How Thai Businesses Can Convert More Customers and Drive Growth with Stripe Payments
by Seven Peaks on Jun 14, 2023 12:38:00 PM
In today’s digital economy, businesses in Thailand have grappled with numerous payment pain points – from convoluted setups to opaque pricing structures, to a lingering feeling of complexity.
Thai entrepreneurs want payment solutions that are transparent, efficient, and allow them to focus on core business objectives. This is where Stripe, an industry-leading payment processor, comes into the picture. By offering solutions that optimize revenue, improve operational efficiency, and enable global scalability, Stripe can help Thai businesses fix the “leaky funnel” and accelerate their growth.
Optimizing Revenue with Modern Checkout
An important step in addressing these challenges is optimizing the checkout experience. Stripe’s Optimized Checkout Suite is a proven tool to increase global conversion rates.
The solution is incredibly easy to implement, thanks to low and no-code solutions like Checkout and Payment Links, enabling businesses to launch faster. It allows companies to tailor the checkout experience, reducing friction and resulting in fewer abandoned carts.
Preventing Fraud with Machine Learning
In the modern digital economy, fraud prevention is a crucial aspect of doing business. Stripe’s Radar uses machine learning to effectively prevent fraudulent transactions, having shown a 40% dispute reduction across its users.
Moreover, 91% of cards have already been seen on the Stripe network, enabling proactive detection and prevention of fraud. This sophisticated tool aids businesses in safeguarding their revenue and reputation.
Increasing Acceptance Rates with Payment Optimizations
Stripe doesn’t just protect businesses; it also actively helps them grow. Its Payment Optimizations feature has been shown to increase authorization rates by 2.5%. This is achieved through the use of Network Tokens and Card Account Updater (CAU) to rescue false declines and Adaptive Acceptance to retry failed payments.
These intelligent tools minimize lost sales due to card errors and ensure that businesses don’t leave money on the table.
A Proven Return on Investment
By reducing fraud and chargebacks, optimizing payments, and improving authorization rates, Stripe offers businesses an impressive return on investment. According to a Forrester TEI™ Study and an IDC report, businesses can see up to a 326% increase in ROI and a 59% increase in development productivity by using Stripe. This allows businesses to focus more on innovation and less on handling payments.
In terms of reliability, Stripe boasts a 99.999% uptime, according to their status page. This level of reliability ensures that businesses can depend on Stripe for their payment needs, providing peace of mind and letting them concentrate on what they do best.
Leveraging Subscriptions and Billing for Improved Customer Experience
It’s crucial to note the importance of a positive customer experience in the context of subscription services. According to the 2022 report on ‘The State of Asia Pacific Checkouts’ by Stripe and Edgar, Dunn & Company, 79% of customers have had a negative experience with subscriptions. This highlights the need for businesses to ensure a seamless, user-friendly subscription and billing process.
Stripe offers robust solutions for managing subscriptions and billing, further simplifying payment processes for businesses. Its platform enables automatic invoicing, prorating, tax calculation, and other complex billing operations, freeing businesses from administrative hassles.
For Thai businesses looking to drive growth, improve customer conversions, and simplify their payment processes, Stripe offers a comprehensive suite of tools and services. By addressing common pain points and providing easy-to-use, efficient, and globally scalable solutions, Stripe is well-positioned to help businesses in Thailand reach their full potential in the global digital economy.
Moreover, Our alliance with Stripe provides Thai businesses with access to an even more extensive suite of services. Not only can businesses benefit from the world-class payment solutions offered by Stripe, but they can also leverage the cutting-edge digital product services provided by Seven Peaks and Morphosis. This includes everything from mobile and web development to maintenance and support.