13 January 2023
Today's consumers have more choices than ever, and merchants face increasingly complex payment infrastructure requirements to enable these consumers to buy what they want when they want, and how they want. Consumers expect a frictionless experience at every step of a transaction, including the most critical part - the checkout. A recent study from The Baymard Institute shows that one out of five shoppers finds complicated checkouts as the main reason to abandon their cart, and if we consider only the usability issues solvable through a frictionless checkout experience, the average large-sized e-commerce business could get a 35.26% increase in their conversion rate. In a fast-moving industry, offering a seamless checkout experience with preferred payment methods is more critical than ever for merchants.
Payment service providers (PSPs) often support multiple integration options and checkout pages. Therefore, working with the right provider that can continuously support technological innovation while providing payment security for card data collection is essential. Merchants looking for a more intuitive and straightforward integration with their payment provider should rely on a fully featured hosted element for checkout. These pre-built checkout widgets leverage the best trends in user experience, ensuring a seamless payment journey for the shopper. On top of that, merchants can customize the checkout look and feel, making it consistent with the overall journey. Hosted checkout elements are, in most cases, secured environments, allowing businesses to collect and store card data at the time of the checkout.
Gr4vy's hosted element, Embed, is a fully pre-built checkout experience that enables businesses to securely collect and store card data while processing card payments through a PCI DSS Level 1 environment. In addition, merchants using Embed can customize the look and feel of the widget, securing alignment with the rest of the user experience while accessing all added benefits of a payment orchestrator – without writing any additional code.
The power of Secure Fields
Another option for a seamless journey is to provide an end-to-end bespoke experience to your shopper throughout the site and at the checkout page. Hosted secure fields are often used by merchants needing to support a frictionless experience, collect card data at any point of the journey or where a redirection is not an option. As the name suggests, these are unique fields hosted by the payment provider that allows merchants to process transactions while securely collecting sensitive payment information at any step of the journey step, ensuring a 100% bespoke experience.
By implementing hosted secure fields at checkout, merchants can reimagine new ways their brand can interact with their customers. Gr4vy's Secure Fields is a combination of hosted fields that blend into a merchant’s website, allowing merchants to accept card payments while providing flexibility to customize the checkout experience. Through Secure Fields, Gr4vy enables merchants to collect and store card data at any point of the user journey - even before the payment is processed - while simplifying the burden of PCI certification.
Independent of the integration type a merchant chooses for their business, it is essential to work with a PCI DSS compliant partner to avoid any data liability. The platform of choice should optimize conversion rates at a cart level and checkout, as well as advise and recommend how to increase sales and decrease costs as a merchant's business grows and expands. Cloud-native Payment Orchestration Platforms can replace legacy payment infrastructures streamlining and managing payment methods and service providers in one place.
Gr4vy is a cloud-native payments company that takes the complexity out of merchants running payments infrastructure, redefining payments by providing an intuitive, cutting-edge payment orchestration platform (POP) that leverages the power of the Cloud to modernize payments infrastructure. It enables merchants to streamline and manage payment methods, services and transactions all in one place. Its orchestration layer upgrades merchants' payments stack to make them more nimble. Its no-code dashboard centralizes the integration and management of a merchant's payment methods, providers, conditions and transactions and empowers them to do more in less time.