Alternative payment options have grown exponentially in the last few years and they show no sign of slowing. This has been largely a response to customers demanding more choice when it came time for the bill. Credit cards, once the be-all and end-all of online payments, have been watching their e-commerce market share disappear to more secure, versatile and money-saving alternatives such as Payza.
Consumers are definitely moving away from credit, but they’re not all going in the same direction. A study from Quality Research Associates has shown that the online merchants that perform the best in customer conversion are those that offer the most payment options. By offering at least four choices, retailers can increase their conversion by 20%.
This shows that shoppers all have their own personal preferred way to pay. The alternative payment market is fragmented differently all around the world, so there’s no one best solution to choose. To offer only one choice, no matter how effective or convenient, is to alienate many potential customers. The key to conversion is to choose an online payment platform that offers a range of payment processing options.
The Decline of Credit
There are many reasons why credit is losing favor in the first place, such as:
- Limited credit card penetration in emerging marketplaces
- Local and region payment habits in markets newly opened by e-commerce
- Shoppers wary of the debt trap and the high interest rates associated with credit cards
- Increased security concerns regarding the sharing of credit card information online
Businesses that don’t offer an alternative to credit card payments are missing out on a huge proportion of their potential conversions.
It Pays to Payza
When it comes to alternative payment methods, it looks like payment platforms such as Payza are taking the lead. According to a study from WorldPay, e-wallets are expected to reach a 43% marketshare by 2015. But at Payza, we’re taking online payments to the next level.
Not only is our payment platform one of the leading alternative payment options globally, it’s also versatile in its own right. Payza provides an all-in-one solution to the e-commerce needs of business and customer alike. Even if your customers still want to pay by credit card, Payza can process those payments for you.
Using Payza to power your online business puts a suite of features at your fingertips, from mass payment options and customizable invoicing tools to payment buttons and streamlined shopping cart integration. We offer our payment solution on a truly global level, in over 190 countries, and we’re dedicated to making our service as simple, international, versatile, and secure as possible. Our ever-evolving online payment processor is already used by millions of people around the world who have sought out an all-in-one solution to their e-commerce needs.
Payza Business Account Features
So if you want to open your online business to the global marketplace and start converting more customers today, sign up for your free Business account from Payza!