Despite its convenience, the ability to purchase items without carrying physical money also presents customer safety challenges for merchants and payment providers alike. So we shouldn’t be surprised by the findings of MoneySuperMarket’s recent ‘Future of Payments’ report, which revealed that 55% of surveyed consumers were concerned about the security of contactless payments in Britain.
In an era of non-stop payment evolution, how can you maintain a high level of trust among your customers? We’ll discuss this below.
The importance of trust
Trust forms a major part of customer loyalty. According to research by PwC, just under six in 10 surveyed consumers (57%) claimed that they only shop online with trusted websites. Of course, eCommerce brands must keep updating their online suite – based on changing consumer tastes. But the above statistic highlights that user experience (UX) must not be sacrificed in the process. If it is, then a breakdown in trust could ensue.
In the same report, over half (51%) also stated that they stick with trusted providers when making payments. Therefore, when expanding their online services, merchants need to research each potential payment partners’ customer reputation.
As a merchant, how can I build trust with my customers?
Ensuring that each consumer can pay seamlessly will not only make them happy, but also
help to build a positive brand reputation. To demonstrate to new customers that you’re reputable, it’s wise to showcase your awards and security badges and/ or licences.
From a user experience perspective, the speed of your eCommerce site is just as important as how quickly it can process payments. We cited statistics from a whitepaper by Plusnet to highlight the significance of this, in a recent blog post, where site testing revealed that a 100-millisecond delay can result in a loss of customers. To combat this, it’s advised that you implement regular site speed checks.
You should also be there for your customers when they need you. Ameritas cited that almost all consumers (97%) would tell others about a good customer service experience, meaning that exceeding expectations in this field can potentially open up new business leads. The report also mentioned that just under six in 10 customers (59%) would try a new brand if it meant receiving better customer service, meaning that proficiency could also help smaller businesses to grow their reputation and revenue.
What does this all mean?
No matter how much fintech evolves, trust will always remain one of the key factors when it comes to attracting customers. To maintain and grow their reputation, merchants can improve the security of their offerings by picking payment partners carefully. The voice of the customer will also be the most important, which is why brands should listen to all feedback and adapt their services how they see fit.