In today's competitive market, loyalty is vital. In fact, it’s so important that 57% of consumers will spend more on brands to which they are loyal.
Customer loyalty drives recurring revenue. Loyalty is difficult to gain and easy to lose. One slipup in the customer journey and all loyalty is lost. Creating an experience that customers enjoy is essential for business.
There are many steps in the customers’ journey that can make or break their experience, and payments should never be one of these. Studies have found that 86% of buyers will pay more for a better customer experience.
As a payment solution that always strives to create a seamless payment experience, Ozow understands how important it is to not only attract new customers but also create returning ones. That’s why we’re proud of our existing customer base – it means merchants who use us can expect recurring customers that already trust our solutions and brand. And through our flagship product Pay by Bank, as well as our Refunds and Payout solutions, we offer a comprehensive range of payment tools. Customers who experience Ozow payments are much more likely to use it again and again.
Here’s how we do it.
A key advantage of Ozow is its ease of use and accessibility. With a simple and intuitive platform, customers can make quick and secure payments without any trouble. The seamless checkout process means customers don't have to waste time inputting card and payment details. This user-friendly experience makes it more likely that customers will choose to return to businesses that offer Ozow as a payment option.
Ozow isn’t just easy for consumers to use, it’s easy for merchants as well. On top of end users getting a much quicker and easier checkout experience, Ozow merchants can keep track of all transactions through the Ozow dashboard. Our dashboard has been built with the merchants front of mind. It offers helpful insights into abandoned carts, transaction count, value, and volume. Merchants can also see which bank their customers use and see which banks perform the best in their store. This allows merchants to accurately forecast their revenue, plan their expenses, and manage their cash flow more effectively.
Fids Chiwara, Head of Client Success tells us this about the dashboard:
“The Ozow dashboard provides a detailed, end-to-end view of transaction movement. Merchants can view real-time status of a transaction (pay-in or payout) from initiation to completion, right down to date and actual time. Logs are generated containing all activity pertaining to each transaction. A full audit trail can be extracted by the merchant as needed, which helps in reconciliation processes or overall analysis of user behavior.”
He further adds that “the dashboard is secure, with access rights granted to merchant users aligned to their relevant internal controls.”
Ozow payments notify merchants of a transaction in an instant. So, when using Ozow, merchants don’t require proof of payment from the customer. Ozow’s instant notifications mean the merchant can start preparing and shipping the goods immediately, just as fast as if you paid with a credit card. This in turn, allows customers to receive their goods much faster.
On the flip side, returning a product is just as quick. With Ozow Refunds, requests get processed on the same platform as the originating transaction, this allows for a super-fast refund process, and the elimination of human error. For the customer, their refund will happen just as fast as the payment they originally made. It's this consistency and speed that drives recurring revenue for our merchants.
When using Ozow, merchants no longer have to wait days to receive payments from their customers. With instant notifications, merchants can pack goods and prepare delivery ahead of time, which saves time and improves business efficiency. Additionally, this also reduces the risks of proof of payment fraud. Allowing merchants to deliver superior value and service for their customers creating stickiness.
For our partners, Ozow cuts down human resource reliance and the potential for human error. By automating aspects of the process, merchants reduce the need for human input when requesting payments. This increases the speed of our payments and frees up time and resources for the merchant.
We have Application Processing Interfaces (API) to thank for making our payments fast and powerful. By using APIs, integration is easy and quick and payment processing is instantaneous. Our API enables merchants to easily set up payment request links or QR codes for their customers, ensuring that they receive payment quickly and securely. This is particularly useful for businesses that need to collect debt or receive payments from customers quickly.
But it all comes back to the user. The customer. They’re the ones who feel the true power of a bespoke payment system, with products that dramatically improve the user checkout experience. With Ozow, customers can be confident that their personal and financial information is safe and secure. This peace of mind is essential in building trust and creating a returning customer base.
Security and data protection are at the core of our payment solutions. That's why we use the latest security measures to ensure that customer information is protected. Being PCI complaint means our security and data protection is held to the highest standards and appropriate measures are taken to ensure this.
Ozow is a powerful solution for merchants looking to create returning customers. With our tried and tested system customers are more likely to choose Ozow again and again. We’re trusted because people have positive experiences using our platform.
By offering Ozow as a payment option, merchants are giving their customers a quick and simple way to make purchases again and again.
Do you want to know more about how Ozow can help create recurring revenue for your business? Contact our sales team.