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How does payment conversion work?
The conversion rate – the proportion of visitors to your site that become paying customers – is where merchants need to be looking to grow their businesses. In practice, 20% of transactions never reach the completion step. Optimising your payment conversion rate means you can generate more revenue per visitor and improve your customer satisfaction, and you can do it in several ways.
A payment can be stopped at different steps across the transaction lifecycle for many reasons:
It also varies a lot based on the nature of your business and the types of transactions you are processing. However, no matter what type of business you have, it is always valuable to look at your data to optimise the payment process.
Our Business Intelligence Tool brings together your payment performance insights on one intuitive platform:
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