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Time to Simplify: Use a Single Payment Solution to Drive Retention


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Simplicity is the guiding principle that has been pushing digital businesses forward, for decades. In design, it has been heavily promoted by such thought leaders as Steve Jobs, while many of us in the advertising world studied Volkswagen’s epic, and very successful “Think Small” campaign.

Although these examples refer to large-scale, consumer branding efforts, these brand icons illustrate the importance of simplifying human lives and revealing the great potential for businesses that aim to do so. In the crowded digital world, simplicity is particularly important and should be applied to every aspect of an organization’s or individuals online presence. We recently discussed this in relation to UX and UI design, but this idea is equally important for the process and flow of an online payment, as well. 

Connected consumers make their buying decisions in a matter of only a few seconds.  This is why the entire payment process needs to be as simple and intuitive as possible. By accepting different payment options for your website with the help of a single integrated payment processing solution, you can simultaneously grow your customer portfolio, while minimizing buyer conversion hurdles. More importantly, the right choice of a payment solution largely simplifies your life, enabling you to run a more successful business and overcome a variety of ecommerce challenges.

Facing the ecommerce payments challenge

Implementing the right online payment solution is not normally an easy task, even for those who have been running an online business for years. Experienced ecommerce business owners and online merchants also often face difficulties in finding a solution that allows them to expand their payment capabilities while staying resistant to dynamic payment challenges.

Combined with the idea of simplicity, these challenges may make it exceptionally difficult to find a solution that supports all these needs. After all, you do want your payment system to meet your users’ expectations, regardless of their location or preferred platform. This is why a trusted IPSP (Internet Payment Service Provider) is usually a solid, simple and cost-effective way to meet all these challenges.

Why you should choose an IPSP over merchant account? 

IPSP is an acronym that denotes a company which accepts payments on behalf of you or your company, enabling you to operate an online business without a merchant account.  Effectively, this allows you to accept payments via different methods (credit cards, bank transfer, etc.), as most IPSPs process payments through their own gateways, without requiring you to go through a credit check, or requiring your business to shoulder the risk of a merchant account. In addition, depending on the solution, an IPSP can also help you handle other back-office or marketing processes that are essential to increasing sales or affiliate revenue. 

Compared to a merchant account, an IPSP account is easier to obtain and manage, while the fees are often lower. Although both of these types of payment solutions have their advantages and drawbacks, an IPSP account is usually quoted as a comprehensive and more functional solution which provides a greater variety of the services you need to remain compliant and secure. In the case of CCBill, the multiplicity of services offered is one of the key advantages over a self-owned and operated merchant account. Here are some types of IPSP services:

  • Accepting multiple payment types. Compared to merchant accounts, an IPSP gives you greater flexibility with respect to the payment types you can accept on your website. A single CCBill account allows you to accept many different payment options, including all major global credit cards, debit payments, and electronic checks.
  • Fraud mitigation.  Though some merchant account and gateway providers package fraud tools with their service, many times those tools don’t do enough to fight fraud, and the use of additional sophisticated, third-party fraud protection and prevention algorithms becomes a requirement.  An IPSP, on the other hand, can handle even the most aggressive fraudulent attacks and keep your consumers’ data safe, and usually at no additional cost to you, as the merchant.
  • Processing up-sales and cross-sells. Thanks to comprehensive data integration, an IPSP allows you to process up-sales for your own products, as well as cross-sells with other merchant products more easily.
  • Customer support. IPSPs often handle the inbound and issue resolution for your end-user’s orders and subscriptions, thus allowing you the chance to focus on the areas of your business that you do best.
  • Reporting. Merchant accounts send you separate reports for each transaction, while CCBill uses a reporting engine called FlexStats that provides custom and detailed buyer and sales data on all facets of your monetization.
  • Transaction fees. With a merchant account, the single tier of fees apply to your entire offering, while with an IPSP such as CCBill, you receive the best rates for each particular offering.

Unlike most other payment services, CCBill is a trusted consumer name in the online world.  That earned trust is an important benefit for webmasters and merchants that want to build a secure brand and reassure their consumers that their buyer data and their transactions are completely safe.

How CCBill simplifies the payment process

Given the number of features offered, CCBill integration may seem complex to manage. However, since our teams and systems handle all the exhaustive processes, such as managing user accounts, payment processes and integrations, this simplifies your business and your life long term. More importantly, it allows you to simplify the payment and checkout process; resulting in more people buying the products or services on your website, which is a key to achieving the following goals:

  1. Increase sales. By allowing you to accept different payment methods, CCBill allows you to reach more consumers and grow your sales.
  2. Easily cross-sell and up-sale. IPSPs partner with different merchants to offer you an easy way to cross-sale, as well as allow you to up-sale your own assortment of goods and services in the payment process. CCBill’s solutions such as FlexForms and Merchant Connect help you significantly boost your visibility and sell more.
  3. Handle customer support. Minimize the time you spend on handling customer support questions and dedicate it to improving your offering.
  4. Analyze customer data. Using CCBill’s FlexStats, you can easily segment the most relevant customer data and analyze it to better understand your audience.
  5. Inspire consumer trust. The trusted CCBill service helps you gain that critical element so that you can increase sale conversion and retention, and establish your website as a secure resource.

In the realm of online payments, simplicity includes a variety of different notions, each of which contribute to creating an excellent user experience and satisfaction with the brand.  Even though the payment itself is a key step in the process of acquiring a customer, success in generating lots of sales depends on your ability to take a strategic approach.

 

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About the Author

CCBill

Much more than a payment processor, CCBill is a payment services platform which provides expert support and empowerment to your expanding relationships. Whether it's through consistent on-time payouts, distinctive affiliate tools, or the comprehensive and proprietary set of automation tools, CCBill understands online business like few others, and has been offering industry-leading solutions since 1998.