5 Reasons Why Frictionless Payments Matter To Marketers And Business Owners

Introduction

With the changing business landscape in the modern digital world, delivering frictionless experiences to consumers isn’t a luxury anymore; it’s essential.

Whether we talk about e-commerce platforms offering a seamless consumer journey from beginning to checkout or SaaS companies delivering rich experiences on their platforms, consumers always expect better experiences from beginning to end.

Hence, the brands that fail to deliver a frictionless and smooth user experience cannot compete in the ever-expanding global online marketplace.

However, when it comes to frictionless payments, most brands ignore that a bit of hustle in the overall payment process could encourage their users to switch.

Businesses need to consider the growing expectations of their users about frictionless payments and must include frictionless payments while crafting a great customer experience.

Let’s dig deeper into this and understand why frictionless payments matter today more than ever before, especially for business owners and marketers.

What are Frictionless Payments? Why Does it Matter Now?

Gone are the days when you had to swipe your card or enter the card details manually each time you needed to purchase stuff; users prefer quick and easy modes of payments, whether offline or online.

Users now accept modern payment methods that involve less hustle while paying online or offline, including contactless debit/credit cards or payment processing through one-time passwords since these methods are pretty convenient to use.

However, when we talk from a business perspective, these frictionless payment methods are more relevant to business owners and marketers since consumers don’t need to squander their precious time in the hustle and bustle while filling out forms and sharing details.

Hence, if a website or mobile app offers an excellent user experience coupled with great products/services but lacks a frictionless experience while users checkout, it may lose its potential customers in the blink of an eye.

Undoubtedly, a smooth checkout journey is a key to conversion and sales, which sales and marketing executives need to understand quickly.

Let’s know why they need to quickly put their best foot forward in incorporating a seamless payment experience into their platform.

#1. Minimized cart abandonment

One of the most significant advantages of delivering frictionless payment options is that it simplifies the checkout process, eventually preventing cart abandonment.

A complicated checkout process is why most shoppers abandon their cart and switch since they don’t wish to squander their time and lose trust in the brand.

#2. Great user experience

Admit it; a great user experience is paramount for online business success in today’s modern digital world. However, frictionless payment methods add more convenience to shoppers’ experience.

Users need not enter their card details or provide pins every time they shop from the same platform. Instead, they can use different authentication methods, including a fingerprint that completes payment in a fraction of seconds.

#3. Better payment security

Since digital payments are more secure than traditional credit cards or cash payments, leveraging a token-based payment method can reinforce overall payment security.

Online shopping platforms save a user’s billing information for their next quick automatic payment and authenticate them through a token-based authentication for speedy payment processing.

The token-based authentication improves the shopping experience and eventually minimizes the steps in the overall payment method.

#4. Increased brand reliability

Brands offering hassle-free and quick payment options are always admired by users who are sure of what they want and don’t wish to squander their time in providing payment details again and again.

Most buyers prefer shopping from the same brand if they are treated well in the first place. And frictionless payments coupled with a great user experience is undoubtedly the icing on the cake.

Brands can quickly build trust in users and enhance their conversion by offering payment options that are secure, convenient, and quick.

#5. Better marketing opportunities

Many brands promote their products and services but cannot cater to the demands of the modern-age consumers that are already interacting with established brands. And they know what a great user experience is.

Hence, even if the buyers are in the last stage of the purchase funnel, they switch just because of a poor or outdated payment system.

On the other hand, market players leverage their user experience during the checkout process to market their products and services and leave an impression on buyers that they can purchase in just a few simple steps.

Final Thoughts

Buyers switching in the last stage of the purchase funnel could be the worst nightmare for any marketer.

Adding frictionless payment methods to their branding strategy is the need of the hour for every business striving for overall business success.

Businesses can quickly adopt frictionless payments by leveraging seamless authentication methods that offer a great experience and eventually reinforce payment security.