Everyone hates queueing. And despite the stereotype, British consumers are no exception.
Our research shows that long queues could be costing retailers as much as £3,581 per day in lost revenue1.
The story online is no different, with the average British retailer losing £37,000 per year from abandoned baskets2.
2 Success depends on simplifying the payment process in order to improve customer experience, Luke Griffiths
The exact size of the missed opportunity will vary from business to business. But small and growing companies can rarely afford to miss a sale.
And that’s where this question comes in:
“What small changes can I make to get more people to buy my products?”
It’s especially important to ask this question in advance of busy periods. Quieter days are the perfect opportunity to ensure that you’re ready for the rush.
Answer three simple questions to get:
An instant estimate of how much clunky payments are costing you per month
Expert advice on how to make paying easier, faster and more flexible
A reminder of the upcoming seasonal events to watch out for
Clunky payments could be holding back your business
You could be making an extra 0 per month from face-to-face sales
Improving your online conversion by just 1% would increase sales as much as an extra 0 people visiting your website every month
The simple changes that make paying easier, faster and more flexible
Especially in the run-up to events like Golden Week, it’s worth thinking about how you can make it easy for international visitors to shop with you.
Dynamic currency conversion is a service that allows shoppers to pay instantly in the currency of their choice. You’ll still receive the settlement in your own currency, but the whole experience is that bit faster and easier for your customers.
Tell me more
The business owners we talk to don’t have time to conduct in-depth research into payment trends. However, new technologies are being released at a rate of knots.
For example, smartphone payments have quickly gone from cutting-edge innovation to high-street standard. Sage Pay customers have been using Apple Pay since the first day it went live in the UK.
Even if you’re not a customer, our annual Payments Landscape Report is a great way to stay up-to-date during quieter times. It gives you everything you need to know about payment trends in one place.
Get the report
When the online orders are flying in, the last thing you have time for is fraud. Sadly, UK SMBs are losing a total of £9.4bn each year to theft and human error9.
One way to get around this is to pick a payment gateway that comes with real-time analytics. Sage Pay customers have access to an online portal which displays all their online transactions – along with the associated fraud risk.
They can then use that data to arm their logistics people with the insights they need to cancel high-risk orders before the goods are packaged and shipped.
About Sage Pay analytics
9 Calculation based on the number of SMBs in the UK as of Nov 2015 and research by Viga (from Landscape Report)
Payment gateway downtime shouldn’t be a regular problem for your business. But even if it only happens once in a blue moon, make sure your staff are prepared. There’s nothing worse than having a customer who is ready to pay, but can’t – whether it’s online or face-to-face.
The solution to this could be as simple as printing out the phone number that staff need to call if they have any issues and putting it somewhere visible. Sage Pay customers can call our dedicated support team 24/7 on 0845 485 2537.
Get in touch
About Opayo
Help is always at hand
24/7 award-winning customer support
A solution you can depend on
99.99% gateway reliability
Trusted by UK businesses
9.7 out of 10 on Trustpilot
Payments experts
Millions of secure payments processed each month for over 50,000 businesses
Future-proof your business
Opayo integrates with a huge range of POS and systems