Nearly 40 percent of offline purchases are made with checks or cash, and so it makes sense to still offer these at the checkout, either on eBay or your own website. And the lack of such an option online can lead to lost sales.
For eCommerce sites, the alternative payment methods also include PayPal, which is pretty much the standard on eBay. In the article Jim Hunt from PayPal noted that:
- Non credit card methods are quicker to use, too. Many people shop online at work, and when the boss suddenly strolls into the neighborhood, plastic is painfully slow.
- Adding just one or two alternative payment options can increase conversion rates 63 percent, he said. Three or four payment methods can push conversion rates to 72 percent.
- By offering only credit cards as a route to checkout, 5 percent to 10 percent of potential U.S. buyers turn away