In online shopping, it is just as critical for a customer's product browsing after visiting your site to convert into an actual sale.
Although businesses may not fully realize it, the volume of purchases abandoned due to friction in the online buying process is considerably higher than the volume of successfully completed sales.
Last year, transactions worth approximately 25 billion dollars never progressed beyond the add-to-cart stage. Considering the pandemic and the accelerating momentum in e-commerce transactions, this figure is expected to approach 30-40 billion dollars in the near future. Given this amount, for e-commerce sites that want to capture a sufficient share of the market, it becomes important to focus not only on infrastructure investment but also on reducing the loss from customers who abandon their purchases.
Aware of this gap, alternative virtual POS providers and e-commerce sites are managing to shorten the steps in secure online shopping through check-out and similar methods. This is because the biggest advantage of e-commerce is being fast and easy. While a customer is gradually lost at every step between adding a product to the cart and completing the payment, the check-out system makes it possible to complete the payment successfully and easily with just a few clicks.
So what is Check-out?
A customer who clicks the check-out button on the virtual POS payment screen uses their alternative virtual POS account to make the payment. Instead of entering all the information required for payment on the e-commerce site at length, the customer is redirected to their own account by entering only their email address and password, where they check information such as payment and address. When the customer confirms the transaction, their address information and other details are sent to the e-commerce site, and the payment is carried out through the alternative virtual POS account they are a member of. In short, once registered, a customer completes a payment while shopping online simply by clicking the check-out button and logging in. This prevents the customer from wasting time filling in a long payment screen field by field and canceling the purchase as a result.
Is check-out easy to use?
It is very easy and convenient.
- Faster payment using only a username and password
- Free service for card issuers, merchants, and cardholders
- Works in 3 clicks.
- Signing up is simple and secure.
- Works on smartphones, tablets, laptops, and desktop computers.
- Works with all major credit or debit cards.
What are the advantages of the check-out process?
It is secure
For users shopping online, the security of their credit card information and other details comes before anything else. No matter how secure the e-commerce site they are buying from is, this process is somewhat uncomfortable and difficult for buyers who share their credit card information. It is quite natural for a customer to abandon a purchase due to concerns that their card and identity information could be captured by third parties. The check-out system can prevent this. Users who do not want to share their personal information with the e-commerce site click the check-out button, bringing their registered alternative payment system face to face with the e-commerce site instead. The payment amount is transferred from the customer's own account to the e-commerce site's account, and a secure purchase is completed.
It shortens the transaction time
One of the reasons for cart abandonment is that the shopping process takes too long. Customers who have to enter their personal information, card details, and address information every time move a little further away from completing the purchase at each step. According to research data, approximately 60% of customers who add a product to their cart leave the site without completing the transaction. The check-out button is quite important for eliminating the difficulty of the payment screen, which is one of the reasons for abandonment. Once a customer decides on the product they want and adds it to the cart, they can complete the payment in just a few seconds by clicking the check-out button.
Having a check-out option instead of long forms and payment screens is quite important both for users and for e-commerce sites, for the sake of the speed and convenience that are among the biggest advantages of online shopping. Thanks to this option, buyers skip filling out long forms and complete the payment, and the cart abandonment rate drops. This, in turn, allows e-commerce sites to increase their profits and grow.
Below is the distribution, by payment platform, of purchases made through the check-out button among the world's top 1 million sites:
