01827 68939
info@shireleasing.co.uk
lockShire Online - Login
Twitter
LinkedIn
Shire Leasing logoShire Leasing white logo
  • About Us
    • History, Vision & Values
    • Meet the Team
    • Affiliations
    • Corporate Social Responsibility
    • Stakeholders (Section 172 Statement)
    • Career Opportunities
  • Supplier Finance
    • Services and Technology
    • Industry Specialisms
    • Training (Lead with Lease)
    • Case Studies & Testimonials
    • Supplier Support Portal
  • Customer Finance
    • Types and Solutions
    • Vehicle Finance
      • Vehicle Solutions (existing customers)
      • Bath Clean Air Zone Financial Assistance
    • What Can Be Financed?
      • Catering Equipment Leasing & Finance
      • Gym Equipment Leasing & Finance
      • IT Equipment Leasing & Finance
      • Printing Equipment Leasing & Finance
      • Security Equipment Leasing & Finance
      • Finance For Farms
    • New Business Equipment Financing
    • Coronavirus Business Interruption Loan Scheme (CBILS)
    • Shire Members’ Club
    • Make a Payment
    • Testimonials / Case Studies
  • Blog
  • Resources & Guides
    • FAQs
    • Industry Terminology
  • Contact Us

The Top Alternative Payment Methods

19 DecShire LeasingClick2Finance, leasing

“Estimates suggest that alternative payments will account for 59% of all online transactions in 2017”

A common driver of shopping cart abandonment is the lack of support for preferred payment methods, a fact supported by the ever-increasing proportion of online customers that choose alternative payment options at the checkout stage.

Consequently, effective e-commerce needs to be underpinned by the offering of multiple payment methods to give the customer choice. Not only does this help retain customers and convert leads into finalized sales; it also allows for an international market reach. Explored below are several examples of alternatives you can incorporate into your checkout process to minimise cart abandonment and maximise sales.

PayPal

According to a report conducted by Javelin Strategy and Research, PayPal was consistently used by 87% of the questioned respondents; the service boasts use by over 130 million registered customers across 26 currencies and 193 countries. With such a vast user-base, failure to incorporate PayPal into payment options relinquishes the opportunity to convert leads into sales at the checkout stage. PayPal is but one option in the E-Wallet market (albeit a dominator); there exist many other alternatives, some of which are mentioned below.

“E-wallets are the fastest growing payment type around the world”

E-Wallets

E-Wallets are essentially digital wallets that allow for heightened safety (through heavy encryption) and convenience in the completion of online purchases. Examples of E-Wallet providers include Google, Amazon and the aforementioned, PayPal – these providers act as intermediaries, mitigating the risk posed to merchants using their services by accepting all liability for the customer’s security.

For merchants specifically, a further benefit of offering E-Wallet use is its automation of the form-filling process many customers have to go through in order to complete a purchase. By using the securely stored personal data to auto-fill forms, customers can successfully checkout in a faster, less convoluted way: this is especially relevant given the fact that labourious checkout processes have been identified as a driver of shopping cart abandonment.

Direct Debits

Whilst direct debit is not a viable option for all merchants, for those it is applicable to, this payment option offers mutual convenience for both the merchant and customer alike, automating the payment of recurring purchases (such as subscriptions) in such a way that it allows for a more predictable inflow of cash for businesses.

Localised Options

Merchants can capitalize on country or market-specific payment preferences by offering a wide range of options including mobile payments (such as direct carrier billing for digital goods), e-vouchers, coupons or locally used debit cards.

Financing and Leasing

Businesses can drive increased sales by offering leasing and financing options to customers as a method of payment. This is particularly effective in a B2B context where the implications of insufficient cash flow are exacerbated. Through offering leasing as a means of payment, customers are offered a flexibility rendering them much less likely to abandon the sale altogether due to an ability to commit to a single, full payment.

Ultimately, the above all serve one purpose: converting intention into sales. Offering alternate payments is but one of many ways through which your business can reduce shopping cart abandonment. To access our 8 top tips for preventing shopping cart abandonment, please click the button below.

GET IN TOUCH

Tags: Click2Finance, leasing
prev Nostrum Group’s Review on Finding Expansion Capital next Ex-Aldermore Risk Director joins Shire Leasing Plc
Shire Leasing

Related Articles

Shire Leasing and Toshiba press release

Shire supports Toshiba UK in expanding online finance support

25 NovShire Leasing
London Paddington regeneration

Regeneration of London’s Paddington Quarter to give retail boost

03 JulCarl Cartwright

How a Supplier Earned £100 000 Extra Revenue by Offering Leasing

22 JunShire Leasing

Quick Links

  • FAQs
  • Career Opportunities
  • Terms & Conditions
  • Privacy Policy
  • Fair Processing Notice
  • Make a Complaint

Get in Touch

1 Calico Business Park
Sandy Way
Tamworth
Staffordshire
B77 4BF
CONTACT US

Shire Leasing PLC is Authorised and Regulated by the Financial Conduct Authority for certain types of consumer credit lending and credit related activities that are regulated under the Consumer Credit Act 1974 and by the Financial Services and Markets Act 2000.  For certain types of products Shire act as a lender and a broker and for some products we act as a broker only.

Twitter
LinkedIn

 

Tel: 01827 68939
Email: info@shireleasing.co.uk

Registered in England and Wales
No.02476571
HomeAbout UsBlogContact Us
© 2017 All rights reserved. Site by Catalyst
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.