Why Consumers Abandon Online Payment Submissions

More than 80% of consumers will abandon buying something online if the payment experience is poor, according to the results of a survey released recently by Plaid, a payments platform company. For companies in the accounts receivable management industry, this should underscore the importance of making it easy for consumers to make payments via a payment portal, because the number of consumers who abandon the process for a collection payment is likely much higher than those who walk away from a retail payment.

Only 6% of consumers said they would not be swayed by a poor payments experience when shopping online.

Beyond the payment experience, consumers also want options. More than 80% of respondents to the survey said they felt it was important for companies to offer a “wide variety” of payment options. Twenty-two percent of consumers see a lack of choice of payment options as a reason to abandon an online shopping experience.

Consumers are also getting lazier, according to the survey. More than one-third of respondents said having to input all of the numbers on their credit or debit card was enough for them to abandon an online purchase, while another 30% said an “overly complex” verification process was the straw that broke the camel’s back.

This data underscores the presentation that was made at ACA International’s Ignite conference in Las Vegas last week, where attendees were asked how many times consumers expressed a willingness to pay a debt, only to find that the collector does not accept the payment method they want to use.

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