Checkout.com reveals that “two out of three people never hit pay”

Checkout.com has revealed that – while “two out of three people never hit ‘pay’ when they’re buying goods online” – the global payment platform will be doubling its team in 2022, creating over 600 new jobs in London alone.

Retail lead and SVP of sales Moshe Winegarten revealed the significant growth plans to Charged following the company’s recent partnership with Frasers Group, which will see it processing digital payments for brands including Sports Direct and House of Fraser.

“It’s a really significant partnership for us,” commented Winegarten. “Frasers Group is happy to use a best-in-class solution, as it understands it’s more valuable to them, rather than having a generic omni-channel solution.”

He predicts that other predominantly brick and mortar retail brands will be following suit as they look to thrive in the digital economy, further driving Checkout.com’s current growth.

“We have over 1,700 employees in 19 offices across five continents,” Winegarten revealed. “But we expect our global team to increase by 200% this year alone, which will see the creation of over 600 new jobs right here in London.”

In addition to the Frasers Group partnership Checkout.com has also had a series D funding round which raised $1 billion. The new capital will allow the business –  currently valued at $40 billion – to strengthen an already-solid balance sheet and focus on driving key initiatives including US growth and continual technology evolution.

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Exciting things are planned for the future too, as the business continues to “disrupt outdated legacy banking systems”. A comprehensive new solution for integrating payments into online marketplaces is launching later this year, and an innovative solution to settle transactions for merchants using digital currencies currently in beta-testing.

Recent Checkout.com research found that 40% of UK retailers with both a physical and online presence expect their ecommerce business to grow over the coming year. As a result, almost a third (31%) are planning to invest in their social capabilities, although just four% are looking to optimise their payment facilities.

According to Winegarten, merchants often fail to spend time or effort on their checkout, despite it being “the most pivotal moment in the customer journey”.

“On average two out of three people never hit ‘pay’ when they’re buying goods online,” he added. “That’s a huge pool of potential customers who give up mid-way through the buying journey, resulting in lost sales and revenue.”

“Retailers are aware of the need to prioritise ecommerce. But they also need to understand that if they don’t have a smooth payment process for their customers, they’re going to lose out.”

FintechNewsPayment

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