To boost transaction success rate, you need to know what stands in the way of elevating that score. Understanding impediments is the best way to overcome them.

Low TSR can be a result of dissatisfied customers leaving before they even initiate payment — you’re not giving them the range of payment options they expect. Additionally, if you set up a checkout to only accept credit cards or debit cards, a failed attempt gives customers no alternative method. TSR is measured by successful clicks of the “pay” button — if potential customers aren’t getting there, that ultimately affects your TSR. In both of these cases, the lack of payment diversity drives down success rates.

Fix it: Go for smooth and seamless wherever possible. Eliminate the chance of frustration and error at the build stage. Cut to the chase by putting payment details first — and ask for only the information you need. Less data to input means less likelihood of errors.

Milliseconds count, and slowness is another pitfall of an overly complicated checkout process. A checkout that is time-consuming can result in the transaction timing out before it can clear, often due to technical reasons. And, if the process takes too long, customers will literally “check out” and just leave the site. Cart abandoned again.

Fix it: Setting up the option to store payment details gives returning customers a faster lane to get in and out. Implementing time-saving services like guest checkout and one-click payments can decrease completion times. Speed is dependent on a payment processor’s systems. Choosing a partner that prioritizes speed and efficiency is key getting through the process quicker. And speedier payment success rates translate to more sales per day — we all want that.

Developing payment solutions for an overseas business can result in geographical differences that hinder TSR. There may be additional security measures and processes that result in time outs and payment failures. A customer’s bank may also require they be contacted for authorization — and time and language hurdles may hinder that connection. Then there’s compatibility; different payment systems do not always get along — and geographic distance may mean multiple systems in the transaction chain, meaning more chance for failure.

Fix it: Working with a robust, globally savvy payment gateway can make an enormous difference. A processor who understands international currencies — as well as best practices in different countries — is a big asset.

Cash-free is faster. Making change adds minutes to each transaction. Again with that “time is money” thing, but it’s simple math: The more transactions you process per minute, the more money your business takes in.

All good arguments for electronic payments. The real meat lies in concrete solutions that will convince a cash-only merchant that going electronic is both beneficial to their business and easy.

Low TSR can be a result of dissatisfied customers leaving before they even initiate payment — you’re not giving them the range of payment options they expect. Additionally, if you set up a checkout to only accept credit cards or debit cards, a failed attempt gives customers no alternative method. In either case, the lack of payment diversity drives down success rates.

Fix it: In addition to building for card payments, consider digital wallets, give customers the option of Buy Now, Pay Later (BNPL) methods. More ways to pay increases the likelihood of a successful payment completion.

As important as diversity of payment methods is, so too is your choice of payment gateways. Many of the TSR speedbumps discussed here can be overcome with a smart payment routing system. Smart routing means that if an attempt fails due to a technical glitch, heavy traffic, or other issue, the transaction is automatically rerouted to another gateway.

Fix it: Have a backup plan. Build routing that will increase your chances of payment success rates. Working with a processor who gives you multiple options is key.

Boosting transaction success rates is well within reach. Let’s recap the key steps you can take to improve TSR:

Whether it’s incorporating digital wallets, BNPL solutions, or digitized cash payments, giving your customers options is essential. It improves conversion and increases the likelihood of successful transactions. There are many excellent options for building in card-not-present payment methods.

Make it user-friendly, keep it simple. Dropouts and abandoned carts come with complex checkouts. Options like guest checkouts and one-click payments (stored payment data) for returning customers will boost checkout efficiency and success. For international ecommerce, tailoring your checkout to local currencies and geographically preferred payment methods can also make for smooth, fast transactions.

Avoid downtimes, denials, glitches, and unreliable or overtaxed gateways by having a back-up plan, redundancy in your routing. Smart routing can bring real results.

While the preceding actions help, they’re at their best when combined with a processor adept at the complexities and specialized skill sets they all require. Not only does a partner like North have the capacity for this work, we have the experience and insight to diagnose problems when they arise and — even better — work proactively to avoid those issues. Browse our solutions designed to help you build the best possible payment system — and take your TSR to new heights.