Most online merchants accept debit and credit card payments, but many do not offer an e-check option for their customers. E-check acceptance is easy to implement, and studies show that offering additional payment options can increase transaction completions significantly.
Internet retailers expend tremendous resources driving consumers to their sites, ensuring that the sites are aesthetically pleasing and easy to navigate, and merchandising them with desirable products at attractive prices—only to have many of those potential customers leave the site after they have placed items in their virtual shopping carts and proceeded to the checkout. When the marketing research firm MarketingSherpa surveyed 1,100 online merchants, Anne Holland, the firm’s president, was stunned by one finding. In her popular blog, she noted that based on anecdotal information, she had expected that the study would find a shopping cart abandonment rate of 20 percent to 30 percent. The results of the survey, however, proved that hypothesis wrong: Respondents reported an average cart abandonment rate of nearly 60 percent. Similarly, a May 2009 comScore/PayPal survey reported that 45 percent of online shoppers had abandoned a shopping cart multiple times over the prior three weeks.
Are you looking for ways to increase online transaction completions? Perhaps it's time to explore offering additional payment options.