Friction in the payment experience can make the difference between abandoned and completed sales. Adding features like stored payment credentials can improve the payment experience and increase the number of completed transactions.
Benefits of Stored Payment Credentials
Storing payment credentials allows consumers to skip manual payment entry and complete the payment process in fewer steps. Instead of going to find their credit card or checkbook, consumers can conveniently use the payment credentials they’ve stored.
Convenience for Consumers
Stored payment credentials saves time and steamlines the payment experience. Consumers can complete payments in just a few clicks without having to re-entire their payment information repeatedly. This makes the payment process quick and hassle-free.
Storing payment credentials can actually improve security over traditional payment methods. With tokenization and encryption, sensitive payment data is stored securely, which reduces the risk of unauthorized access or data breaches.
Improved Conversion Rates
By reducing friction and streamlining the checkout process, storing payment credentials increases the likelihood that customers will complete their transaction. This, in turn, improves payment conversion rates. Simplifying the payment process reduces payment abandonment, thereby boosting sales and revenue.
Potential Drawbacks and Mitigating Strategies
While stored payment credentials offer numerous benefits, there are some drawbacks to plan for.
Security and Privacy Concerns
Some consumers may be hesitant to store their payment information with a third party. Partnering with a reputable service provider like HealPay can help ensure your stored payment credentials feature follows robust security measures and compliance standards.
Risk of Unauthorized Access
Using strong authentication protocols like multi-factor can minimize the risk of unauthorized access to stored payment credentials. HealPay regularly monitors and audits security practices, including encryption and tokenization to strengthen protection against data breaches.
In addition to providing a seamless and secure payment experience, stored payment credentials unlocks other powerful revenue-driving payment features like scheduled and recurring payments. Contact HealPay to learn more about how your firm can take advantage of stored payment credentials to offer a streamlined payment experience.