, and to give them the impression that they are still on the site.

Another way to make your users' shopping experience smoother: one-click payment. Thanks to this feature, they can save their card details so they don't have to re-enter them the next time they order. It's a good way to encourage them to order from your store again!

3. Don't miss out on a single sales opportunity

As a retailer, your revenue is probably mainly based on your Ecommerce site and/or your store. However, there are a great many channels that your customers use to connect with your brand. How about capitalizing on them to make additional sales?

Let’s imagine that a buyer contacts you by e-mail, text or via a messaging application, and that they are able to complete their order during the conversation. This is the principle of conversational commerce.

To provide this type of experience, you need the right tools. With the PayPlug payment request, you can generate a payment link and send it to your customer on any medium: when they click, they are redirected to a secure payment page to complete their purchase.

Example of an order being placed via text message. Source: Instaply

There are many uses for this tool. The Laudate store, for example, uses payment links to take orders by telephone. This has resulted in it now generating 14% of its sales via this medium!

4. Managing your cash flow

You’ve now got some ideas about how to increase your revenue through payment. But sustainable growth also depends on good cash flow management. How can your payment solution help with this?

First of all, you can integrate payment links directly into your digital invoices and quotes: say goodbye to checks, bank transfers and long processing times, because your customers can pay by debit/credit card in a few clicks! Your funds will therefore be available more quickly.

Some payment solutions also offer features that help you to better manage your cash flow and accounting, for example:

  • Monthly statements summarizing all your transactions, be they payments received or repayments;
  • Downloadable invoices with details of the transaction fees on each payment collected, as well as any subscription fees for your solution;
  • Integration with your accounting tool, so that the costs related to the use of your payment solution are synchronized in real time;
  • Automatic transfer of your balance to your bank account. With PayPlug, you can schedule a daily transfer: this way, you’re sure to have the necessary cash flow to mitigate the ups and downs of order numbers!

Choosing a payment solution is crucial: it will enable you to offer your customers payment methods that are adapted to their needs, to improve your conversion rate, or to better manage your cash flow. These aspects are essential when it comes to getting the most out of sales periods, and growing your store in 2022.

About PayPlug

PayPlug is the French multichannel payment solution for SMEs. Since 2012, it has offered an innovative alternative to traditional market players: the fintech company relies on its unique ecosystem of partners to simplify payment for its 13,000 customers, retailers and e-retailers in France and Italy. After acquiring the status of Approved Payment Institution from ACPR Banque de France, PayPlug joined the BPCE group in April 2017. In 2020, the platform grew by 125%.

Published on

March 24, 2023

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