Online Business Payment Strategies: Maximize Conversions and Reduce Costs

Online businesses need payment strategies that maximize conversions while minimizing costs. High cart abandonment rates and expensive payment processing fees can significantly impact profitability. Here's how to optimize your online payment strategy.

Online Payment Challenges

Cart Abandonment

The Problem: 70% of online shopping carts are abandoned

Common Reasons:

• Complicated checkout process
• Unexpected fees
• Security concerns
• Payment method preferences
• Long checkout forms

Cost: Billions in lost sales annually

High Processing Fees

The Problem: Online payment gateways charge 2.5-3.5% + fixed fees

Impact:

• Reduced profit margins
• Higher prices for customers
• Competitive disadvantage
• Lower profitability

Slow Settlements

The Problem: 2-3 business days to receive funds

Impact:

• Cash flow gaps
• Delayed supplier payments
• Missed opportunities
• Financial stress

Payment Strategy Best Practices

1. Simplify the Checkout Process

Key Principles:

• Minimize steps
• Reduce form fields
• Clear instructions
• Progress indicators
• Mobile-optimized

BriizPay Solution:

• One-click payment links
• No account creation required
• Simple payment process
• Works on any device

2. Offer Multiple Payment Methods

Why It Matters:

• Different customer preferences
• Higher conversion rates
• Better customer experience
• Reduced abandonment

Options:

• Payment links (BriizPay)
• QR codes (for mobile)
• Bank transfers
• Traditional cards (if needed)

3. Be Transparent About Costs

Best Practice:

• Show all fees upfront
• No hidden charges
• Clear pricing
• Transparent policies

BriizPay Advantage:

• Zero transaction fees
• Transparent monthly pricing
• No hidden costs
• Clear value proposition

4. Optimize for Mobile

Why It Matters:

• 60%+ of online traffic is mobile
• Mobile conversions are lower
• Mobile experience is critical
• Growing mobile commerce

BriizPay Features:

• Mobile-optimized payment links
• QR codes for mobile
• Works on any device
• Fast mobile checkout

5. Build Trust and Security

Key Elements:

• Security badges
• Trust signals
• Clear policies
• Customer reviews
• Secure payment methods

BriizPay Security:

• PCI DSS Level 1 compliance
• Bank-direct processing
• Enhanced security
• Fraud protection

BriizPay for Online Businesses

Payment Links

How It Works:

1. Generate payment link for order
2. Send via email or SMS
3. Customer clicks and pays
4. Instant confirmation

Benefits:

• Simple process
• No account needed
• Works on any device
• Fast checkout
• Zero transaction fees

Use Cases:

• E-commerce orders
• Invoice payments
• Subscription payments
• One-time purchases

QR Codes for Mobile

How It Works:

1. Display QR code on website
2. Customer scans with phone
3. Pays through banking app
4. Instant confirmation

Benefits:

• Mobile-optimized
• Fast checkout
• Familiar process
• Zero fees
• Secure

Use Cases:

• Mobile websites
• Tablet checkout
• In-app payments
• Mobile commerce

Integration Options

Easy Integration:

• Payment link API
• Webhook support
• Custom integrations
• Developer-friendly
• Documentation available

Benefits:

• Flexible implementation
• Custom solutions
• Easy to integrate
• Well-documented
• Support available

Conversion Optimization Strategies

1. Reduce Friction

Tactics:

• Minimize form fields
• Auto-fill information
• One-click options
• Guest checkout
• Save payment methods

BriizPay Advantage:

• No account creation
• Simple payment process
• Fast checkout
• Minimal friction

2. Show Security

Tactics:

• Security badges
• SSL certificates
• Trust signals
• Customer reviews
• Clear policies

BriizPay Security:

• Bank-level security
• PCI DSS compliance
• Fraud protection
• Secure processing

3. Offer Incentives

Tactics:

• Free shipping
• Discount codes
• Early payment discounts
• Loyalty rewards
• Special offers

BriizPay Benefit:

• Zero fees allow better pricing
• More room for incentives
• Competitive advantage
• Better margins

4. Optimize Timing

Tactics:

• Send payment links immediately
• Follow up on abandoned carts
• Remind about pending payments
• Time-limited offers
• Urgency messaging

BriizPay Features:

• Instant payment links
• Link expiration options
• Easy follow-up
• Quick processing

5. Test and Optimize

Tactics:

• A/B test checkout
• Monitor conversion rates
• Analyze abandonment
• Test payment methods
• Optimize based on data

BriizPay Analytics:

• Transaction tracking
• Conversion metrics
• Payment analytics
• Performance data

Cost Reduction Strategies

1. Switch to Zero-Fee Processing

Current Costs:

• 2.5-3.5% transaction fees
• Fixed fees per transaction
• Monthly gateway fees
• Setup and integration costs

BriizPay Costs:

• 0% transaction fees
• Transparent monthly fee
• No setup fees
• Simple integration

Savings Example (Online business processing £50,000/month):

• Traditional: £1,250-£1,750/month
• BriizPay: £24.99-£49.99/month
• Annual savings: £14,400-£20,400

2. Eliminate Gateway Fees

Traditional Gateways:

• Monthly fees: £10-£50
• Per-transaction fees: 30p-50p
• Setup fees: £0-£500

BriizPay:

• No gateway fees
• No per-transaction fees
• No setup fees
• Transparent pricing

3. Reduce Chargebacks

Strategies:

• Use bank-direct processing
• Clear product descriptions
• Good customer service
• Easy refunds
• Fraud prevention

BriizPay Advantage:

• Reduced fraud risk
• Bank-direct processing
• Better security
• Lower chargeback rates

4. Optimize Payment Timing

Strategies:

• Instant settlements
• Better cash flow
• Early payment discounts
• Reduced need for credit

BriizPay Feature:

• Instant settlements
• Minutes, not days
• Better cash flow
• More opportunities

Implementation Guide

Step 1: Evaluate Current Solution

Review:

• Current costs
• Conversion rates
• Customer feedback
• Technical issues
• Support quality

Step 2: Compare Options

Consider:

• Total costs
• Features
• Ease of use
• Integration
• Support

Step 3: Test BriizPay

Process:

• Sign up (free)
• Generate test payments
• Test checkout flow
• Gather feedback
• Compare results

Step 4: Implement

Steps:

• Integrate payment links
• Update checkout pages
• Test thoroughly
• Train staff
• Launch

Step 5: Monitor and Optimize

Metrics:

• Conversion rates
• Abandonment rates
• Payment times
• Customer feedback
• Costs

Common Questions

Will Customers Accept Payment Links?

Yes! Payment links are becoming standard. Customers appreciate the simplicity and security.

What About International Customers?

BriizPay currently supports UK businesses. International support is coming soon.

Can I Still Accept Cards?

Yes! You can use BriizPay alongside card processing, or switch entirely to payment links.

How Do Refunds Work?

Refunds are processed directly through your BriizPay dashboard. Simple and fast.

Conclusion

Online businesses can significantly improve conversions and reduce costs with the right payment strategy. BriizPay offers zero-fee processing, simple payment links, and instant settlements—helping online businesses maximize conversions while minimizing costs.

Start optimizing your online payments today with BriizPay.

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Related Articles:

• How to Reduce Payment Processing Fees and Save Your Business Money
• Small Business Payment Solutions: A Complete Guide