Boosting Conversions with Link by Stripe
As of 2023, cart abandonment rates for online shopping have increased as high as an average 80 percent at checkout. While abandonment can happen for a myriad of reasons, one of the top themes was sites adding too many additional steps such as needing to create a new account (25 percent) or encountering a complicated checkout process (18 percent). More than ever, the faster and more seamless a checkout process can be, the more likely business owners can clinch another sale and earn another customer.
Well aware of this problem, payment platform Stripe has recently introduced a brand-new feature for companies to address this abandonment. Learn all about Stripe’s newest feature, Link, and how to make the most of this business opportunity.
What is Link?
Link is Stripe’s newest payment feature. It allows customers to set up an account and then enable easy one-click payments at checkout via auto-fill. This new, streamlined step will allow users to store both billing and shipping information within their accounts. Additionally, their account also allows them access to their transaction history and Stripe’s dedicated customer support team.
As always, Stripe, a certified PCI Service Provider Level 1, treats security with the highest level of importance. All customer accounts are encrypted to keep their billing and shipping data secure. This extra measure can create an additional layer of trust for customers at checkout, especially if shopping for the first time at your business.
As a direct extension of Stripe, Link supports several payment methods including credit and debit cards, as well as US bank accounts. On the business side, Link is included in your standard payment processing cost with no additional fees no matter the type of payment.
The Top Benefits of Using Link
#1: Increasing Conversions
While adding Link by Stripe is a hook for customers, it also provides many big benefits directly to businesses as well. Primarily, adding Link can increase conversion rates by over 7 percent for logged-in customers. In fact, in a case study done with OpenAI, enabling Link on their site led to a 2x increase in conversion rate for Link users. Meanwhile, for the company Italic, they reported a conversion increase of 34 percent within one month of enabling Link at checkout.
#2: A Frictionless Customer Experience
At its core, the boosted conversions business owners are seeing are coming from Link’s frictionless experience. Customers using Link can check out 9x faster than non-Link customers. That means initially visiting their cart to completing their final purchase can be done in as little as six seconds! This speedy experience encourages customers to finish their purchase before they can abandon the shopping trip altogether.
#3: The Same Great Stripe Benefits
Any brand-new experience can be intimidating for both customers and businesses. However, Link is an extension building on the already known and trusted Stripe payment platform. With highly sought-after features like global payment options, transparent rates, and a customizable checkout experience, Stripe is a great option for businesses of all sizes to leverage on their site. Find out more about the advantages of integrating Stripe at checkout.
Getting Started with Payment Plugins
While installing Stripe and using Link may sound enticing, going through the steps to integrate a payment platform can be daunting. Payment Plugins is one of the leading developers for WooCommerce payment solutions. As a verified Stripe partner, using Payment Plugins can seamlessly integrate Stripe onto your site in no time. Making the process even easier, once Stripe is integrated with a site, the new Link feature can be turned on with no additional coding required, all you have to do is enable it in the plugin settings via a checkbox.
For WordPress users, getting started with Payment Plugin’s easy-to-use WooCommerce plugin has never been faster. Learn more about what’s included and how to integrate today.
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