In a dynamic digital environment where user expectations are higher than ever, delivering an exceptional user experience in payment processing is essential for standing out and achieving success. 

While discussions often centre on acquirer performance and authorisation rates, which are undoubtedly important, the checkout process is equally important and often overlooked. 

For sectors like iGaming, users expect a seamless journey from placing bets to depositing funds or cashing out winnings. It is a pivotal moment for the customers when they finalise the purchase or cash out their winnings and this is not the time for the checkout process to be confusing or time-consuming. This would have an increased risk of losing not just the sale, but also the customer’s future business. 

We’ll delve into how UX profoundly affects payment success. We will explore common pitfalls in checkout design, such as unnecessary steps, excessive data fields, lack of mobile optimisation and poor error messaging. More importantly we’ll discuss actionable strategies for payment providers and merchants to collaborate on creating a user-friendly checkout experience. 

At PayModum, we are dedicated to transforming the way businesses approach payments by putting user experience at the heart of every transaction. We believe that enhancing the checkout UX isn’t just about boosting conversion rates – it is about building trust and fostering long-term customer loyalty. 

Read on to discover how a focus on UX can transform your payment process from a potential barrier to a competitive advantage. 

Why UX Matters in Payments?

Let’s think about this from the perspective of an iGaming player.

They’ve spent time on the site, placed their bets, and now they’re ready to deposit money or cash out winnings.

This should be a seamless experience, but what happens if the checkout process has too many unnecessary steps, confusing fields, or errors in loading?

They abandon the transaction and may never come back.

I’ve worked with many payment providers who focus on improving authorization rates, but I don’t think any of them have asked: “How’s your checkout flow performing?”

Why is that?

Because improving the user experience during checkout doesn’t directly impact the provider’s metrics—but it has a significant impact on the merchant’s success.

Common UX Issues in Checkout Design: 

Here are a few common checkout design mistakes that I see time and time again across merchants:

1. Too Many Steps

The more steps you add to the checkout process, the higher the abandonment rates. Payment providers should work with merchants to reduce the number of steps or consolidate information on one page where possible.

2. Excessive Data Fields

How often do we ask for information that isn’t truly necessary for completing a payment? If all you need is card details, why ask for a full billing address every time?

3. Lack of Mobile Optimization

A significant percentage of users access platforms via mobile devices. However, many checkout pages aren’t optimised for mobile, causing issues.

4. Poor Error Messaging

Are users left in the dark with a vague error message like “Payment Failed” without any next steps when a transaction fails? Payment providers should help merchants implement clear, helpful error messaging that guides users on how to resolve issues and try again.

What Payment Providers Can Do?

Sales professionals should not only be focused on selling payment processing solutions but also on educating merchants about the checkout experience. Here’s how you can add value:

1. Run Audits of Merchant Checkouts

Offer merchants a UX audit of their checkout flow. Suggest ways to improve problematic areas.

2. Offer Conversion Insights

Instead of focusing only on payment approval rates, give your merchants insights into where users drop off in the payment process.

3. Collaborate on Simplifying Checkout

Encourage merchants to offer features like guest checkout, one-click payments, or tokenization for repeat users to reduce friction

4. Push for Mobile Optimization

If a large chunk of their audience is on mobile, but their conversion rates are low, ask the tough questions about how mobile-friendly their checkout is. 

About our guest contributor Svilen Pavlov

We are delighted to feature Svilen Pavlov, a Strategic Payment Partnerships Manager with over 8 years of experience in Fintech and iGaming industries, as our guest contributor for this article. 

Svilen specialises in driving revenue growth for companies through optimised payment solutions and strategic partnerships. His expertise has resulted in millions of dollars in savings and significant increases in transaction volumes for the organisations he has worked with. 

Svilen is passionate about forging strategic partnerships that drive innovation in payment solutions and unlock new revenue streams. His insights into the importance of UX in the checkout process stem from years of experience optimising payment systems for better performance and customer satisfaction. 

The original version of the article was published on Svilen’s LinkedIn profile, here.