According to industry researcher Forrester, nearly 60% of major U.S. merchants use alternative payment options on their ecommerce sites. Although implementing new payment options on your site comes with logistical challenges, there are advantages that may make it worth your while.
For example, alternative payment methods can increase the number of mobile purchases on your site. This is because most alternative payment systems address the two biggest concerns mobile users have when making a purchase on an ecommerce site: convenience and security. Going through the checkout process on a mobile device can be challenging to navigate. Plus, many mobile users have reservations about entering all of their credit card information over a potentially unsecured mobile network, on a device that is easily lost or stolen. Alternative payment options, like Google Wallet or Amazon Payments, are designed to securely store users’ information and drastically reduce checkout time.
International shoppers are another group of users that are likely to take advantage of your alternative payment options – increasing your international sales. Not only will alternative payments ease your transition into international shipping, but Forrester reports that about 40% of European shoppers use PayPal – a popular alternative payment system you should consider implementing.
Now that we’ve covered some of the benefits to including alternative payment options on your site, we’ll dedicate an upcoming blog post to tips for effectively integrating alternative payments.