Posted by admin on Mar 22, 2010

 

Boost Profits with Alternative Payments

Cards are the most popular method of payment for consumers making purchases online.  But, if you only accept cards at checkout, you are losing sales and leaving money on the table unnecessarily.  

Alternative payment methods are the fastest way to increase sales. Get orders from shoppers that don't have cards, are maxed out on cards, or who simply to pay you without using a card.

Alternative Payments for US Shoppers

The US has the highest penetration of card use than any other country in the world.  In credit card debt ridden America, think of the number of cardholders who have maxed out credit limits.  And, one can hardly ignore the number of potential buyers, including recent immigrants that do not have cards.

Additionally, the increasing concerns buyers have about security threats and identity theft make them afraid to disclose any personal information online, including credit card data.  Even with the card associations increased requirements for 3-D Security, cardholders are still wary.

Electronic Checks Most Popular Alternative Payment Method in US

Electronic checks are the most commonly used alternative payment method in the US. Millions of Americans regularly purchase goods & services online with echecks.

Echecks give you the ability to electronically debit funds from buyers' bank accounts. Funds are automatically deposited to your business bank account.

More than 30% of US ecommerce sites accept checks online. If you do not have echecks as a payment option on your checkout page, you risk losing sales to your competitors that do.

Alternative Payments for Global Ecommerce

In international markets, low penetration of credit cards mean merchants must offer alternative payments. For example, Germany is the second largest internet shopping markets in the EU.  Yet, only 26% of Germans prefer to use credit cards for online payments.  In China, use of credit cards is less than 5%.

Be aware of the preferred method of payment in international markets and add those international payment types options to your shopping cart.  Local bank transfers are the most commonly used alternative payment method for international shoppers.

Conclusion

The more ways shoppers can buy you, the more sales you make.

In the US, accept checks online and watch your sales grow. For international merchants, local bank transfers are often preferred over cards.

Interested in increasing sales & profits with alternative payments?

Contact info@paynetsecure.net today