E-commerce sites and online payment methods have made purchasing items more convenient for millions of Filipino consumers. It has also provided entrepreneurs with an accessible avenue to start small businesses or to expand them. They don’t need to go through the most common challenges of operating a brick-and-mortar store, like high overhead costs, geographical limitations, or renting and maintaining a commercial space. Instead, they can simply offer their products or services through their web store and transact with paying customers. They can also monitor their business from anywhere, as long as they have internet access.
While there are some benefits to running an e-commerce site, it also comes with some challenges. One of them is when customers can’t pay due to various possible reasons, such as technical issues with online payment gateways, compatibility issues with certain devices or browsers, or problems with banks or financial service providers. Additionally, concerns about online security and trust can sometimes deter customers from completing transactions. Payment failures may seem negligible if they only happen a few times or if they only involve small amounts of money. However, if they constantly occur and you’re losing a ton of sales, it can affect your business’ finances and sustainability.
In light of these challenges, it is crucial to take a proactive approach to addressing issues related to payment failures in e-commerce transactions. By actively identifying and resolving the root causes behind payment obstacles, businesses can not only mitigate potential financial losses but also foster greater trust among their customer base. This not only ensures smoother transactions but also strengthens the overall sustainability and growth of your e-commerce venture. To that end, you should familiarize yourself with some of the reasons why your e-commerce customers can’t pay you and how you can best address them.
1. Limited Payment Options
One of the reasons your customers may find it challenging to pay for their online orders is the limited payment options available on your site. If your e-commerce website only accepts certain credit cards or requires a specific payment method that customers don't have access to, it can lead to abandoned carts and delayed customer payments.
What You Can Do: Address this by integrating Maya Checkout, the best payment gateway available to e-commerce merchants in the Philippines, to get any type of online payment processed. It’s a Maya Business solution that ensures your website can easily accept popular payment options like credit and debit cards, e-wallets, and QR Ph.
2. Complicated Checkout Process
A complex and lengthy checkout process can also deter customers from completing their purchases. Remember, many customers who shop online do so because they find it more convenient than purchasing from a physical store. So if your e-commerce website requires customers to create an account or input extensive personal information upon checkout, it can result in frustration and payment delays.
What You Can Do: Simplify your checkout process to make it quick, intuitive, and user-friendly. Minimize the number of form fields required to streamline the processing of payments. You can also implement guest checkout options that allow customers to make purchases without creating an account.
3. Payment Security Concerns
Customers are increasingly cautious about sharing their payment information online due to well-known cybersecurity threats and the risk of data breaches. This can be one of the reasons why your customers aren’t paying. If your e-commerce website lacks robust security measures or fails to communicate trustworthiness, customers may hesitate to proceed with their purchases.
What You Can Do: Make sure the internet payment solutions you choose come with robust security measures to protect customer data. This means having safeguards in place, like SSL encryption, PCI-DSS compliance, and fraud detection systems to protect financial transactions. Displaying trust seals, security badges, and customer testimonials prominently on your website also enhances your site’s credibility and alleviates customers’ concerns about payment security.
4. Inadequate Payment Reminders
Sometimes, customers miss payments simply because they forget to complete their purchases or overlook payment deadlines. This can happen if you don’t have an effective payment reminder system in place.
What You Can Do: Implement an automated payment reminder system to alert customers about upcoming payment due dates and overdue invoices. Similar systems can be used for incomplete orders or abandoned carts. You can utilize email notifications, SMS reminders, and push notifications to notify customers and encourage them to make timely payments or to complete their orders.
5. Technical Glitches and Software Integration Issues
Technical glitches and software integration issues can disrupt the payment process and lead to frustration for both customers and businesses. Whether it's a bug in your e-commerce store, compatibility issues with payment gateways, or errors in transaction processing, these issues can result in delayed payments and hinder the overall user experience.
What You Can Do: Regularly monitor your e-commerce website and payment systems for any technical issues or software glitches. To prevent these errors from happening in the first place, ensure seamless integration between your e-commerce platform and your payment solutions by using compatible tools. For example, use the Maya Plugin for Shopify and the Maya Plugin for WooCommerce if you have a website that is built on either one of these e-commerce platforms. Additionally, partner with an online payment processing company that provides comprehensive customer support. This way, you can rely on them to address any technical challenges promptly.
Leverage Maya Business Solutions to Ensure Smooth and Timely Payments
There are different reasons why e-commerce customers fail to make their payments on time. Fortunately, you can address many of them by leveraging innovative and secure online payment solutions from leading providers like Maya Business. Sign up for Maya Business today to provide easy and secure payment options for your e-commerce customers.
Aside from having access to a range of payment solutions, setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya Business as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of various Maya Business solutions.
