When shopping online, a common problem that people come across is the payment methodology. There are times when the customers are on international basis, and they can’t really go through the hassle of switching between currencies. This can be a very tricky situation for the business to deal with. Does it really have that bad an impact on the business reputation?
It has been estimated that nearly 30% of the website users cancel their orders and leave their carts abandoned due to unavailability of the right payment method. This is a significant % considering the fact that these can really boost the company’s revenue. If the payment method is really that important, then why don’t businesses look forward to correcting it?
The big challenge?
The biggest challenge with going after additional payment methods is the additional costs associated to it. It might seem like a fairly straightforward option, but it is surely a complex one. The business needs to make themselves compatible with a variety of payment methods that calls for additional expenditure. Furthermore, the process is a very complex one as each payment method needs be customized with the appropriate APIs. This can altogether make it difficult for businesses to deal with the payment methods.
The best solution
Even after all these problems, the business has to go ahead with the decision and stop losing customers. The potential best solution for this problem is the new extension, Stripe Payment for Magento 2. The new tool makes sure that customers are presented with an easy and safe payment methodology. There are multiple payment methods at the service of the customers, that too at a relatively lower cost. The best part about this is that business will not have to worry about losing customers due to payment methods now.
The extension tool contains excellent security system that includes 3D secure system for the customers. There is an option of automatic invoicing which makes sure that customers are presented with time to time payment options. Even in case of refund or return, the tool has a very user friendly and simple system for customers. It makes the payment methods compatible with all the major debit and credit cards so that the customers don’t have to run around in search of the best payment method.
Advantages of the Magento 2 Stripe Extension
Some people might not believe this, but the tool is capable of managing more than a whopping 130 different currencies from around the world. It is up to the customers to choose their preferred currency and payment method before they go ahead with the transaction. The extension tool reduces the overall risk to comparatively low level to make sure that the customers find the overall process secured. The overall cost of processing is reduced by 1/4th, which is very beneficial for businesses.
The extension tool has shown some great improvements in the conversion rates of customers. Businesses have noticed that customers don’t leave their carts unattended that often now. Moreover, the efficient system has also assisted in saving the time and efforts of the business management on a whole.