In the fast-paced world of digital business, a payment gateway is essential for payment transactions, as it enables businesses to receive payments from customers quickly and efficiently via various methods.
From a business perspective, such an advantage can streamline payment processes. For customers, payment gateways enable instant payment using any payment method, resulting in higher customer satisfaction, which can, in turn, lead to higher checkout conversion rates.
Using payment gateways naturally improves checkout conversion rates, but optimizing their features can improve them even further. Let’s take a look at how you can make the most of payment gateway features to boost your checkout conversion rates.
What is the checkout conversion rate and how can payment gateways improve it?
In digital business, the checkout conversion rate refers to the ratio of customers who start the checkout process (e.g. add products to the shopping cart or fill in payment details) and complete it with a successful purchase.
The checkout conversion rate is an important metric for digital businesses, especially in e-commerce, as it has a direct impact on sales. Low conversion rates usually indicate that there are issues preventing customers from completing their purchases. Therefore, businesses should fix these issues to improve the rate and generate more sales.
The problems with low checkout rates are often related to payments. Customers tend to abandon the checkout and hesitate to proceed with the transaction if they cannot pay with their preferred method or are faced with cumbersome checkout processes.
For example, a survey conducted by Stripe in 2022 found that 85% of 1,600 consumers would not shop on websites that do not offer multiple payment options.
In addition, a 2024 survey of 1,012 US consumers by the Baymand Institute found that most reasons for abandoning online purchases were related to the payment process. Top concerns included security of credit card details (25%), lengthy checkout processes (22%) and limited payment options (13%).
Given these results, it's clear that optimizing the payment process is critical to improving conversion rates. As a solution, many businesses are turning to payment gateways as they offer these benefits that can solve the payment problems faced by today's businesses:
- Secure transactions: Payment gateways implement multi-layered security standards that protect not only consumer data, but also businesses from potential fraud.
- Fast transactions: Customers can make payments with just a few clicks, which can improve their shopping experience.
- Multiple payment options: By offering multiple payment options, customers can choose their preferred method, which encourages them to complete their purchases immediately.
- Global access: Some payment gateways allow transactions in foreign currencies, making it easier for international customers to purchase products and services from other regions or countries.
- Reduce transaction errors: Payment gateways use automated payment systems that can reduce common human errors in transactions, such as entering incorrect transaction amounts or account numbers.
How to optimize payment gateway functions to increase conversion rates
As mentioned above, payment gateways naturally improve conversion rates at checkout by eliminating common payment problems and simplifying the payment process in digital businesses.
However, you can still optimize your checkout conversion rate if you know how to make the most of some payment gateway features. You may have overlooked some of these features, but they can actually help you achieve better conversion results and sales.
Here’s how you can optimize payment gateway features to improve your conversion rate.
1. Enable all payment methods
The first and most crucial step is to activate all payment methods offered by your payment gateway provider. By offering a wide range of payment options, you increase your chances of reaching more potential customers and encouraging them to transact according to their preferences.
But your job does not end there. You should analyze payment data regularly, be it weekly or monthly, to find out which methods are most preferred by customers and evaluate your conversion rate after you have enabled all available payment methods. You can use this data to optimize your business based on your customers’ key payment preferences.
For example, suppose you find out that most of your customers buy products with a specific credit card after you have activated all available payment methods. In this case, you can set up discounts or promotional programs for this payment method to achieve a better checkout conversion rate in the future.
2. Activate the recurring payments function
In addition to the standard functions, some payment gateway providers also offer a recurring payment function that allows you to automatically debit regular payments from customers according to a set schedule.
This feature is ideal for subscription-based digital services such as streaming, digital media and online courses. It ensures on-time payments and a seamless experience for customers as they don’t have to re-enter their payment details to renew their subscription.
To enable this feature, you usually need to access the debit or credit card payment settings on the payment gateway dashboard and configure them to debit automatically according to the schedule chosen by the customer. This minimizes the risk of losing customers who have forgotten to renew their subscription and reduces the effort of sending renewal reminders.
3. Use the payment link function
Some payment gateways offer a payment link function that allows you to create a URL or QR code that takes the customer to a specific payment page.
Businesses can usually create payment links easily and for free via the dashboard of their payment gateway and share them with customers via WhatsApp, SMS, email or social media. After receiving the links, customers can quickly complete their payment by simply clicking on the link or scanning the QR code.
But the question is, how can a simple feature like a payment link help you achieve better conversion rates?
You need to know that some customers who want to finalize their purchases do not pay immediately after selecting their preferred payment method.
Sometimes they decide to click the ‘Pay' button later because they are unsure of their choice. In other cases, they were only one step away from the transaction but were interrupted by another event or activity. These situations result in customers leaving the payment page on your platform and possibly forgetting to complete the transaction.
By sending payment links, you can remind customers who have postponed their payments to complete the transactions. Payment links also make it more convenient for customers to make payments as they do not have to log back into your website or app to do so.
4. Use the payment gateway's pre-built interface
Nowadays, payment gateways are not only about streamlining payment processes, but also about improving the payment experience for customers. That's why some payment gateway providers now also offer ready-to-use or pre-built user interfaces that can be instantly integrated into the payment page of your website or app.
These interfaces, which are usually included in payment gateway plugins or APIs, are designed to help customers complete transactions quickly, improving their shopping experience and, in turn, can increase checkout conversion rates.
Here’s an example of how pre-built interfaces from payment gateway providers can improve your customers' payment experience.
Previously, when customers clicked on one of the payment methods on your website or app, they were redirected to a new page with transaction details and the 'Pay' button. However, this was perceived as less convenient as customers had to open and load a new page just to complete their transactions.
Now, some payment gateway providers offer pre-built interfaces that allow customers to select a payment method, enter details, and click the 'Pay' button on just a single page. These interfaces can also save payment details so that customers do not have to re-enter the information for future transactions.
You can benefit from these pre-built interfaces by simply integrating your website or app with the payment gateway plugins or APIs. Ask your payment gateway provider if they offer this feature in plugins or APIs.
Conclusion
Payment gateways improve checkout conversion rates by simplifying payment processes and solving common problems with online payments. However, you can optimize these conversion rates even further by exploring and leveraging the features of payment gateways. This way, you can make the most of every dollar you spend on a payment gateway.
Therefore, before deciding on a payment gateway, you should check out the additional features that each provider offers. You should also be proactive and ask the provider how you can optimize these features for your business needs.
Boost Your Checkout Conversion with Aspire Payment Gateway
If you are looking for a payment gateway solution that will help you increase conversion, accelerate sales and improve customer satisfaction, Aspire can be the ideal solution for you.
Aspire offers these features to process online payments seamlessly and provide the best payment experience for you and your customers.
- Complete payment methods. With Aspire’s payment gateway, you can accept payments from over 26 payment methods, such as bank transfers, e-wallets, and credit cards. This feature gives your customers payment flexibility and improves their shopping experience.
- Competitive and transparent fees. Aspire allows you to only pay fees per successful transaction, with no registration or subscription fees. All fees are displayed transparently, so you do not have to worry about hidden costs.
- Reliable infrastructure. Aspire's infrastructure meets international standards for security, transaction speed and system stability.
- Top-notch customer service. Aspire’s customer service team is always ready to respond to all your queries and provide technical advice if required.
- Easy integration. You can automate payments by integrating your website with user-friendly plugins or APIs.
Keen to learn more about how Aspire can help you improve your organization’s financial operations and streamline workflows? Talk to our sales team today, or sign up for free to get started.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
