Introducing G2’s New Contact Center Payments Category

Few things are more frustrating for a customer than being unable to purchase a product they know they want and are trying to buy.

A payment process is seen as a necessary evil for users to finalize an exchange of currency for goods. Any impediment can cause customers to abandon their shopping cart and seek a smoother experience elsewhere.

Businesses are motivated to make this portion of the customer experience as seamless as possible, lest they risk losing a customer to their competitors.

Shopping cart abandonment is preventable with customer-focused payment platforms

Shopping cart abandonment is the act of customers selecting a list of desirable products for purchase and not following through with payment processing to complete the transaction. 

For an e-commerce business, the seconds between a customer taking their cart to pay and submitting their payment information are critical. Studies show that the average abandonment rate is around 70.9% for online buyers. 

Payment processing can cause cart abandonment when there are:

• Unexpected costs: Additional fees, like exorbitant shipping fees, can discourage buyers.
• Mandatory account creation: Customers want the item they’re purchasing, not to sign up for an email spam.
• Complex checkout process: Too many forms and required information can exhaust and frustrate customers.
• Security concerns: Divulging sensitive information can make customers feel vulnerable for a number of reasons, like if the payment portal doesn’t look authentic.
• Limited payment options: Customers may prefer to use digital wallets like PayPal over credit cards or buy-now-pay-later (BNPL) options.
• Technical issues: Experiencing glitches, delays, or crashes can frustrate customers and make them feel insecure about divulging their sensitive information.

For some, the contact center is the preferred communication channel

A payment gateway is the standard option for many e-commerce transactions, but this is not always the preferred or the best method for every type of transaction. 

Having the payment process happen with a support agent can directly address many of the previous concerns by shifting all of the technical aptitudes to the support agent instead of the customer. This provides many benefits, like expanded payment options, enhanced security, real-time fraud prevention, policy negotiation, and quality assurance of data entry.

Another circumstance in which a direct support agent is usually preferred over a payment gateway is during B2B transactions for bulk deliveries, subscription purchases, or nuanced bank transactions. In these cases, an agent with subject matter expertise is necessary for the quality assurance of the transaction and in-depth comprehension of a business’ policies. 

Negotiations during these interactions can be complex enough to warrant contract negotiations if the transaction is a long-term commitment. For business leaders, all of these transactions are preferably done with a person over an impersonal payment gateway.

Benefits of purchasing contact center payment software

The organizations that benefit the most from contact center payment software are those with an already robust contact center team and infrastructure in place. 

Customer satisfaction will likely improve with greater first-call resolution and reduced frustration since customers can have their issues resolved in a single interaction. 

Security practices like Payment Card Industry (PCI) compliance and direct conversation with an agent can reassure a customer because some scams, hacking, and phishing techniques are difficult to execute with a human support agent. 

For less technologically inclined customers who have a reputation for struggling with new technologies, a live support agent provides a lot of assurance during the payment process. 

Finally, contact centers can offer a more diverse set of payment options than credit cards, such as digital wallets, cryptocurrency, and buy-now-pay-later options.

Contact center payments software will bring ROI to the contact center workforce

Measuring the risks and benefits of purchasing a new software is difficult when there’s little information available to determine its effectiveness. A positive customer experience is paramount when combating shopping car abandonment, and contact center payments are one of the best instruments for combating this loss of opportunity. 

Contact center payments software is very similar to payment processing software. Potential buyers can infer the type of value they can expect from analyzing data from products in the Payment Processing category.

The graph below shows the average time to ROI for the top five payment processing software according to G2's Spring 2024 Grid Report®.

The average time to ROI for purchasing payment processing software is around 11 months—as mentioned earlier, buyers can expect a similar type of value for their contact center payments software.

A strategic investment for future growth

Contact center payment software offers a solution that addresses common pain points and enhances the overall customer journey. By integrating payment solutions directly into customer interactions, businesses can reduce cart abandonment, increase security concerns, and improve conversion rates.

As the digital landscape continues to evolve, the demand for seamless, secure, and flexible payment solutions handled by a human representative will only grow. Investing in contact center payment software is a strategic move that can provide a significant ROI, often within the first year. 

By prioritizing customer experience and leveraging advanced payment technology, businesses can stay ahead of the competition and build lasting relationships with their customers.

Discover how an integrated payments system can elevate your business efficiency and provide an excellent customer experience!

Edited by Jigmee Bhutia