How can you design a Payment System with a clear and simple onboarding process?

First of all identify the region, type of business and basics of merchant business, helps them to understand the use of the payment system how it's different and more convenient and helpful than their current conventional system. Once convinced to board them with very basic details in the very first instance with limited controls of limit etc. once they feel the use and benefits of using it builds confidence and trust then go further for more details required for compliance and KYC etc to utilise more features and limits etc. I hope this surely helps merchants to have trust in the payment system and can easily cover other merchants and bring them into the payment ecosystem by giving the example of their neighbours mechants.

Not all payment systems are suitable for all industries, and not all payment methods are useful for everyone. In this case, it is important to know which users you want to reach, for example: A utility company needs a payment system oriented to have variable recurring payments. A magazine needs a payment system to handle fixed subscriptions. An e-commerce needs a payment system that allows you to choose the best payment method. In this case, knowing the user makes all the difference to improve the value proposition of your product.

Understand the core understandability quotient of your users - design a flow/system that is in a language (verbal and pictoral) that is relatable and understandable Payments is a tricky and sensitive subject across many gepgraphies - be mindful of that and aim to empower your users to transact with ease, security and TRUST

Simplify the registration process by minimizing the number of required fields and asking for only essential information upfront.

Not only knowing the flow but minimizing the number of steps is important to have a much smoother payment flow. This is important when you are using alternative payment methods, such as PSE, PIX, WebPay, etc. The idea is to minimize the chance that the payer will abandon the payment and that he/she feels secure in providing his/her data for this flow.

There's one thing about people, who mostly are your clients, they hate filling long forms! What that means is you need to make it extremely simple for them to buy. Offer guest checkouts, social logins, and pre-filled information. Make it easier for your regular customers to buy, most of them buy the same set of things regularly, so suggest purchases and offer one-click checkout. Save their time and they'll want to buy more, because you make shopping fun!

To create a streamlined sign-up process: 1. Request only essential info initially (username, email, password). 2. Use progressive disclosure for additional details. 3. Clearly mark optional fields to skip. 4. Pre-fill forms with smart defaults to reduce typing. 5. Employ auto-detection and validation to minimize errors. 6. Choose between single-page or multi-step forms. 7. Utilize clear call-to-action buttons for each step. This approach ensures simplicity, efficiency, and user-friendliness, enhancing completion rates and overall user experience.

The offer not only changes between countries, and between companies, as we indicated at the beginning it is important to know the user but also which is the market in which you are going to work, in this case, you can take into account important points such as: APMs: Alternative payment methods are important in regions such as LATAM, due to users are familiar with these. Multi-currency: Allowing payment in currencies other than the local currency, or allowing the currency exchange at a slightly higher rate, will give you an advantage with foreign customers. PCI: PCI certification is a great asset at the time of the value offer since a third party accredits you in the handling of sensitive information in card payments.

Not every customer will want to pay through Apple Pay. That's why there are a plethora of options with different payment processors. You know what's annoying, when your customers don;t find their specific, preferred payment option and is forced to choose the limited 2 options you offer. That'll do two things for your business: 1. Annoy your customer. 2. Force them to type and do extra work. What most customers will do instead, is go to your competitors and buy the same thing. there you go you just lost a customer because people are finicky when it comes to payment processors. It's time you consider and accept it!

Provide a clear and accessible data privacy policy that explains how user information is collected, stored, and used. This builds trust and transparency with your users. Employ secure protocols like HTTPS to encrypt all data transmission during the onboarding process, protecting sensitive user information. Enforce strong password requirements with a minimum character length and complexity to prevent unauthorized access. Offer MFA options for added security, requiring additional verification beyond just passwords during account creation and login.

To guarantee security, the payment systems have several points already known, such as: https: This certificate is important to know that the information will be passed securely. 3DS / PSD2: This is a widely used and certified method for card payments. OTP: The One time password helps to validate that the payers are authenticated through a second channel. These are some of the points that can be integrated with Payment Systems.

Seamless Integration with Existing Systems: Integrate your payment system seamlessly with users' existing accounts or platforms whenever possible. Leverage AI algorithms to analyze users' behavior and preferences, enabling automated data synchronization and pre-population of relevant fields during onboarding. By minimizing data entry requirements and streamlining integration processes, you can significantly reduce friction and enhance the overall onboarding experience.

Responsive Support Channels: Offer multiple channels for users to seek assistance during onboarding, such as live chat support, email support, or community forums. Implement AI-powered chatbots capable of resolving common queries instantly, while also enabling users to escalate issues to human support agents when necessary. Prompt and responsive support enhances users' confidence in the platform and minimizes frustration during onboarding.