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I've seen reports indicating an increase in the gross conversion rate by 2%. So if you were converting at 3%, you would now convert at 5%. This was from a Cybersource survey of several hundred medium/large retailers doing over $1m/yearly sales.
What have you guys seen in terms of an INCREASE due to checks or Paypal...I'd especially like to hear from those of you who started off with credit cards.
It would also be interesting to hear whether you feel these alternate payment methods are incremental sales you would have otherwise lost, or if they are 'replacements' of credit card sales.
I ended up dropping it. I would consider it again if there wasnít a volume penalty. It only amounted to maybe 1% of our sales.
Moral of the story: read the fine print.
The government and media here insists on telling everyone that all anglophone sites are dangerous credit card details stealing sin pits ...plus CC processors in a language that your customer can't understand are not inducive to inspiring confidence and therefore sales ...
and worldpay is not sensibly priced ..except in the eyes of worldpay ...
This said ..the interbank charges can be very high so I always advise that if customers want to pay by cheque that they email for the exact amount to be confirmed ..
For B2C, forget it. We offered electronic cheque payment, and it accounted for less than 0.5%. Get a few bad cheques, and it will wipe away any advantage. We got rid of it.
In addition to Credit Card, we offer paypal and Money Orders. Most people pay by credit card, and if they don't want to pay by credit card, then most likely they have bad credit, and their cheques are more likely to bounce. [I know their are exceptions, so don't flame me on this, if you are one of these peoplethat can happily manage their life without plastic.]
We do take credit card by phone, for those that don't like to give C/C info over the web. Money orders actually account for 2% of sales, c/c by phone 2% and paypal is virtually non-existent. However I hear that paypal works for some people. I guess it depends on the type of business you are in.