Paytech’s role in converting abandoned carts into completed purchases

Retail Banker International & Electronic Payments International

70% of shoppers prioritise the availability of their preferred payment method when choosing where to complete a purchase. For Millennials, this preference is even more pronounced, as 80% will abandon an online checkout if their desired payment option is unavailable.

In order to mitigate cart abandonment and meet customer expectations, it’s crucial to remove friction at checkout and offer a variety of payment methods, ensuring easy, seamless, and secure transactions. The checkout should be simple and streamlined – the fewer steps from product discovery to purchase, the better.

Businesses can shift their focus from cart abandonment to payment success, by embracing innovative and secure payment solutions with automation and smart features – like payment reminders, personal shopping with a card on file, and automated chase paths for failed transactions. Donal McGuinness, Prommt CEO, discusses how leveraging payment orchestration tools and data analytics helps businesses gain a competitive edge, be highly responsive to customer needs, and understand customer behaviour to attract and retain them.