Customers must receive rewards for frequent purchases, and merchants are always searching for methods to energize their consumers to make a purchase repeatedly on their business’s platform. Most businesses acquire this by integrating reward programs, repeat customer discounts, or many similar concessions. Whereas these offers are excellent, there is one cheaper method to initiate awarding customers that purchase frequently i.e., One-click payment.
So, let us describe some of the fundamental details concerning one-click payments.
What does the term One-Click Payment imply?
If it has been available for a time period now, some merchants are inquisitive, “What are the one-click payments?” One-click payments deliver the facility to a merchant’s casino payment processing platform to save customers’ credit card details securely after their first investment. Moreover, they also allow them to conduct all future transactions with just making one click. This is apparently only feasible with the customer’s consent. Even after permitting, it only functions if they like to prefer a alternative payment method for every online payment.
Most of these platforms also facilitate the saving of numerous payment modes, enabling customers to prefer distinct payment methods relying on the buy by just making a single extra click.
These systems are delivered by third-party fintech companies and can effortlessly implement into any website or application. In most cases, one-click payment is a method of a huge fintech platform, such as POS financing platforms in the circumstance of WebPays.
How does one-click payment function?
- Any customer purchases from a merchant’s business website for the first time after submitting all required payment information (such as credit card number, expiration date, and the full name of the cardholder).
- This submitted information for making the payment is tokenized and all details are kept in the system after replacing by a set of characters.
- After some time, that same customer comes back to the same business’s website to purchase again and it is identified by the system as a repeated customer.
- The customer then finds the option of a one-click payment and he/she prefers that option to conduct payment via it.
- After that, the system conducts the transaction with the priorly saved details and the customer’s funds get deducted for the same. (this specific procedure can be distinct from any other payment modes).
Why Should Online Businesses Deliver One-Click Payment Option?
Businesses require to measure the advantages of any new technique they are exploring to integrate into their business’s payment platform. And all of them will arrive with specific charges. Fortunately, one-click payment has some different advantages that create a solid value-added for businesses that sell online, such as
- Improved conversion rates
- Decreased friction in the purchase procedure
- The quick purchase procedure for frequent customers.
All these advantages were available in Amazon’s volatile growth after possessing its one-click procedure back in 1999. Whereas the comfort of the transaction was not a single factor that played a crucial role in Amazon’s rise, as a business called for its capability to hold frequent customers. Amazon specifically functions as a remarkable example of the victory of businesses that drive modernization concerning their payment methods.
How Can Online Businesses Deliver One-Click Payment Option?
There are some easy steps essential in delivering one-click payments:
- Specify whether one-click payments are suitable for your business.
- Determine what is required from a payment processing platform.
- Finalize the most suitable payment partner for your business.
Let’s understand every step more deeply:
1. Specify whether one-click payments are suitable for your business
As we all know, one-click payment is an amazing feature, but it cannot fit with every online business. As per the above details, the businesses that profit from one-click payment modes are those that market online. Not only that, but it is actually perfect for online businesses that are exploring selling products or services regularly to frequent customers.
However, this actually implies that marketing eCommerce websites profit the most. However, any online business that deals on a minimum quarterly relied on improving the time secured by every customer preferring one-click payment.
2. Determine what is required from a payment processing platform
One-click payments do magics for conversion and recurring business. But it is frequently available as a benefit for huge platforms that deliver much more. Businesses regarding a one-click payment method should also specify if an online platform that delivers any of the givens would also allure them:
- Order tracking
- Pack ordering
- Customer financing
- Other alternative payment methods such as crypto or QR code payments.
All of these can boost revenues and conversion, with customer financing being the most profitable complete platform to regard. Actually, businesses that integrate customer financing methods see a 20-30% boost in conversion and a 30-50% boost in average ticket volume. This forms an amazing platform to regard when exploring a method to deliver one-click payment.
Webpays’ One-Click Customer Payment Processing Platform
WebPays delivers a complete, end-to-end payment processing platform that assists businesses in updating their complete payment procedure. We move ahead and besides one-click payment, also deliver a one-click application procedure for various different sorts of customer financials, comprising
- BNPL (Buy Now Pay Later)
- Customer loans and rentals
- Prevalent credit cards
So, if you are glancing at enhanced revenues and conversion, there is no adequate way instead of associating with an all-in-one customizable payment processing platform.
Webpays 