The Value of Credit Card Acceptance in an Online Marketplace
The
shift in purchasing patterns of consumers is in the direction of simplicity.
Many buyers are turning to the Internet to buy goods and services because
it is so easy to do so. Products are ordered online, shipped quickly, and
delivered right to the buyer’s door. Fast, easy, convenient. Merchants are
driving customers to their websites to avoid overhead expenses and geographical
limitations imposed by traditional brick and mortar facilities.
Without question, credit cards are the currency of the Internet.
The majority of online purchases are paid via credit cards as they provides
a secure, fast and easy to use method of payment for both the merchant and
the consumer. For this reason, the acceptance of credit cards is crucial for
success in the booming Internet commerce market. The time delay associated
with traditional payment methods is a major deterrent to online purchases.
The time it takes to process an order with a check payment (receive from the
buyer, deposit it, wait for clearance) adds to the time it takes to deliver
the product to the customer. It reduces incentive to purchase online. Credit
cards allow consumers to make purchases online with instant approval, while
providing a high level of security for the buyer.
Advantages
Consumers
increasingly prefer the no hassle, no pressure, convenience of shopping online.
For those who are still leery of making an actual purchase online without
"kicking the tires", they can still conduct the necessary research
and compile information on various products online.. Businesses who realize
the thinking process their customers go through are able to tailor their websites
to meet the needs of their customers and "upsell" through subtle
persuasion and direction rather than a sales staff. With cookies and other
tracking tools, businesses can follow the course of a customer’s visit to
their site and adjust the site so that the products they feel are most important
and want showcased, are placed appropriately.
With
the dramatic increase of online purchasing, it is essential for merchants
to offer credit payment options to their customers in order to remain competitive
in the new virtual marketplace.
