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Accept European Payment Preferences

Jun 1, 2009

Many European consumers prefer to pay online with such methods as checks, eWallets, debit cards and electronic bank transfers, according to a study by CyberSource Corp. Yet, while 59 percent of North American merchants accept international orders, the percentage of these merchants that accept payment methods preferred by overseas consumers is relatively low, the report said.

The study revealed that accepting European payments of all kinds can boost sales by as much as 70 percent. And the analysts suggested that accepting European's preferred payment methods provides web merchants with a powerful hedge against recession.

Letting European shoppers pay online through their preferred methods can boost overseas sales an average of 20 to 30 percent, CyberSource Corp. advised in its 2009 Project Guide for ePayment management.

For orders from outside of the U.S. and Canada, CyberSource noted that 26 percent of North American online merchants accept bank transfers; 15 percent accept payments in foreign currencies; five percent accept direct deposits and nine percent accept payment cards specific to foreign markets.

For online retailers already selling into foreign markets, the costs to start accepting new payment methods can be minimal and are usually related to software coding that ties a retailer's checkout process to new payment methods, the study said. CyberSource has a stake in rising sales abroad, because it provides an on demand global payment service that can enable retailers to handle local currencies and payment methods in more than 190 countries.

Topic: Business Strategies

Related Articles: business strategies 

Article ID: 1065

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