Posted by admin on Jun 08, 2010

 

Reduce Shopping Cart Abandonment with Alternative Payments

Consumers abandon shopping carts for many reasons. Regardless or the reason, an abandoned shopping cart means no sales to you.

According to a recent study 22% of buyers said the absence of the payment method they wanted to use was the reason for abandoning the transaction and leaving the site.  

This is a powerful reason to accept alternative payment methods such as electronic checks.

Only 70% of Americans have cards.  Yet, more than 95% of US households have bank accounts and can pay you with an echeck. 

And of those shoppers with cards, 25% are close to their limits. If a card is declined, offering an echeck payment option lets you rescue a sale that otherwise would have been lost.

Other Reasons for Abandonment

Cost of shipping is a big issue.  43% of shoppers left the cart due to cost of shipping. Consumers are surprised when shipping is higher than expected.

Other reasons included: total cost of purchase ending up more than expected (36%).

A desire to visit other sites before buying (26%) was another reason shoppers leave sites.. Since 30% of internet sites accept checks online, you risk losing the sale if the shopper goes to a site that offers echecks and you do not.  

Others reasons for shopping cart abandonment is that wallets or purses weren’t readily at hand at the time or fears that the site could not keep their card data safe. 

With about two-thirds of consumers walking away from sites before completing transactions, checkout abandonment is a sizable problem for online merchants. A recent survey reveals that the average purchase amount lost each time is $161 (on an average of 2.4 items) for large merchants and $118 (2.2 items) for small ones.

Conclusion

While you can't control all the reasons shoppers abandon carts, you can control the payment options you offer at checkout.  

Electronic checks are the most popular alternative payment option for US shoppers. Millions of Americans use echecks on a regular basis to pay for goods & services online.  

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

How many payment options do you have on your checkout page?

Contact info@paynetsecure.net