Tips to Optimize Online Payments

By adopting the following best practices, merchants can increase approval rates and lower the costs of processing payments.

The success or failure of a given transaction can vary widely based on a number of criteria including the payment method or card type used, the transaction amount, the time, risk level, and more. In the increasingly global world of e-commerce, no single payment processor can guarantee that they will be able to provide the same results every time.  

For a specific sort of transaction (e.g. payments with a global credit card from more established e-commerce markets), one supplier may be able to offer faster processing, higher approval rates, and lower costs. Yet that same supplier may struggle to deliver equally satisfactory outcomes for the same transaction if it takes place in another geography with different local banks and payment methods in the mix. 

To get the best results when it comes to payments, merchants should have a diverse portfolio of payment processing providers, both locally and globally. However, a multi-provider structure poses certain challenges – particularly for administration and efficiency, as well as payment optimization. 

The good news is that there are options for dealing with this problem. A good place to start is the payment gateway platform. A high-quality, customizable payment gateway can provide merchants with a single, direct connection to multiple payment processing services and a wider variety of local and global online payment methods. 

Localize payment methods to unlock new customer segments

Customers are passionate about their payment preferences and typically will spend more when a merchant offers their preferred payment method. In some markets, common global payment methods are not widely used or widely accessible. At the same time, in other markets there are payment methods which only exist locally yet are among the most popular and standard forms of payment. 

Merchants benefit from offering the right payment methods to reach a broader audience of end customers. 

Offering a variety of global and popular local payment methods such as BNPL, e-wallets, and other popular alternative payment methods improve conversions both at the local as well as the global level. 

9Pay’s payment gateway

As an industry-leading payment orchestration platform, 9Pay offers a plug-and-play solution for merchants of all sizes, in all industries and markets, who are looking for a payment services provider that will ensure a great checkout experience for their customers while optimizing the processing of online payments and managing all of the operational and technical complexities involved.

*Note: 9Pay is a local payment gateway that can support cross-border payment and do settlement overseas to collect the money from Vietnamese End-users/Enterprises.