Paysafe Study Finds That Over Half of Online Merchants Report Checkout Issues During Peak Shopping Times
22 November 2022 - 10:00AM
Business Wire
The findings indicate that online businesses
are losing millions due to surge-related issues at the checkout
The majority of online SMBs (small to medium size businesses)
rely on seasonal business to keep them afloat, but around half
(52%) say they have experienced checkout issues during these vital
surge shopping periods, up from 43% in 2021. That’s according to
new research with over 1,100 merchants in 12 countries*
commissioned by leading specialised payments platform Paysafe
(NYSE: PSFE).
Almost three quarters (74%) say the checkout continues to be a
serious competitive advantage, perhaps in part due to the impact
when things go wrong. Nearly a third (31%) of businesses who have
experienced a surge-related issue with their checkouts lost upwards
of $100,000 – with common issues including checkout system slowdown
(46%), and a failure to authorise payments (31%).
This problem takes on more significance if you consider the
effort merchants make to get customers to the checkout stage in the
first place. Nearly three quarters (74%) cite cart abandonment as
an ongoing issue in 2022 (up from 69% in 2021) and 61% say
abandonment has increased in last 12 months (up from 49% in 2021).
Technical issues including checkout screen crashes (14%) and
customers being unable to pay with their preferred method (17%)
were cited as expected reasons.
Merchants are increasingly eager to explore new payment
technologies in a bid to make their checkout experience more
streamlined, secure, and reliable and as one way to gain
competitive advantage. Around three-quarters (73%) of merchants
surveyed believe that adopting some of the newer ways to pay would
help add value to their business. In spite of the interest in newer
ways to pay, debit cards (75%) and credit cards (72%) continue to
lead the table of payment processing methods offered.
Afshin Yazdian, President of Merchant Solutions at Paysafe,
commented: “During the holiday season, payment processing systems
will be put to the test, highlighting the importance of payments
efficiency as a business differentiator. Offering more payment
methods gives merchants the opportunity to gain an advantage by
offering a frictionless customer experience, improve conversion
rates and ultimately avoid losing business during their peak
season.”
The survey was conducted as part of Paysafe’s Lost in
Transaction research series. Further findings will be revealed in
due course.
About the research In September 2022, Paysafe
commissioned a survey of online small-to-medium-sized businesses in
twelve countries, to understand the payment importance in their
business management activities, explore payment trends, and observe
their expectations around 2023, especially around the global
economic uncertainty. Some of the findings were also compared to
previous Paysafe studies, providing an insight into trends. The
twelve countries consist of the UK, US, Canada, Bulgaria, Italy,
Germany, Austria, Brazil, Mexico, Peru, Chile and Colombia.
About Paysafe Limited Paysafe Limited (“Paysafe”) (NYSE:
PSFE) (PSFE.WS) is a leading specialized payments platform. Its
core purpose is to enable businesses and consumers to connect and
transact seamlessly through industry-leading capabilities in
payment processing, digital wallet, and online cash solutions. With
over 20 years of online payment experience, an annualized
transactional volume of over US $120 billion in 2021, and
approximately 3,500 employees located in 10+ countries, Paysafe
connects businesses and consumers across 100 payment types in over
40 currencies around the world. Delivered through an integrated
platform, Paysafe solutions are geared toward mobile-initiated
transactions, real-time analytics and the convergence between
brick-and-mortar and online payments. Further information is
available at www.paysafe.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221122005143/en/
Anna Birdsall-Strong, VP Communications, Europe, Paysafe
anna.strong@paysafe.com Phone: +442038908975 Nilce Piccinini,
Director, Corporate Communications, Americas, Paysafe
nilce.piccinini@paysafe.com Phone: +12818955954
Paysafe (NYSE:PSFE)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Paysafe (NYSE:PSFE)
Historical Stock Chart
Von Apr 2023 bis Apr 2024