Delivering the Ultimate Checkout Experience for Customers
The checkout experience is a crucial consideration for ecommerce retailers – it’s the final hurdle before conversion and a space where your customers should easily and effortlessly be able to complete their purchase.
It’s also one of the most volatile spaces in the online journey.
The estimated average cart abandonment rate is 88% (though of course it varies widely by industry and product category), with a general target of 20%-40% as a healthy space to operate.
Implementing strategies to reduce cart abandonment means more customers, more sales, and more revenue. There are many factors that impact the checkout experience and payment is one of the most important ones. 11% of customers report abandoning their cart because there weren’t enough payment methods, which means if you’re not providing the right options, 1 in 10 customers could immediately bounce away from your site.
At Splitit, we understand the importance of a seamless checkout experience, which is why we’ve designed an installment-payment solution that’s simple, clear, and easy for your customers to use (and for you to implement). Read on to learn everything you need to know about delivering the ultimate checkout experience for your customers.
1. Simplified Checkout
A recent study by Stripe showed that 60% of customers would abandon a checkout that requires more than 2 minutes to complete! This hlighlights the need for a fast and simple checkout experience. Splitit is an option in the checkout that makes it easy for customers to choose to pay via installments, both in terms of process and user experience.
From a process point of view, it’s an extremely straightforward financial agreement that works with their existing credit card. There’s no need to apply for additional financing – the available space on the customer’s credit card is used to fund their purchase. A preauthorized hold for the full purchase amount is placed on their card, which is reduced each time they make one of their regular payments.
From a user experience perspective, the checkout flow is seamless. Customers don’t need to undergo a credit check, fill out long forms, or navigate to a third-party site. The information they have to enter is minimal – nothing beyond their regular shipping and billing information – and approval is quick.
Customers can also choose from a variety of flexible repayment plans, depending on what options the retailer chooses to offer. Altogether, Splitit allows you to give customers the options they’re looking for without overcomplicating the checkout experience, which means you can drive conversions while mitigating cart abandonment.
2. No Need for New Accounts
A long, complicated checkout experience is one of the top reasons for cart abandonment – customers report that they walk away from a purchase when they’re asked to do things like create an account before paying or when it takes too many steps to enter and re-enter their details.
Splitit simplifies the user journey to mitigate these issues – instead of applying for third-party financing through a separate page or having to fill out long forms, they simply choose their installment payment option, enter their card details, and proceed with their transaction after approval.
All of this can be done through a guest checkout option for customers who prefer to skip the account creation process. It also means that they don’t need to input extraneous details beyond the typical billing and shipping info required for online purchases.
3. Security and Data Privacy
Trust is a vital factor for every aspect of your customer relationships, and it impacts conversion/the checkout experience – 19% of people will abandon a transaction because they don’t trust a retailer with their credit card information.
Splitit is dedicated to data and security and adheres to the latest PCI DSS regulations and GDPR requirements, to ensure compliance across all regions. This means that you and your customers can trust us to protect their personal data at every stage of a transaction.
We also follow a strict privacy policy in which we never share or use customer data for marketing purposes. Learn more about our privacy policy.
4. Wide Acceptance
Splitit works with all leading ecommerce platforms and merchants, so it’s easy for customers and retailers to choose a simple and trustworthy installment payment option.
For retailers, this means integration with all major ecommerce platforms, including Shopify, SAP, BigCommerce, along with custom integration options. We offer a white-label solution, which means that you can adopt our installment payment platform within your own branding, which further simplifies the experience for you and your customers.
For customers, it’s a seamless way to shop – we partner with all major payment network providers including VISA, Mastercard, American Express, Discover Global Network, and UnionPay.
Learn more about our wide acceptance network and explore our partnerships.
5. Flexibility and Control
Splitit gives your customers flexibility and control over their payment plan, depending on the options that retailers choose to offer them. Available formats include:
- Installment payments every two weeks
- Installment payments each month
- Partial installments that are flexible in amount and timeline
- Pay after delivery, with the option for installment payments after acceptance of the purchase
This variety allows customers to find a solution that best fits their budget and lifestyle. They also have flexibility after their purchase and can easily manage their plan through the shopper portal, where they can update their information, check their payment status, and quickly take care of other essential admin activities.
Creating a seamless checkout experience is about giving the customers the solutions they’re looking for in the most frictionless and straightforward way possible.
With Splitit, you can incorporate an installment payment or pay after delivery option that’s easy for your customers to access and easy for you to integrate into your existing ecommerce and payment platforms.
Get in touch to learn more about how we can help you reduce cart abandonment and increase conversion in the checkout.