Offer alternative payment choices on your eCommerce site to boost sales
If you operate an eCommerce retail site, one important thing you can do to help avoid abandoned shopping carts is to ensure that you offer customers more than one way to pay. Most consumers have and use credit cards, but some consumers are growing increasingly wary of entering their credit card data online. Adding alternative payments to your site can help alleviate that fear and increase the number of shopping carts that make it over the finish line to become purchases.
According to Javelin Strategy & Research®, over 80 percent of online shoppers report that they have used an alternative payment method for an online purchase in the past 12 months. But what are the top alternative payment methods available?
PayPal has long been the leader in online payments. Beginning with its first inception in 1998, PayPal has remained the front runner for sending and receiving funds online.
In the beginning, PayPal was primarily used to facilitate payments on the eBay auction website. Today, PayPal is accepted in millions of locations both online and in the physical world.
PayPal’s spin off service PayPal Credit (formerly Bill Me Later) adds a line of revolving credit to their traditional alternative payment service. Adding a virtual line of credit to your payment options could significantly increase your shopping cart to purchase ratio.
Due to its popularity amongst consumers, PayPal is a must for eCommerce sites. But there are several reasons why some consumers can’t or won’t use it, so it’s a good idea to offer other alternatives as well.
Most people recognize Amazon as a one stop eCommerce site for purchasing everything from books and toys, to party supplies and pet food. If you want it, there’s a good chance that Amazon sells it.
In 2016, Amazon claimed to have over 304 million active customer accounts, and a large number of those customers use the payment information stored on that site to make purchases on other third-party sites via Amazon Payments.
This benefits customers in two ways. One, they can speed up the checkout process on other sites by choosing the Amazon Payments option rather than going through the process of setting up another online account and adding their payment information details. Two, by choosing this option, the customer has sensitive payment information listed on fewer eCommerce sites overall.
Amazon customers can set up an account with their various credit cards and other payment methods and select which to use when making a purchase. They can also select one option to be the default payment method unless otherwise specified.
Adding acceptance for Amazon Payments benefits your site simply by virtue of the massive number of existing Amazon customers you will be able to accommodate, and the convenience you’re offering.
Mobile/digital wallet acceptance is essential for eCommerce sites today. The likelihood that a potential customer is browsing your site from a mobile device is strong, and growing every day. If you accept mobile wallets like Android Pay and Apple Pay, you’re offering your customers a major convenience that is likely to result in more sales.
When a digital wallet user is accessing your site via a mobile device, they can easily make a purchase without getting their credit card out, changing devices, or entering payment details in a form on your site.
Since mobile wallet users store their payment information digitally and can access it whenever, wherever they are, making impulse purchases a snap. And considering that the length of time it takes to checkout and the number of clicks involved in a purchase has a direct correlation with shopping cart abandonment, accepting mobile wallets makes good sense for eCommerce merchants.
Adding mobile wallets acceptance to your site is generally easy, and free as long as your processor or payment gateway supports mobile wallets.
Contact Vantiv for more information about enhancing your ecommerce website and enabling broad payment acceptance types so you can deliver even more convenience to your customers.