Success in the ever-expanding eCommerce world requires growing your reach and a payment strategy focusing on the needs of consumers around the globe.
Alternative payments offer the consumer another payment choice helping to streamline the checkout process. One huge benefit of alternative payments is they eliminate the need to enter credit card information with every purchase. The rise in online and mobile shopping in a secure environment has created a necessity for a variety of alternative payment options. Mobile, eWallets, micro-payments, cash options and online banking are just a few of them. In order for merchants to increase online consumer traffic, they need to be aware of the many alternative payment options available and understand which alternative payment types will add value to their online store and which their Customers prefer. Alternative Payments appeal to customers because they offer an ease of use, security, and peace of mind. By offering an alternative method of payment, a merchant can gain acceptance and exposure to new markets and new consumers.
The use of alternative payments at checkout will continue to grow globally. Some alternative payment options available that your consumer base prefers and are using already,
- eCommerce transactions are expected to increase from 5.5% of total retail purchases to 19% in 2016
- Online alternative payments are expected to increase $31 billion over the next 5 years, to $83 billion by 2016
- 34% of consumers have a concern that credit or debit card data will be used fraudulently
- In 2011, 49% of consumers used an alternative payment at least once for an online purchase vs the 80% that reportedly used an online alternative payment to make a purchase in the last twelve months
Offering alternative payments through your One Connection to Cardinal is easy for you and provides your customers with more ways to purchase online safely, securely and with less friction. Cardinal Centinel® is a patented, cloud-based platform which enables merchants to accept multiple payment brands, as well as authenticate payments and secure transactions, leading to improved margins. Offering more than thirty different alternative payment options, Cardinal can help you decide which options are the best for you and your Customers. Our technology lets you turn alternative payment methods on and off easily, allowing you to test different payment brands and keep your eCommerce business growing.