More Payment Methods Equals Greater Online Revenues

Using money orders and the usual slew of consumer credit cards aren’t enough. Why not, at the least, include a Paypal option? Or how about Bill Me Later. The folks over at Google are following the same trends and created Google Checkout to give online consumers even greater flexibility and purchasing power. Increasing the number payment options actually bolster online sales, according to a report by ecommercetrends.com. There was on average a 14 percent increase in sales by online retailers who offered three or more payment methods. And more and more online retailers are adopting alternative payment methods, with an average of 2.6 payment methods this year, as opposed to 2.1 in 2005. Expect an even greater jump in 2008 as Paypal, Bill Me Later, and Google Checkout, arguably the top three alternative payment methods, attract rapid adoption.