Highest conversion rates
Is your business struggling to stay ahead in this turbulent payments landscape? Are you wondering what other businesses have been doing to create the best customer experience, prevent fraud, and mitigate loss?
Based on a survey with 890 payments, fraud, and payment analytics specialists in 20 countries, our global payments study reveals the top four payment challenges to consider when planning a successful customer experience strategy, to benefit both your company and your customers.
By analyzing the approaches, strategies, and techniques that leading companies use and comparing them to average businesses, we can provide you with a valuable benchmark for assessing and improving your own customer payment experience performance.
Every two years, we conduct a global payments study to capture and highlight trends in the payments landscape. This year, we conducted the survey in January and February of 2020. Obviously in the months since, the world has changed with the COVID-19 global pandemic.
In this context, our 2020 Global Payments Report provides a valuable benchmark—a "baseline of normal" that payment professionals can use to stay focused and grounded as they navigate this time of unprecedented uncertainty.
To provide relevant and actionable insights, we focused on identifying and highlighting payment practices that define the highest performing organizations—those who are "top performers."
There is one central, overarching characteristic that every top performer shares: They all successfully embrace the challenge of thinking beyond and staying ahead of change. The ability to adapt to change has never been more important than it is right now. Each of the top perfomers share these traits:
Highest conversion rates
Top performers tend to track more payment KPIs than others, and identify loss rates (which are tied to chargebacks and fraud), checkout abandonment rates, and order conversion rates as important KPIs.
Highest payment acceptance rates
Top performers boosted revenue by maximizing payment acceptance.
Highest levels of internal satisfaction
Respondents conveyed a strong sense of confidence in their organizations’ ability to protect customers’ payment and loyalty data.
The survey's top performers tend to view the payment landscape somewhat differently—and have different priorities—than the other respondents. Here are four top-of-mind issues:
Top performers named digital transformation as the biggest external factor driving their payment strategies
By contrast, other respondents identified "staying relevant in the context of changing customer patterns and demands" as their most important strategy-influencing external factor.
Businesses are very concerned about fraud
A leading 36 percent of survey respondents said staying ahead of threats and managing fraud is their biggest payment management challenge.
Managing the growing number of payment methods and sales channels is also a major concern
Survey respondents also named today's growing number of payment methods and managing multiple complex sales channels as another top-of-mind challenge.
Businesses are building their payment strategies around data security and customer experiences
86 percent of respondents identified "security of customer data across payment and loyalty" as an extremely or very important piece of their payment management strategy.
A look at the growing number of payment methods.
The advantages of connecting to multiple payment processors and merchant acquiring banks.
Effective payment management practices, approaches and techniques, including: