Frictionless transactions are your competitive advantage

Customers today are pressed for time and have high expectations for the service they receive. If small and midsize businesses (SMBs) like yours can make their lives easier, you’ll be rewarded with repeat customers. You may also be able to woo customers away from the competition.

To accomplish that, you’ll need to provide a frictionless transaction experience: simple, quick and easy. 

• What customers consider barriers to buying 

• How to minimize sources of friction

• Which tools can help you become frictionless

• Why loyalty should be your goal

Friction refers to obstacles or barriers that cause customers to pause during the purchase process or walk away from buying altogether. They give up. Your challenge is to reduce those sources of friction as much as possible. Some of the most common things that stop customers in their tracks are:

• Forced website registration

• Long wait times

• Complicated forms

• Unexpected costs or added expenses

• Limited payment options

• A clunky or slow-performing mobile app

Although customer demands for convenience continue to rise, the good news is that there are more tools than ever to support a frictionless experience. Some of the best ways to make buying easier include offering:

• Transparent pricing: Prevent surprises at the online register by displaying all costs up front, including shipping and handling. If there are discounts, apply them automatically.

• Mobile payment options: Accept contactless payments like Apple Pay, Google Pay, PayPal and tap-to-pay for speed, as well as payment by QR code. Encourage customers to order in advance via your mobile app to reduce the time they have to wait in person.

• Secure digital wallets: Allow customers to store payment information for faster one-click purchases, set up preferences and payment information, and save digital gift card details for later use. The faster you can move them from considering a purchase to checking out, the more money you’ll make.

• Inventory notifications: Integrate inventory status with your checkout process so that customers aren’t disappointed to discover that the item they were trying to buy is no longer in stock right after they typed in all of their billing and shipping info. Invite them to be notified when stock is replenished.

• Guest checkout: Don’t force customers to register at your site and set up an entire account just for one purchase. Let them opt out of formalizing the relationship. If you make everything else easier, they may be back and ready to create an account for your business next time.

• Online invoicing: Skip paper and postage and send customer invoices electronically with simple “Pay Now” buttons embedded in the message. Enable auto-pay so that customers don’t have to worry about late payments on subscriptions or recurring bills.

Make the process as seamless and secure as possible by integrating time-saving tech features into both online and in-store shopping experiences.

Customers are much more likely to be dissatisfied when they are surprised at some point in the purchase process. Don’t take their preferred credit card? Require a credit check at the register? Still charge shipping even when orders are sent to the store? Make sure customers are informed at every step of the way.

To prevent customers from feeling surprised, be up front and transparent about all aspects of the fulfillment process, such as providing:

• An explanation of your order and delivery process, especially if written quotes and contracts are involved

• A tracker to let customers see where their order is in the process 

• A clear statement of your return policy

• An accurate shipping calculator and estimator

• A statement regarding the minimum order size required to qualify for free shipping

When customers feel informed and in control, they are much more likely to stick with you and complete their purchase. 

Giving customers the buying experience they desperately want—fast, easy and convenient—builds satisfaction and long-term loyalty. With loyalty comes a laundry list of benefits, including:

• Higher sales from more frequent purchases 

• Larger sales through add-on items

• Preferred vendor or seller status, over competitors who are harder to buy from

• Lower cart abandonment rates 

• Enhanced brand reputation and referrals

By simplifying financial touchpoints, companies can strengthen relationships and enhance satisfaction, turning every transaction into an opportunity to reinforce loyalty. 

Explore ways Capital One can help your business become frictionless and boost customer satisfaction.