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IT ’ S CRUCIAL TO REMAIN VIGILANT
THE SECURITY STANDARDS UP-TO-DATE .
For example , while having card payments as an option is necessary , in some countries , people may not be accustomed to using cards and instead prefer to use open banking schemes or local alternative payment methods such as GiroPay , Klarna , PayPal , iDEAL and others .
Eliminating checkout friction
Today , the average cart abandonment percentage is slightly less than 70 %. For several years , customers leaving their shopping carts have been considered a key issue ; this will continue to be among the top priorities for SMEs to address . Additional delivery charges , multiple log-ins and a complex payment process contribute to the high rate of losing sales .
According to Simanauskas , overcoming checkout friction largely depends not only on selecting a payment provider with the right tools to streamline the consumer ’ s journey , but also keeping in mind the long-term strategy .
“ Even if the current focus is on a single market , it ’ s wise to plan ahead ,” he commented .
“ Selecting a payments partner that is able to cover both local and cross-border payments needs may fast-track scaling in the future , not to mention save costs , as there will be no need to look for other providers . This would also allow maintaining a consistent checkout experience while entering new markets .”
Securing payment and client data
With cybercrimes on the rise , developing a cybersecurity infrastructure for any online platform has become paramount . Small businesses account for 43 % of cyberattacks annually , according to Astra , placing cybersecurity among the top concerns for SMEs . The true issue lies in small enterprises lacking
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