Boost online sales by offering alternative payment options
If you operate an ecommerce retail site an important thing you can do to help avoid abandoned shopping carts is to ensure 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 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 payments online. Beginning with its first inception in 1998, PayPal has long been the front runner for sending and receiving funds online. Whereas 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 can significantly increase your shopping cart to purchase ratio.
Most people recognize Amazon® as a one stop ecommerce site for purchasing everything from books, to toys, to party supplies, to pet food. If you want it, there’s a good chance that Amazon sells it. But in addition to the 215 million active Amazon customer accounts, millions of people use their stored payment information on Amazon, to make purchases on other third-party sites as well via Amazon Payments®. Consumers can set up their Amazon account with their various credit cards and bank accounts and select which to use when making a purchase.
Google Wallet™ is a digital wallet that allows customers to store their payment information digitally and access it whenever, wherever they are. It works with all debit and credit cards and with every mobile phone carrier. It also offers a plastic option for making purchases in brick and mortar locations. It can even be used to make ATM withdrawals. Adding the “Buy with Google” button to your ecommerce site can give customers a two click payment option that makes purchasing on your website a breeze.
Contact Vantiv for more information about enhancing your ecommerce website.