It may be tempting to make the mistake of thinking about rates first, more than anything else when selecting a Payforit provider. Because you want to make as much profit as possible, it is important to consider all of the relevant factors, as explained below.
As an officially accredited intermediary for Payforit in the UK, txtNation is in a position to offer some of the highest pay-outs in the industry, however we also add far more value in the work we do for our partners to optimise the way in which Payforit is deployed.
Whilst negotiating the most favourable transaction fees is clearly important, it is by far the biggest distraction from choosing the right partner to maximise its overall potential to deliver you the best results. In that same breathe, we hasten to add, the ‘best’ result is still defined by attaining the most overall revenue from available customers.
Choosing the right features and flows
txtNation considers it vital that we take an active role in working with merchants to continually optimise what they do with Payforit.
Payforit is not a ‘one size fits all’ product and its behaviours on web and mobile can be significantly different; offering merchants many variations to implement it on their web or mobile website in order that it works best for them.
The first thing to note is that Payforit provides many unique features that are not available with Premium SMS (PSMS) or other billing methods. One of the most advanced features is that it has the ability to auto detect a number to simplify a payment to just one click. Taking payments directly on a mobile website or HTML5 web app without customers needing to leave the site is a huge benefit.
The Payforit 4 mobile embed flows are very well thought out and provide optimised flows for both mobile and tablet devices. Choosing the right embed option (there are multiple options) is really important to ensure it fits with the flow of your native checkout environment.
Embedding the payment window in your native sales environment means that customers are never redirected to another page. This has been shown to significantly increase conversions.
The payment is processed within the merchant’s own branded page and native checkout environment. Maintaining a streamlined and consistent payment experience for customers and retaining confidence.
In addition to that, all session information is preserved, in order for customers to return to exactly the point they were at before making payment. Abandonment rates are thought to be as high as 50% where customers are directed to a third party page.
Increasing conversion rates
With the introduction of the ‘Sales Delivery Message’ feature, merchants can also loop back to lost customers easier than ever before. This was simply not possible before Payforit 4, and is proving itself really important in capturing a higher rate of lost custom.
It is also important to discuss retry billing logic. This is quite often an unspoken topic, and that is odd, given that it has the ability to allow merchants to return back to lost transactions to attempt to recoup the charge with another billing attempt. Retry logic can be scaled up or down according to merchant needs and whilst there are specific rules around the maximum number of times you can attempt to bill a lost transaction, there is plenty of room to build a healthy logic that increases the overall amount you can secure from customers. Especially when looking at subscription services when you’re trying to maximise your revenue per user during their lifecycle.
Do not accept a passive Payforit provider. Payforit isn’t just ‘Payforit’ – there is so much more to it that you should be looking at to maximise your revenues!
Remember above all else that half a penny more per transaction may look good on current sales forecasts but what revenue are you missing out on by accepting a straight up and down integration which doesn’t take into account your specific requirements, according to your existing web or mobile web services and customer signup flows.
You’ve now got all the information about getting the most out of Payforit, contact us now to discuss implementing it, enabling you to accept mobile payments.