How Payments Have Evolved Over Time
Over the years, we have witnessed how payment methods have evolved from one form to another. Centuries ago people used to trade by barter, then we moved to lining up at huge warehouses and (later) shopping malls. These days, payments are made via smartphones, with particular emphasis on online payments.
Technology allows for fast and easy data exchange between devices. Payment methods and their integration continue to be continually improving and evolving. As there are nearly more mobile phones than people on the planet, the growth of e-commerce has expanded massively. Traditional payment methods are rapidly already giving way to new online payment models to attract potential consumers.
Why Your Business Must Have An Efficient Online Payment System
The modern business ecosystem changes by the minute, and as a business owner, you must adapt to survive these changes. If your business is not leveraging the growing internet market, you will be left behind in no time. To survive in the highly competitive online market, you must provide a shopping experience that is convenient, fast and secure. One way of doing this is implementing a system which allows you to receive payments online. A digital payment option helps unlock your business potential.
Online shoppers have a short attention span, and they want their needs met with ease and speed. What this means is that you must provide what they need, there and then. After a shopper adds items to their cart, the last thing you want is hitches in the payment process.
Ways Of Improving Your Online Payment Experience
Payments are what keep your business running. It is important to prioritise your payment experience and strive to make the process seamless for your customers. Otherwise, there’s a high chance they will take their business elsewhere, causing you to lose out on revenue.
Here are a few ways to improve your online payment experience as a business owner:
- Give your customers options to choose from: The more payment methods you offer, the better your chances of providing exactly the one your customers need. You may be thinking that if someone wants to buy something, they will do it regardless of whether their preferred payment method is offered. While that may be true, ask yourself: would the customer see it as a good experience? After all, a great customer experience starts with giving customers what they want. Your customers should be able to choose
- Make the payment process as short and easy as possible: The simpler your payment process, the higher the chance of customers having a great shopping experience. If your payment process includes numerous confusing steps, some of your customers could abandon the transaction and take their business elsewhere.
- Create a mobile-friendly payment experience: If you make your site mobile payment friendly, your chances of making more sales increase. Being mobile-friendly with payments means allowing your users to pay online using their portable electronic devices instead of using cash.
- Provide for recurring payments: One great way of making things easier on your customers is to ask them to enter their payment information only once and provide them with the option to save certain details on the app or website. This way, the customers don’t have to go through the hassle of inputting the same information all over again when they return to your online store for future transactions.
- Emphasise security in the payment process: The best way to ensure customer satisfaction is to show your customers you are serious about security. Potential customers could avoid your online store if they feel that their personal data is not adequately protected, or that your business does not put enough cybersecurity measures in place.
- Minimise the information you request from your customers: Site visitors are usually not comfortable providing more information than is necessary to process the payment. Limiting the data you ask for on the payment page reduces the tendency of customers to abandon transactions. If you ask for too much personal information, customers could become frustrated with your business’ online payment methods.
How Paga Serves Up A Seamless And Hitch-Free Online Payment Experience
As Nigeria’s leading payment solutions provider, Paga is easy to use, it is secure, and transactions are conducted speedily. Here are the ways through which Paga ensures that its customers are treated to an enjoyable online payment experience.
1. Multiple Options: Paga allows users to pay utility bills, purchase prepaid airtime, pay for subscription services as well as internet bundles, and make payments to retailers. You can sort out your cable TV, internet subscription and electricity bills with Paga’s smooth bill payment service. The platform currently caters to payments for DStv, GOtv, Smile, and Spectranet.
2. Recurring Payments: A recurring payment is designed to take away the burden of initiating a regular payment while ensuring you do not miss the payment. It is simple to set up. To do this:
- Log into your Paga account
- Select “recurring payments” from the list of services
- Create a new recurring payment
- Select the service you want to create a recurring payment for
- Fill out the details of the recipient/beneficiary
- Set up the schedule and fill all required fields
- Review the details and confirm the transaction.
3. Safety: Paga also acts as a mobile wallet where any user equipped with a mobile device can conduct financial transactions. It is easy to use, it is secure, and transactions are conducted speedily. Paga boasts of the safest e-wallet when it comes to e-payment solutions in Nigeria: the platform’s my242 feature keeps your money safe and is designed with state-of-the-art security features accessed through your Personal Identification Number (PIN). Your PIN helps provide protection against fraud and unauthorised access to your Paga account.
Opening a Paga account is pretty easy. To get started, click here to download the Paga app on your device, then click on ‘Sign Up’, and follow the instructions from there.
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