min read

How crypto payment redirects affect business and customer sentiment

Cabital Connect improves conversion rates and improves your site’s UX.

Key Takeaways:

  • If you're an online business, this might be a burning question for you? What causes abandonment for crypto transactions?
  • What is a payment redirect and what are its pitfalls?
  • Can you improve your payment UX to reduce abandonment? How?
  • How can Cabital Connect address the issues that you're facing?

Several varying factors naturally influence conversion rates. However, the most significant factors that prevent users from completing crypto transactions are friction points that lead to the abandonment of the transaction.

The most significant friction point in completing a crypto transaction is undoubtedly payment redirects. Several prominent crypto exchanges have resorted to implementing on-and-off ramps to circumvent payment redirects to improve conversion rates. A case in point is Bybit which streamlined their entire fiat-to-crypto conversion and vice versa by integrating the Cabital Connect solution.

Naturally, any business that requires fiat to crypto conversions has the opportunity of employing an on-and-off ramp to prevent user drop-offs.

What is a payment redirect?

Simply put, a payment redirect requires a user to be redirected away from the initial site to a third party’s site or payment platform in order to complete the transaction.

While this has become the norm, there are several pitfalls to consider:

  • Unexpected additional fees – A marked increase in the original quote makes the user question the overall value of the transaction
  • Complex payment process – An overcomplicated payment process is detrimental to a streamlined user experience which not only slows down the overall experience but leads to frustration
  • Limited payment options – Not having preferred payment methods means certain customers will be unable – or unwilling – to complete the transaction
  • Security or fraud protection seems inadequate  – Having multiple platforms that serve the payment process coupled with insecure procedures at any point of the transaction will cause users to doubt the safety of the process and security of their financial details
  • Declined payments – Whether due to user error or poorly designed form fields, declined cards mean lost revenues and potential chargebacks

Steps to improve your payment UX

Payment security and fraud protection are a must

Protecting users’ financial and personal information is critical for any reputable company, with high-quality security throughout the payment process an absolute requisite.

Inadequate security and fraud identification tools accounts for lost revenue due to false positives due to declined transactions. 

Solution compatibility on different devices

According to Statista, the current number of smartphone users worldwide is 6.5 billion, with the figure projected to surpass 7 billion by 2024. Whether a particular payment gateway is equally adept at handling transactions across devices is imperative to increase conversion rates.

If most transactions are completed via an app, it’s essential to have an in-app payment structure instead of a redirect.

Make high performance and speed a priority

A swift and seamless payment procedure is essential to an improved user experience. If the redirect page lags or takes too long to load, it negatively impacts your site’s UX.

High-quality performance builds trust with customers and proves that your service operates securely and consistently. It instills a sense of safety and comfort in customers, making them more confident in transacting with your company in the future.

Reducing technical errors and crashes will also keep customers using your service, as consistent performance issues will inevitably drive potential customers away.

Empower your business with Cabital Connect

Cabital Connect is an integrated payments infrastructure solution that improves businesses’ conversions. Our solution is simple, secure and built to convert and offers a seamless fiat on-and-off ramp solution that allows your users to buy and sell crypto within your platform, all at competitive prices. 

Cabital Connect addresses all of the above mentioned issues:

  • Best user experience - Fully integrated on-and-off ramp for a seamless experience including withdrawal to fiat money, helping to drive conversion and revenue
  • Lower cost - Buy crypto with bank transfer and enjoy low fees, plus local payment methods are available that do away with processing fees
  • Price transparency -  Leading exchange rates with low conversion spreads
  • Off-chain settlement - No more waiting for blockchain confirmations - crypto is transferred to the user’s wallet from Cabital’s platform (with zero gas fees), instead of taking place over the blockchain
  • Extensive fiat coverage - We provide a customer-centric solution that allows your users to buy and sell crypto on your platform directly with a wide range of local currencies
  • Simple integration - Easily implement our robust fiat infrastructure that features several fiat options via API or widget integration
  • Fully compliant - Reliable solution that meets compliance requirements
  • Increase brand reach - We’ll help connect you to customers who are already on our Platform, helping to increase your reach

We support companies across a wide range of industries. Whether your business is a crypto wallet, a decentralized or centralized exchange, an NFT platform, a Web3 gaming platform, a neobank, or one that is looking to offer your customers crypto - our Cabital Connect solution is perfect for you.

Connect with us now to get started with Cabital Connect! 

This article has been prepared by Cabital Fintech (LT) UAB  (the “Company”) and is general background information about some of the Company’s activities at the date of this presentation.

This article does not contain all the information that is or may be material to you and should not be considered as advice or a recommendation to you in respect of the holding, purchasing or selling of digital assets and does not take into account your particular objectives, financial situation or needs. This article has been made to you solely for information purposes. This presentation may be amended and supplemented as the Company sees fit, may not be relied upon for the purpose of entering into any transaction and should not be construed as, nor be relied on in connection with, any offer or invitation to purchase or subscribe for, underwrite or otherwise acquire, hold or dispose of any digital assets, and shall not be regarded as a recommendation in relation to any such transaction whatsoever. The contents of this presentation should not be considered to be legal, tax, investment or other advice, and you  should consult with your own counsel and advisers as to all legal, tax, regulatory, financial and related matters concerning an investment in or a disposal of such digital assets and as to their suitability for you.

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