Thursday, June 17, 2004

Add another payment mechanism and make more money...

Scott Loftessness informs us:

CyberSource has released the results of a recent study it performed that concludes that merchants can convert as many as 20% more customers by offering them more payment types to choose from.

Those merchants offering one payment type, such as general purpose credit cards, for example, convert 60% of their shoppers. Those offering four types, e.g., credit cards, gift certificates, eChecks, PayPal, etc., convert 72% of their shoppers -- a 20% increase.

The survey results are incorporated into a new industry whitepaper from CyberSource, "The Insider's Guide to eCommerce Payment".