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my target market is low-moderate income middle america, and i get at least 1 email a wk asking me if i take check/moneyorders....not that its a high volume, but the way i figure, for each 1 that asks, there are 9 more that don't.
does anyone here have an experience with conversion rates improving when taking on additional forms of payment? or even-moreso if you're a hardcore B2C shop, selling to ppl who may not have CC's?
i'd love to hear other's takes on this issue...
We offered COD and it added about 10% to our buisness. We got rid of it after 5 years, as our unclaimed (return to sender) rate jumped from 0.5 to 3%.
I also added paypal, and some merchants indicate that it increases conversion, but for us it was a waste of time.
Surprizing, offering payment by phone, increases sales by 15%. Due to unjustified scare tactics by the media,
a lot of people still think giving your credit card over a secure https connection can lead to the credit card being stolen.
Money orders bring in about 2%. Half the people that select money order, never ever sends the money order in, so don't order the product or do customization until you actually see the money.
Don't accept personal checks, electronic or otherwise.
If they can't pay by any of the other means you offer, it ussually means they have no money, and the cheque will be returned NSF.
Of these I get one or two e-Gold orders a year, but it is no big deal to offer so I'm keeping it and it is by far the most secure for international orders.
PayPal is about 10% or so of sales, but I have gotten a number of high ticket sales with it so it probably represents at least 15% of my gross intake. I need to run the numbers again. One thing that I have found is that a lot of people use it if they sell stuff on eBay and consider it play money, so I would like them to feel free giving it to me to play with. I also have a few stone suppliers that take it along with my webhost so it makes it handy to have some already in the account.
Money orders are good, but I prefer postal money orders since they can be easily cashed at the Post Office when I get them out of the PO Box. The others have to go to the bank, and they are more easily faked I have heard.
Checks are something I'm thinking about droping. I just got a bad check back this week and it will be a pain to deal with. A $20 check so far has cost me $7 in fees and in the end there is probably nothing I can do about it. Luckily I have only gotten a couple in the last five years, and the worst one, $250, was at a face to face sale. It took four months to finally get the money.
As someone else mentioned, only about half of the money order and check orders ever arrive. I usually don't start work on the ordered pieces unless it is something I can sell fairly quickly anyway and don't mind having in inventory.
so for me, when i'm talking about additional payment options, i'm referring to eChecks insteand of checks, and other things like paypal, i'm definitely not going to have people sending me checks in the mail!
someone mentioned that eChecks could be taken through paypal? that would kill two birds with one stone...if not i know i can take them through my merchant acnt.
anyone know about this?
The fact that echecks are less likely to bounce, is probably due to the fact that, anybody thats going to kite a check, will want the longest time possible to cover the funds, and will thus go the paper check route.
Does anybody here written / implemented an automated interface that lets a customer enter his order number and credit card number over the phone for as a realtime payment method?
anyone know about this? - Echecks via paypal are used when the buyer doesnt have any funds in the accountm money then comes via his/her bank account