All of us in today’s world have probably used payment forms at least once. In an online marketplace, payment forms have formed their own niche in the complete process of purchasing. So what exactly are payment forms?
Payment Form is like a doorway for customers to complete their transactions on business websites. Ideally, these forms are used to get information from the customer, offer different methods of payments, and complete transactions easily. Not only have these forms changed the way businesses function online, but they have also had a tremendous impact on the customer front.
Payment forms facilitate easy payment
How Do Payment Forms Work?
Imagine this- After adding things to your cart, you now wish to make payment. Every mainstream (and otherwise) shopping website nowadays presents a payment form to the customer for checkout. Broadly, the customer is now presented with several options to make payments like debit/credit cards, net banking, UPI, cash, etc. After choosing your preferred mode of payment, you are either requested to feed in some information, or taken to an external website (maybe your bank). And so goes on the process, which we are quite accustomed to now.
Payment forms play an essential role not only in the business which is operating online but also in the customer and the experience they have while browsing and purchasing through the websites.
Different Types of Payment Options
- Cash, of course
- Debit/Credit Card – Where the customer puts in their cards details to make the transaction
- Bank Website – Where the customer is taken to their bank website to complete the payment
- Digital Wallets – Pioneered by companies like Apple, Fitbit, etc., this concept has taken by far and large ever since the onset.
- UPI – Specifically for transactions made within India only, this interface bridges several gaps empowering the customer to make payments unhindered by their bank operations
Why are Payment Forms Important?
The crux is that they make the entire transaction process easy for both the provider and the consumer. They are a systematic platform where customers are offered different ways of making payments, which they can choose according to their convenience. In doing this, the customer not only gets several options, making their experience much more convenient, but the business provider also gets the opportunity to get information about the customer, in turn providing multitudinous indirect insights.
Points to Consider while creating Payment Forms
Your payment forms should cater to your business as well as your customer in the most optimal manner. Three characteristics of an effective payment form are:
Simplicity. Customisation. Security.
Let’s see why.
Simple payment forms are straightforward, easy to use and user-friendly. As a business provider, one would like to keep the transaction process as simple as it can get. Simple language and design save time and allow the user to make informed choices without keeping any ambiguity. Poor language or design, could not only have an unintentional negative impact on the consumer experience for one transaction, but it could also end the consumer relationship altogether in this fast-moving world.
Also, psychologically speaking, the more time it takes for the consumer to make payments, the more opportunities they have to reconsider their purchasing decisions and eventually opt-out.
Customized payment form designs are the need of the hour for every online business. Look at it this way, websites provide experiences to users according to their beliefs, values, missions, and more. This experience is translated to the customer through the language, the colours, the designs, etc. If your website reflects a particular kind of value in one segment, and on reaching another segment the value transcends into something very different or becomes generic, the customer is bound to feel the gap. Consistency is a key to good design and in turn, a good customer experience.
For this to work, you cannot ignore the payment forms even though the options that you would offer are similar to countless other websites. The placement of options, the ease of navigation, the sheer number of options, all of this and more decide your end relationship with your customer.
So, in short, customisation is a necessity.
Security in payment forms goes unsaid. Transactional data is extremely sensitive information. It would be an absolute blunder to go lax on this one. Even if your design is simple and customized according to your needs, but the payment forms are not secure, it could put you and the customer both at heavy risk.
Secure payments are the cushioning that you, as a business provider offer to your customers, to make their time with you easy and carefree.
Another important factor that should guide you while creating payment forms is your market. If your business operates online internationally, you need to be extra cautious about your payment forms. The international online marketplace has its own regulations and rules which you would be required to follow.
For example, while asking a customer to give their contact details, you should be absolutely certain whether you, as an overseas business, are allowed to store that information or not.
These are a few basics that you as an online business need to know about payment forms; their use and their importance. So whenever opting to create payment forms, make sure you do your research, or simply hire experts to guide you.