Payment friction is any online or offline process that makes it harder for those in the B2B space to make a purchase. Although some payment friction is good because it ensures customer transactions are secure, you don’t want to have too much because you can risk losing business.
Generally, customers in the B2B space prefer and expect seamless transactions because it makes purchases quicker and improves buying productivity. If you’re new to learning how to streamline the payments process, you’ll need to learn more about FinTech and invest in a potential payment processing consultant. In the meantime, check out these strategies to eliminate payment friction for customers.
1. Choose a design-friendly payment interface
When customers are completing the checkout process to purchase your goods and/or services, they must be greeted with a design-friendly payment interface. This means that they are shown specific instructions on what tasks to complete, including where to put their name, email address, phone number and credit card information. If there are any unnecessary fields, it’s important to remove those right away. This includes eliminating double-checking an email address by sending an email validation link, according to Payments Journal.
You’ll also want to make sure that the design of your website is optimized for both mobile and desktop screens to ensure that customers can easily view all purchase options.
2. Use a strong third-party authentication system
In order to create a secure payment system, you’ll need strong authentication. To keep your payment system secure, try to implement payment tokenization — a process where payment information is converted into a string of randomly generated numbers so the payment information is sent through the internet to complete the payment without sharing customer information.
Many strong payment networks include data encryption through SSL and TLS protocols. These strict protocols ensure that sensitive information is only accessible to the intended recipient of the payment. With these procedures in place, you’ll eliminate complaints from business partners and start to build a stronger referral network.
At Richmond Financial Services, I help you create a payment processing plan that best suits your business plan. I do this by taking an intake of your business’s current payment needs and creating a plan that is easily executed to help improve internal processes through solutions like FinTech I can’t wait to help you improve your payment processing technology and enjoy perpetual savings. Schedule a free consultation today by visiting my website or calling (617) 843-5700
