Ecommpay study reveals factors merchants prioritise most

Research conducted by Ecommpay highlights the importance merchants place on functionality, reliability, and speed when selecting payment providers.

The study revealed that 57% of merchants considered 'functionality' among the top three criteria for choosing a payment provider. This was closely followed by 53% of respondents prioritising 'reliability' and 51% 'speed'. In comparison, cost was a priority for half of the respondents, while only 41% valued social proof or recommendations as a deciding factor.

The survey disclosed that the typical merchant business utilises three payment providers, though a quarter indicated they work with four or five to satisfy their requirements.

A separate study by Ecommpay, conducted in partnership with IMRG, examined UK retailers' checkout strategies and performance. It found that the average e-commerce conversion rate is 58%, with many drop-offs occurring during the final stages of the checkout process. This indicates a need to improve payment processes to reduce abandonment rates.

Moshe Winegarten, Chief Revenue Officer of Ecommpay, commented, "To maximise sales and reduce drop-offs during checkout, merchants need to deliver a seamless, reliable checkout journey from start to finish."

"Arguably the most important section of a customer checkout is the payment page, as this is where most drop-offs seem to occur. Therefore, merchants should choose their payment partners carefully, with a focus on tech capabilities and agility to deliver the best conversion performance."

The Ecommpay report also noted that credit and debit cards constitute half of all revenue, with the remainder distributed among various alternative payment methods. The report found that conversion rates improve with a broader availability of Express Checkout options.

A significant finding of the study is that only half of retailers offer localised payment options, which could potentially boost cross-border sales. Providing the right functionality allows merchants to offer diverse payment methods, Express Checkout, and international payment capabilities.

Winegarten added, "At Ecommpay we are committed to driving financial inclusion, enhancing local payment experiences and providing merchants with the best possible payment solutions. To do this effectively, we utilise the latest and most innovative tech. Importantly, we always focus on delivering tech that will fill gaps and broaden the range of payment solutions available to merchants and their customers."

"As such, we are helping e-commerce businesses improve the user experience and boost conversions and loyalty via smooth payment journeys."