WooCommerce recently entered into a partnership with Mastercard to improve the digital checkout experience for shoppers and ecommerce merchants in the EMEA (Europe, the Middle East, and Africa) region. This move will not only speed up digital acceptance for merchants, but also bring new payment options for customers.
Accelerating Digital Acceptance in the EMEA Region
This partnership between WooCommerce and Mastercard is aimed at improving the digital payments and checkout experience in the EMEA region. As a result of this partnership, WooCommerce merchants can access Mastercard Merchant Cloud, which is a gateway that not only offers better payment processing but also advanced fraud protection.
In addition to a more streamlined experience and better security, merchants will also be able to accept a variety of card and non-card digital transactions quickly and safely.
Thanks to Mastercard’s global network of 200+ acquiring bank partners, this collaboration will also let financial institutions offer more services to ecommerce merchants, as well.
Leadership from both Mastercard and WooCommerce is excited about the partnership and what it means for both consumers and merchants. Maria Parpou, Executive VP at Mastercard Merchant Cloud, said that “This collaboration with WooCommerce brings the power of Mastercard’s global network to Woo’s platform, offering consumers simple and convenient ways to pay, while giving merchants access to a range of acquiring banks and helping them grow online.”
Beau Lebens, Woo Lead, added that “By working together, WooCommerce merchants gain access to the widest array of banking and financial services relevant in their region with robust new payment options.”
Giving Ecommerce Merchants and Customers More Options Than Ever Before
This move could have a widespread impact on digital acceptance throughout the EMEA region. WooCommerce merchants will have access to not only secure global payment solutions, but also the local payment methods that many consumers around this region rely on. As a result, consumers have more choices in how they pay, and the entire process will be much more convenient for all parties.
In addition to being great for customers, allowing consumers to have access to more payment options may also lead to better conversion rates and less cart abandonment for sellers. For example, in the past, many sellers may have seen lower conversions and higher bounce rates if they only accepted a few payment methods vs. the many they’ll be able to accept after this news.
While offering additional payment methods is a great way to reduce cart abandonment, other methods that ecommerce brands can try include:
- Be transparent and show all costs (shipping, taxes, etc…) relatively early in the process as opposed to late.
- Keep the checkout process as simple and streamlined as possible, without too many steps or confusing form fields.
- Ensure that your cart loads and works well on mobile devices and computers alike.
- Offering reasonable delivery times and estimates. If your delivery times are too long for a customer’s liking, they may have second thoughts about the purchase.
- Consider a retargeting campaign or abandoned cart emails to try to bring potential customers back.
