Quick check-ins & outs are something that changes the entire shopping experience. The concept of online shopping has evolved over time, everybody is looking for simpler & quickest way to make payments for their order; convenience has become the key. And this is something Amazon Pay wishes to achieve; the goal here is to offer a trusted and convenient way to pay without having to fill the card details again and again.
First of all, What is Amazon Pay and how does it work?
A payment method allowing Amazon users to pay for products/services without adding the same information while check-out. It fetches the payment method already stored in the Amazon account.
It facilitates the payment between the customer and the merchant and charges transaction fee only. The merchants are charged 2.9%+$0.30 which is standard pricing across the e-commerce payment platform and all transactions are settled in a day.
If you have an e-commerce website you can simply add an Amazon pay button via Amazon payments SDK. If you are a user of Shopify, Magneto, BigCommerce, Zuora it's, even more, to easy to add this payment method and requires only a few clicks to do so
Reasons why you should have Amazon Pay on your eCommerce site :
1.Building trust:
Since Amazon Pay uses payment methods that are already stored in the customer's Amazon account, the time-consuming process of filling out forms during payment is cut out as the information is pre-filled. Customers feel more secure and safe as they don't have to enter sensitive details about their accounts on a 3rd party website. Not only that, according to Baymard’s report on checkout usability, 20% of online shoppers have abandoned cart citing security reasons. In short, if your checkout isn't perceived to be safe or optimized you'll most likely be losing out on potential customers more often.
2.Leverage existing amazon customer base and improve sales:
There are nearly 300+ million active customers on amazon as of now and has its presence all over the globe. These customers can be leveraged to your benefit if they see amazon pay option on your website as the name itself inspires confidence amongst users to go ahead and make the transaction. With the global presence of amazon pay you as a merchant can move beyond the boundaries via amazon multi-currency functionality which charges the customers the exact amount of foreign currency and thereby expand your business to new markets. Also by giving customers trusted and convenience of having one login to identify themselves can reduce cart abandonment.
3.Minimizing cost and Increased Security:
Amazon can help you to reduce the cost as a merchant by avoiding setup and monthly fees on existing payment methods. Amazon Pay is armed with fraud detection technology making it as secure as possible for merchants as well to cut back on fraudulent transactions at no extra cost. Also, the customer purchases are secured under Amazon's A-Z guarantee without paying any extra cost making shopping hassle and worry-free.
4.Omnichannel presence:
The best part of amazon pay is its presence over different channels of shopping. Customers can not only pay via your website but also on mobile and through voice commands on Alexa. This makes it easy for customers to make payments and increase your customer engagement over different channels as well.
5.The option of Checking Out without Account Creation:
According to a study carried out by Baymar in 2018 showed 30% more conversion without forcing to create an account on the website. An option of having guest checkout and payment details being prefilled by Amazon Pay enables customers to check without creating an account and going through the trouble of the same to make the purchase. In short less amount of hurdles faced leads to increased conversions
With Amazon payment integration, the need for keeping your credit/debit card near you or trying to feed in other payment information can be easily avoided. With it comes the security and strict protocols to avoid any kind of breach. Hence, more power to shop!
