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Payments platforms: Building certainty in a time of uncertainty

Consumer behaviour has evolved rapidly over the past few years. Online shopping is gaining ground on brick and mortar sales—and people’s payments preferences are changing, too. Mobile payments are becoming popular, and people increasingly want to pay without cash. These changes have eroded traditional loyalties, and recent events are likely to spark even more new trends. One thing is for sure—the “next normal” is imminent.

Find out more about Nordea Connect at nordeaconnect.com

Designed for merchants, Nordea Connect is a Nordic online payments platform that directly connects business owners to the full value chain of Nordea’s solutions and advisory services.

Building a strong online presence won’t just help you now—it can help increase your resilience in the future. If your payments platform is effective, you’ll be able to manage all of the changes and provide a better experience for your customers.

In 2019, online sales made up just 14.1% of all global retail sales—but across the board the trend was upwards.[1] And 67.2% of those transactions are estimated to have been made on a mobile device.[2] While it’s hard to predict exactly what the future holds, this is compelling evidence that your online experience needs to meet customer expectations.

Customers—especially those who’ve been reluctant to shop online in the past—want simplicity and reassurance. And that’s particularly true when it comes to the checkout experience. Follow these three basic principles and you should see higher conversion rates and repeat visits.

1. Give customers what they want

Anticipating and meeting customer demand is the fundamental rule of retail. But it’s not simply about stocking the right products at the right price—customers want to choose how they pay, too.

It’s also important to review what you offer regularly because things are developing all the time. The right payments platform can simplify this process—a single integration could enable you to support numerous options and add new ones as they become available.

 

[1] Statista, E-commerce share of total global retail sales from 2015 to 2023, June 2019
[2] Statista, Mobile retail commerce sales as percentage of retail e-commerce sales worldwide from 2016 to 2021, February 2018

Customers—especially those who’ve been reluctant to shop online in the past—want simplicity and reassurance. And that’s particularly true when it comes to the checkout experience.

2. Build security in from the start

Increased online demand creates opportunities for cybercriminals. It’s up to you to make sure your customer’s data remains secure. Outsourcing payments processing can take the burden off of you—but it’s important to choose a provider that’s well-established. Look for a track record of commitment to customer experience, and expert knowledge of reducing vulnerability in payments processing. Most importantly, make sure your provider is able to truly understand your business. If they’re a trusted name, then giving them full transparency is a good idea—it’ll help them to keep you safe.

The way your payments page looks also matters for security. If the look and feel is outdated or not in keeping with the rest of your site, then your customers are likely to worry they aren’t safe. Choose a platform that offers customisation options to help you blend with your chosen style. This will help stop your customers worrying that they’ve left your site, and that their details aren’t in safe hands. Presenting a seamless experience will encourage your customers to keep going—and to complete the transaction.

3. Be prepared for the unexpected

All kinds of factors contribute to the rapid fluctuation of online payments. Some are predictable—like Christmas or marketing campaigns. But others are less predictable—like the weather or a surprise celebrity endorsement. Spikes in demand can put pressure on you to stay on top of things. But it should be something that your payments platform can take in its stride.

It’s essential to choose a provider that can scale for even the biggest peak in demand. And the platform should offer performance analytics. This will help you to see not just changes in traffic, but also patterns in customer behaviour. The ability to make data-driven decisions will help you to build on your successes—and grow your business.

Optimising the online experience for your customers is an exciting opportunity, and it doesn’t need to be stressful. Choosing a modern payments platform can provide a quick and easy way to update your site.

Be ready for the future

Optimising the online experience for your customers is an exciting opportunity, and it doesn’t need to be stressful. Choosing a modern payments platform can provide a quick and easy way to update your site. And it should help you to become part of the digital payment revolution.

Nordea is well-placed to help you out. As one of the biggest banks in the Nordics, we understand both consumers and business customers. And we’re invested in making sure we offer both what they want. We deal with millions of transactions and talk to thousands of business owners each year. The insight we’ve drawn from this experience is the reason we created Nordea Connect. With Connect, you get a scalable and reliable platform that simplifies payments for both you and your customers.

As a merchant, there are options for both customisation and analytics. You can keep track of your business as well as making the platform feel like your brand. And your customers can enjoy a seamless payments experience. Not only will they be able to use their favourite Nordic payment options—their payments will be processed in one integration.

Take a look at Nordea Connect to find out more or write to psp@nordea.com to let us know how we can help.

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