Understanding your payment success rates can boost your online sales and create a seamless checkout experience for your customers. These metrics are key to fine-tuning your Shoplazza store and optimizing your revenue stream. However, different payment companies have different definitions and standards for "payment success rate," which can be unclear. In this article, we'll break down the different stages of the Shoplazza payment process and show you how to use this data to your advantage.
Payment conversion rate
This stage is all about getting your customers to click that Pay button. The payment conversion rate shows the percentage of customers who start the payment process after clicking that button.
Here are some reasons why a customer might not complete this step:
1. Incomplete purchase: The customer entered their card number but realized they missed an item and returned to their cart.
2. Payment method difficulty: The customer couldn't find their preferred payment method or couldn't use their credit card.
3. Website issues: The webpage might be blank, slow, or having trouble connecting to the payment platform.
4. Forgotten card details: Customers might not have their card handy or forgot their card number.
5. Trust issues: The customer might not feel secure entering their payment information on the website.
For example, if 100 buyers clicked the checkout but only 50 consumers reached the payment initiation stage, the payment conversion rate would be 50%. This highlights the importance of addressing the factors mentioned above to ensure a smooth and efficient checkout process.
Transaction success raw rate
This stage focuses on customers who attempt to pay. The transaction success raw rate shows the percentage of successful payments out of all attempted payments.
Here are some reasons why a payment might fail:
1. Risk control: Shoplazza Payments has security measures in place to prevent fraudulent transactions.
2. 3DS verification: Some customers may need to verify their identity through a process called 3DS verification.
- 3DS1: This version redirects customers to their bank's website for verification.
- 3DS2: This version offers a smoother verification process, often without the customer noticing.
3. Transaction authorization: The customer's bank ultimately decides whether to approve or decline the transaction.
Order success duplicated rate
This stage is the final step. The Order success duplicated rate shows the percentage of customers who successfully complete the payment process after starting it.
After initiating a payment, users successfully submit all required information and pass the card issuer's authorization/risk check. The percentage of consumers who complete this process out of all who initiated payment is called the Order success duplicated rate.
For example, If 100 orders initiate payment but only 50 are successfully completed, the Order success duplicated rate is 50%.
View your Shoplazza payments transaction success rate
Want to check your Shoplazza payments transaction success rate? Here's how:
1. Access reports: Log in to your Shoplazza admin and go to Finances > View payments.
Frequently asked questions
To further clarify some points, here are answers to some frequently asked questions about Shoplazza payment success rates:
1. Which metric should I prioritize, Transaction success raw rate or Order success duplicated rate?
Prioritize the Order success duplicated rate, with the Transaction success raw rate as a secondary indicator. Most payment companies use the order success duplicated rate, so it's best for comparisons. The transaction success raw rate helps you understand the performance of the payment channel. A low transaction success raw rate indicates that buyers failed to pay due to multiple (repeated) payment failures for various reasons.
By monitoring these metrics closely, you can identify any roadblocks in your checkout process and make the necessary adjustments to improve your conversion rates. This will lead to happier customers and more sales for your business!
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