Maintaining a steady conversion rate is incredibly important to further consistent success as a business. This rate is the frequency at which you successfully induce a desired outcome from potential customers, usually measured by the number of completed transactions per visit to your website.

As innovations in e-commerce convenience grew rapidly over the past few years, it was assumed the best way to support a successful conversion rate was to offer a variety of payment methods to consumers. Between crypto, digital wallets, buy now pay later, etc., businesses presumed providing a variety of options was key to attracting and appeasing customers, overall increasing their conversion rate. However, this has only sustained extensive cart abandonment, with the absolute density of payment methods offered leading to more confusion on the end of the consumer, coloring the business’s website and operations as unorganized.

Weeding out only the essential payment types for your business can assist in cleaning up your layout and furthering the growth of your conversion rate. A simple way to start is to identify and eliminate the payment type that makes up less than 5% of your business sales, your customer base likely won’t miss a method that’s used this rarely. However, it’s not always this simple, as some payment types may not be equally preferred across your client base and your business itself. Some methods feature lower fees or offer sophisticated fraud prevention, which makes them a favorite among companies while not being very popular among consumers.

So, you need to offer amenities that attract your client base to the payment types that also benefit your operations. Providing a discount or other potential incentive to drive traffic to those methods will be a net gain for your business financially, all while accelerating customer conversion through offering accommodations.

Businesses operating with an omnichannel structure will have to work a little harder in identifying which payment types to cut. For example, a method with lower e-commerce use may still be popular in offline or mobile channels. The same process of providing amenities still applies, it just needs to be more specialized to the different retail situations your business works in.

Providing unlimited options to your audience may feel like the best way to drive up customer conversion on the surface. However, overstuffing your website with these options only leads to more confusion and overall stagnation of growth. Narrowing down and selecting payment methods based on client preference and business convivence is the most effective way to further growth. This opportunity to streamline your operations while also providing incentives to clients in service of accelerating conversion rates is incredibly lucrative to the future of your business.

If you’re looking to improve your conversion rates through these incentives, contact us at RevitPay, where we can assess your business’s best choice of payment method and determine the potential discounts you can offer to your client base.