The merchant is watching the conversion rate of potential shoppers into successful shoppers. So who is watching the conversion rate of merchants into successfully integrated merchants?
The most advanced merchants have perfected conversion rate optimization (CRO) into both an art and a science. They are constantly streamlining the shopping and payment experience by eliminating anything that could prompt shoppers to drop out of the process at any stage. Is the font size too small for part of the users? Is some wording unclear? Should the payment schemes be in a different order? The best merchants work hard to improve shopper retention at every step by even just fractions of a percent. After all, such fractions do add up in a multi-stage process.
The concept of conversion rate optimization can be applied to another process, namely that of integrating a merchant into a payment platform. After all, the merchant is to the PSP as the shopper to the merchant – their directly paying client (whereas the shopper is the ultimate client). Furthermore, as in checkout and payment, there are multiple stages to the process of integrating a merchant. Each of these stages carries with it a risk of losing the merchant to a competitor, and each of these stages can be optimized.
How easy is it for the merchant to register, how much paperwork is there to it, and how long does the process take? Is the API documentation as clear as it can be, is it the right length, and does it provide the merchant with what is necessary, when it is necessary? Does it consist of long, boring documents, or is there an interactive online tutorial with ready-to-use code snippets? Is the API as simple and logical as it can be, down to the naming of individual parameters? Are the error messages helpful? Does the solution help the merchant meet PCI requirements? Is it flexible and powerful enough to meet growing and changing demands? Solving issues like these will not only increase the merchant conversion rate, but ultimately improve shopper conversion as well.
Such are the kind of topics we at PAY.ONare focusing on at the moment. Starting with a massively simplified API and an accompanying interactive tutorial, we will strive to greatly improve on the ease-of-integration of our existing offers. Our goal is to provide our clients, the payment service providers, with the tools to convert the maximum number of new merchants into successfully integrated merchants in the fastest and most painless way possible. Merchant conversion rate optimization starts here.