Easy and automated access to alternate payment types increases conversion – yet traditionally has been something of a challenge for merchants. Wiring in new (or multiple) gateways, stitching back-end integrations and layering accounting and reconciliation processes often means the cost-to-benefit ratio stops stacking up even before you’ve even begun.
So, while we know the payment structures on payment types such as direct-debit are attractive (i.e. flat-rate transaction fees) and accessing these facilities could reduce cost and raise conversions – we just can’t ‘get there’ easily.
For many of us it seems better to pass up the financial boost just to avoid the headache.
But what exactly have we been passing up?
Here’s some facts:
50% of those who regularly shop online said that if their preferred payment method is not available, they will cancel the purchase. [1]
…alternative payment methods are expected to grow with approximately 6-7 % in the next few years. [2]
Latest analyses show that every additional payment method which is offered by a Merchant can help increase conversions with 14%. [2]
Depending on the characteristics of your site you will probably see somewhere in the region of 5 to 10 percent improvement in your site’s overall conversion rate, which is still significant enough not to be ignored. [3]
Correspondingly, WorldPay’s data shows us that alternative payment methods (types other than credit or debit cards) will account for more than half (59%) of all transactions online by 2017.
This means that you’re not already offering ready access to multiple payment sources, you’re leaving real money on the table.
How can we fix that? With Paydock it’s on average 50% quicker to work with gateways. You can stop missing out on lost transactions and take new payment types. You can be up and running in hours (if not minutes) in your website while also delivering seamless user-experiences and consistent business process.
Find out how much you could be earning by calling us today on +61 2 8218 2141 or Use the Quick Income Calculator below to see what difference using Paydock can make to your brand.
Here for your benefit!
All of us at Paydock.
P.S. Combine with the built-in subscription, notification and backup gateway services and Paydock can raise conversions in excess of 40% while simultaneously saving you thousands.
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Use the form below to see how much money you could be leaving on the behind without Paydock.
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1. ‘Survey finds that retailers are losing millions.‘ Retail Technology Review, 2009
2. ‘Boost conversion rate by offering alternative payment methods’ eMerchantPay, 2012
3. ‘Alternative Payments and Ecommerce Conversions’, PracticalEcommerce, 2013
