7 Benefits of Stored Payment Information

Tirrah Switzer, Senior Product Marketing Manager

April 27, 2021

Over the weekend, I made an embarrassing number of online purchases. Of course, I made several purchases from Amazon. Nothing that I absolutely needed, but checkout was quick and easy. Amazon never asks me to enter payment information at checkout. Instead, payment information is stored under the Manage Payment Options under My Account. The concept is brilliant. Once your stored payment information is established, every time you checkout it is a snap!

Now, why can’t my membership renewal or association products be so easy? It can be!

We all want that Amazon-like experience in each aspects of our lives. A major step in achieving that experience would be to implement the stored payment concept for your members and constituents. Give your members an easy place where they can manage their stored payment information, as well as the ability to checkout using that stored payment method.

By adding stored payment methods to your association, you are removing barriers that sometimes get in the way of your members constituents purchasing something, and you are giving them a more Amazon-like experience.

​If you don’t already have stored payment functionality on your association’s website, here are seven reasons why you should consider adding it today:

Remove barriers

I stated this above. In my opinion, it is the #1 reason an association would want to offer the option to save payment information. The sole purpose of this functionality is to make the checkout process simpler. It seems like such a straightforward concept to get your mind around.

Requiring your members and constituents to always enter their credit card information for every online purchase with your association is a barrier. Removing any barriers to a purchase would be a huge win for your association – #winning

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Quick and easy

Stored payment information gives your constituents a quicker and easier checkout experience! What’s not to love about that? We all love quicker and easier. Think about the old saying, Time is Money. Your association’s members and constituents value their time. (Don’t we all?) Having a faster online checkout process will only make your constituents happier. Happier members and constituents will most likely translate to their return for future purchases.

Increased retention

Stored payment information gives your greater depth of payment options not only for today, but also for the future. Establishing stored payment information is the foundation for a wide variety of additional customer-centric scheduled payments (auto-renewal, recurring, installment, etc.) your association can take advantage of. Not only can your members join or renew with the association as a member, but they can also opt in to using that stored payment information for a scheduling of future-facing recurring payments.

You have now made it even easier for your members to retain their membership with the easiest payment options – all leveraging the stored payment information they have on their account.

Convenience

In today’s fast-paced life, we all appreciate anything that becomes convenient. Providing your constituents with the ability to store payment information, for an easier and speedier checkout experience, is definitely a convenience. No matter how you say it, not having to pull out your wallet or purse to find your credit card and reenter all of the payment details (for the umpteenth time) is a huge convenience.

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Improved user experience

Simplicity is king! Adding the ability to checkout with already existing stored payment information optimizes the checkout process. Having this improved user experience could be the difference between a new order and an abandoned cart.

Regardless of the device (mobile, tablet, laptop, or desktop) your constituent is using, this improvement will make it easier for them to checkout.

Engaged customers

Engaged customers are a huge asset for any organization. Associations are no different. If you bring your constituents to an e-commerce website that provides simple, convenient, and speedy checkout offerings, it’s just one more reason for your constituents to engage with your association.

Offering your constituents the option to store their payment information for future purchases means they won’t have to keep repeating the time-consuming process of continuously entering their payment details every time they stop by your association’s website. You are not only building engagement with your constituents, but you are also fostering your next repeat customer.

Trusted and secure

It is an accepted practice today to store your payment information on a website you trust. I trust Amazon, so I have no problem storing my payment information for all of the benefits listed here.

Your constituents go to the association’s website and purchase things because you are trusted in their eyes. You are the industry expert for them, or the top resource for their profession. Your members will have that same trust in conjunction with saving their payment information to their account on the association’s website. They will know that their information is stored securely and PCI compliant. You have built that trust.

Next steps

​I ask you to take a minute and go to some of your favorite e-commerce websites. See how many of them offer the ability to store payment information. Take stock of how stored payment functionality on those sites help to expedite the checkout process to purchase a product, pay a bill, book an airline ticket, or reserve a hotel room. Then go back to your association’s website and consider how adding stored payment information can help and benefit your association’s members and constituents.

Everyone wants an easier and more convenient checkout process! And your constituents will love you for it.

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