We all want to have the latest smartphone model with the best features and pay the lowest possible price. This makes us think carefully about the pros and cons of the purchase and, in many cases, we do not get the product because of the “pain” of paying for it. This is called the pain of paying.
The pain of paying is defined as the collection of negative emotions and experiences that the consumer may experience during the payment process. For example, when buying a branded shirt, the consumer hesitates to buy it because of the price involved in paying for this piece, as he or she carefully evaluates whether it is worth it. The action of buying some items often adds a moral tax on the consumer, and in many cases, the consumer ends up rejecting the purchase.
However, the customer does not only look at the price. The feeling of security, the comfort of use or the payment methods available are other aspects that worry people at the time of payment.
Why the pain of paying happen?
– Cash: Cash is a much more visual method of payment, so if someone goes shopping in a store, it can affect them to see that they have less money in their wallet when they leave the shop.
– User experience: A bad web design, making people wait a long time or not offering a secure image, can be the difference between the customer abandoning or making the purchase.
– Visualizing the total price increase: Another reason why the end user feels “sad” at the time of payment is to see how the amount is growing. For example, when someone stops to fill up at a gas station, seeing how the amount of the payment is increasing at the pump can cause users to take off the container half full so as not to pay more.
How to reduce the pain of paying
There are different solutions to reduce shopper abandonment so that they end up buying from a retailer.
– Implement alternative payment methods: Cards are not the only payment method qualified of decreasing, to a large extent, this phenomenon. Allowing consumers to pay with their wallet or through Bizum or PayPal, in addition to offering a sense of security and innovation that has a positive impact on the retailer’s image, helps to reduce these negative feelings that customers may experience.
– Integrate a good payment gateway: A safe payment gateway helps the buyer to fully trust the transaction, preventing them from leaving the acquisition due to lack of confidence in the merchant. For its part, Sipay offers solutions for both physical and online commerce, complying with the most recent standards certified by PCI DSS, with security being the primary pillar of these processes.
– Avoid notifications from being sent: This example can be applied to subscriptions. In cases such as Spotify or Netflix, clients take it for granted that they will be charged the corresponding quantity. As a result, it is interesting to avoid sending notifications reminding you that you are paying.
– Improve the user experience: The pain of paying is not only at the time of payment, but the consumer’s sensations also previous to checkout are very significant. Guiding them through the entire process with a good user experience, avoiding long checkout processes or unpleasant surprises, can mean the difference between a completed transaction and an abandoned cart.
At Sipay, we are confident that offering different payment methods accelerates, improves, and guarantees a frictionless shopping experience for consumers, achieving a higher success rate. In this way, we invite retailers to bet on the integration of a single platform that helps eliminate potential pain points for consumers during the checkout process.