When it comes to payments, consumer habits have developed over time and are strongly national.
The UK is a card-loving nation. 63% of online purchases are made via payment card, while 21% use PayPal and 11% pay by an alternative method, say figures from eCommerce Worldwide. However, just over 400 miles away in the Netherlands, it is a very different story. Nearly 60% of online purchases are made via bank transfer, with only one-third by cards.
Alternative payment methods
The term ‘alternative payment methods’, is a bit of a misnomer. Bank account-funded payments, real-time payments, mobile and other digital payments are actually the default way to pay in many countries.
‘Alternative’ actually went mainstream long ago. In fact, one-in-four online shoppers in the US will abandon their purchase if their preferred payment method is not available. In Europe, it’s higher at just over two-in-five shoppers. And in Asia, it stands at three-in-five, according to e-payment specialist PPRO.
You must support commonly available payment methods. But more importantly, you must support the preferred payment methods of your target market and sector. Globally there are subtle regional differences. In Europe with a high banked population, alternative payment methods tend to be based on online banking. Whereas in Africa with the proliferation of mobile, payment methods are optimised specifically for this channel.
How CashFlows can help
CashFlows can offer a variety of ways to pay, helping you convert more sales from more customers more of the time. That’s everything from credit and debit cards to local alternatives and sector-specific options.
Find out more
We simplify integration and can offer advice on the best alternative payment method bundles. So, contact us today to learn more about optimising online presence in your key markets at firstname.lastname@example.org