One-click Payment in the Modern E-commerce Ecosystem
In this day and age, everyone is constantly looking for the quickest, most convenient way to execute a task. We see this trend applying to payments as well, from online shopping purchases to gaming top-ups. The younger generation of consumers demands a frictionless experience in their online shopping, and the e-commerce players are expected to deliver thereby. This is why merchants should consider optimizing their check-out experience with One-click Payment.
How does One-click Payment work?
One-click Payment allows you to save your regular customers the hassle of re-entering their card details for every purchase. After their first transaction, they have the option of saving their card details on the merchant’s website and paying with a single click thereafter. This type of transaction is known as a card-on-file transaction and is first initiated by the customer. The card details are immediately tokenized after the first purchase thus, protecting them from unauthorized access and fraud. The subsequent payments can then be done without additional authentication whenever the customer clicks pay on the app/website.
How can gaming platforms benefit from integrating One-click Payment?
One-click Payment is beneficial for the gaming industry as each game played could require multiple transactions, unlike with regular online shopping where you only need one. The application of One-click Payment can significantly improve the online players’ experience, consequently, increasing the game’s popularity. If players have to go through the long, tedious process of entering their card details to top up their balance, they are much more likely to abandon the game or procrastinate the payment. Both are conversion killers.
With One-click Payment, players can top-up their accounts and get back to their game quickly without any added friction while the merchants can monitor and manage their transaction activity. If you have ever played a multiplayer game online, you would know pausing your game in the middle is not fun. Hence, it is crucial for the players in a game to make payments with lightning speed.
How can merchants benefit from One-click Payment?
One-click Payment has the power to significantly improve customer retention, boost conversions, and reduce cart abandonment rates. The reason for this is simple, with the option of One-click Payment, customers are not bothered by a long check out process. Usually, customers who shop online on their daily commute might find it inconvenient to take out their card, thus leaving it for later. However, if you were to offer them the option of making a payment with one click, they have no reason to abandon their cart. A customer also spends less time reconsidering whether they want to purchase at all.
Moreover, during the holiday season, online merchants tend to offer more discounts and deals that drive customers to their online stores. In the case of One-click Payment, customers can make better use of these sales and do not have to worry too much about items in their cart selling out midway through checking out.
Similarly, trading Crypto or Forex requires quick execution of transactions. Anyone who has ever traded or invested in these markets knows how volatile and quick to change the conditions are. One-click payment is almost a necessity in this case.
The most important job of any e-Commerce merchant is to provide an exceptional experience for its customers. Increased efficiency through innovations is the key to staying competitive, but not at the cost of security. Implementing One-click Payment can be tremendously beneficial to merchants as long as they go about it the right way. At WL Payments, we believe in efficiency that does not compromise safety, which is why we offer state of the art security through tokenization for our One-click Payment solution.
Businesses have partnered with WL Payments, and our team has helped them solve some very specific challenges. So, let us help you with conversion-boosting features such as One-click Payments, Intelligent Transaction Routing, QR Payments, and many more!
Please reach out to us at [email protected] to learn more about how One-click Payment and our other features!