Importance of Accepting Alternative Payment Methods

 Some people look at the internet as the boogeyman… People are afraid to put their credit card information on the internet because you never know if the “boogeyman” is actually on the other end. The fact of the matter is that problems can happen when you use a credit or debit card online or face to face. I once paid $1,218.00 for a sandwich when my total bill was supposed to be $12.18! Needless to say, a few phone calls later and ten business days of waiting, the funds were put back into my account. My information was not stolen, but I can tell you that this issue was a HUGE inconvenience for me. 

 

There are millions of people who have been affected by identity theft. Spendonlife.com reported that 11% of identity theft comes from online methods. As an eCommerce merchant this is something that you need to be aware of and have alternative payment methods in place for customers and potential customers who are leery of providing their credit card information on your site.

 

The three biggest names in the alternative payment methods industry are PayPal, Google Checkout, and Checkout by Amazon. I have talked to multiple clients of ours regarding the importance of having these solutions available. Many clients understand the importance, but some are still sluggish to catch on. In 2008 PayPal conducted a survey with Jupiter Research to learn more about how online consumers. Here are some of the details they found out:

  • 48% of all online adult shoppers prefer the convenience of alternative payment methods – 66% of consumers prefer online stores that offer them.
  • 61% of online shoppers choose sites that offer both credit and debit card payment options.
  • One in eight consumers thinks about how to pay even before deciding what to buy.
  • 55% of consumers think about payment methods that they will use before they click on the checkout button.

 

So when you’re getting your business ready for the upcoming holiday season, think about how you’re going to accept payments. Cart32 offers integration with the big three alternative payment methods. If you don’t already offer alternative payment methods, strongly consider it. It may help those leery shoppers turn into long time customers!

 

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