Understanding the need for innovative payment solutions
Online businesses do a lot of heavy lifting to get customers on to their site, persuade them to purchase, then at the point that they’re about to get over the line, their payment technology lets them down. This happens over and over again – and with 62% of customers forgoing a purchase when a transaction fails, it’s costing businesses big money.
It’s a little bit like baking the world’s greatest cake for somebody, then your guest dropping their fork and never picking it up to actually take a bite. Maybe your guest decided a fork was the wrong type of cutlery, perhaps it was too much effort to pick it back up, or maybe when they tried to take a bite they just weren’t able to get the fork into the dessert at all.
The baking analogy might sound ridiculous, but what we just described is how businesses lose customers every day, through:
- Software outages and service failure
- Abandoned baskets due to not accepting the right payment type
- Failed payments caused by other issues in the payment stack
What are businesses doing about digital payment optimisation?
You’ll hear a lot of advice on the internet about the acquisition and optimisation parts of the customer journey or checkout experience, but the most resilient retail businesses out there are focusing their energy on digital payments – the thing that means your customers will always be able to take a bite of the cake.
At Bridge we’ve developed an innovative piece of technology to help get that 37% over the line. Our technology optimises a retailer’s payment capability, improving the customer experience, elevating revenues and reducing operational costs, through a process called payment orchestration. It’s being used by forward-thinking companies who know that securing revenue by all means possible is the key to getting ahead of the competition.
Interested in learning more about payment orchestration?
Download our free introduction to payment orchestration to understand how organisations just like yours are using this technology to gain a competitive advantage.