Consumers should be rewarded for repeat business, and merchants are always looking for ways to incentivize their customers to come back again and again. Many businesses achieve this by implementing rewards programs, repeat customer discounts, or other similar offers. While these offers are great, there is a much cheaper way to begin rewarding consumers that buy often: One-click payment.
Today we will cover a few of the basics in regard to one-click payment, including:
- What is one-click payment?
- Why should businesses offer one-click payment?
- How can businesses offer one-click payment?
What is One-Click Payment?
While it has been around for a while now, some merchants are curious, "What is one-click payment?" One-click payment systems allow a merchant's website to save consumer payment information upon their first purchase and allow them to make all future transactions with a single click. This is obviously only done with the customer's permission and only works if they wish to use the same payment method for each transaction.
Many of these systems also have the capability to save multiple payment methods, allowing customers to use different payment methods depending on the purchase with only a single extra click.
These systems are offered by third-party fintech firms and can easily integrate into any website or app. Most of the time, one-click payment is a feature of a larger fintech platform, like POS financing platforms in the case of Skeps.
Why Should Businesses Offer One-Click Payment?
Businesses need to weigh the benefits of any new feature they are looking to implement on their website, as they all come with a cost. Luckily, one-click payment has a few distinct benefits that make it a solid value-add for businesses that sell online, like:
- Increased conversion rates.
- Reduced friction in the purchase process.
- Faster purchase process for repeat consumers.
These benefits played into Amazon’s explosive growth after patenting its one-click process back in 1999. While the convenience of payment wasn’t the only thing that played a part in Amazon’s rise, as a business known for its ability to retain repeat customers, Amazon certainly serves as a terrific example of the success of businesses that push for modernization regarding their payment options.
How Can Businesses Offer One-Click Payment?
There are a few simple steps involved in offering one-click payment:
- Determine whether one-click payment works for the business.
- Decide what is needed from a payment platform.
- Find the right partner for the business.
Let’s break each of these down in more depth.
Determine Whether One-Click Payment Works for the Business
While one-click payment is a great tool, it isn’t right for every business. As mentioned above, the companies that benefit from one-click payment methods are those that sell online. Not only that, but it is usually best for businesses that are looking to sell pretty frequently to repeat customers.
This usually means that retail e-commerce sites typically benefit the most. Although, any business that sells on at least a quarterly basis increases the time saved by each consumer using one-click payment.
Decide What is Needed From a Payment Platform
One-click payment does wonders for conversion and repeat business, but it is often included as a feature of larger platforms that offer so much more. Businesses considering a one-click payment option should also decide if a platform that offers any of the following would also interest them:
- Order tracking
- Batch ordering
- Consumer financing
- Other alternative payment methods like crypto or QR code payments.
All of these can increase revenues and conversion, with consumer financing being the most lucrative overall platform to consider. In fact, businesses that implement consumer financing options see a 20-30% increase in conversion and a 30-50% increase in average ticket size. This makes it a great platform to consider when looking for a way to offer one-click payment.
Skeps’ One-Click Consumer Financing Platform
Skeps offers a comprehensive, end-to-end consumer financing program that helps businesses modernize their entire payment process. We go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:
- Consumer loans and leases
- Branded credit cards
If you’re looking to increase revenues and conversion, there is no better way than to partner with an all-in-one flexible payment platform like ours.