What is the enhanced consumer checkout?
When consumers click a payment link, they will land on the new enhanced consumer checkout. This landing page provides simple, bitesize information on Vyne and walks the customer through how to complete a payment. In order to build trust, reassurance and boost conversion, the following information has been added to the landing page:
The company name / alias, to build trust and instant recognition
Trust building and security messaging about Vyne
Bank logos to build familiarity
Further information on how to make a payment
How does enhanced consumer checkout boost conversion?
We ran extensive consumer testing to better understand needs and pain points when making a payment, specifically through payment links. We ran multivariate testing and presented the users with four variations of a payment link consumer journey. The aim was to gain insight into how consumers understand and trust payment methods, and validate if more guidance on the payment journey will improve confidence, and therefore conversion. Our user testing revealed these key insights:
100% stated the landing page was a necessary step when making a high-value payment.
Security is the top priority
Consumers felt more confident and trusting of a payment method when they were provided with information to help them understand who Vyne is. We found that consumers would look for indicators of security, like being FCA regulated, and seek confidence and validity that the payment is safe to continue with the journey. When consumers were taken directly to a payment summary page with only the payment value, payee name and reference, they felt poorly informed and wanted to know more about the payment method.
89% stated security and trust was their number one requirement when using a new payment method.
Our enhanced consumer checkout reassures by providing a clear understanding of who Vyne is and how the payment process works, whilst addressing any concerns the consumer might have regarding security and the payment process. Consumers stated that they felt the enhanced journey gave them the right information without making the process feel too long. By ensuring transparency, Vyne can successfully build trust with consumers, encouraging them to proceed with the payment journey.
Familiarity builds trust
As payment links are often used to make payments remotely, a key step in the payment process is to reassure the consumer that they’ve landed on the correct page. Reassurance is essential especially when a user isn’t familiar with the payment method. It also not uncommon for merchants to have differing company and trading names appearing as payees, which can cause both confusion and uncertainty for a consumer.
“I was looking for a bit more reassurance on the journey i.e. trusted logos, Lloyds Bank recommends Vyne as a preferred payment partner.”
Not only have we enhanced the consumer payment process with the addition of a trust building landing page, but we have also introduced the concept of aliases. This feature allows merchants to specify a friendly name that resonates with consumers for instant recognition and continuity.
The time it takes to pay is important
Typically, higher value payments, equal lengthier payment journeys. Our testing revealed that consumers want the payment process to match the value of the transaction, and don't feel that the process takes too long when they get the right amount of information.
95% expect the payment process to be longer for a high value purchase.
Although the enhanced checkout includes a payment flow to increase confidence, especially for high value payments, the majority of users stated the enhanced consumer checkout was easy to use and they recall having gone through three, simple steps.
Consumers want to know the benefits
Users felt rushed when there was no information about the payment method and stated that they would leave the payment journey to learn more. This can increase payment abandonment and consumers don't receive the seamless payment experience they demand.
84% expect to know more about the payment method when they make a high value payment.
The enhanced consumer checkout not only includes messaging to explain how the payment process works but also outlines the benefits of Vyne as consumers said that “getting your money back instantly if you’re refunded is reassuring and is useful to include”.
What's the impact?
Merchants that are already using our enhanced consumer checkout in their payment link journeys have seen an increase in payment conversion of 26%.
Here’s how the payment journey works:
Why add the enhanced consumer checkout to your payment journey?
The new product feature is optional but here’s why we think merchants and their customers will benefit from turning it on.
The aim of the enhanced consumer checkout is to reduce payment link abandonment and put customers' minds at ease by providing the details they need to convert, so there’s no need for them to leave the checkout process to conduct their own research. This not only boosts conversion but it also creates a frictionless payment experience as they’re given all the information they need in one place.
Want to learn more about Vyne?
It's quick and easy to add the enhanced consumer checkout to your business. If you're an existing customer, reach out to your Customer Success team to turn the feature on. If you're not an existing customer, click the button below to set up a demo with our sales team.