Sales Conversion Rate For Ecommerce Sites By Number of Payment Methods Offered
The report finds that nearly all sites offer general purpose card payments (payments made with Visa, American Express, Master Card or Discover cards.) 46% offer gift certificate payments and 41% allow consumers recurring billing options. Over 20% offer choices like PayPal or electronic checks.
Types of Payment Methods Offered (% of respondents)
The survey also found that shopping cart abandonment rates decline with increases in the number of payment methods. Cart abandonment for survey respondents offering only one payment method was 40%. The rate dropped to 34% for retailers offering two payment methods, 29% for those with three and 28% for those with four or more.
"To get dramatic steps of improvement, retailers need to move to whole new payment categories beyond cards," said Doug Schwegman, director of market intelligence for CyberSource.
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