If you sell high-ticket items on your Ecommerce site, you might want to consider featuring various payment plans near to your call-to-actions.
On the Sofaworks website, they offer three seperate payment plans for customers looking to buy a new sofa. From monthly payments to ‘buy now pay later’, this helps the customer spread the cost of their purchase over several paychecks.
Since there are multiple choices, the obvious route is to adopt PayPal. PayPal claims over 30 million U.S. mobile customers, and over a 100 million active accounts — which is a larger base than any of its competitors. SeeWhy found that 34 percent of U.S. consumers shopping online had PayPal accounts as of July 2013.
However, PayPal also carries some baggage. Having grown up as a payment method of choice for eBay, its reputation is not always considered positive. Some consumers are wary about PayPal, having had negative experiences in the past, probably with smaller merchants on eBay. In fact, according to SeeWhy’s analysis, two thirds of PayPal account holders state that their preferred payment method is a credit card.
Merchants selling luxury items might want to consider alternatives before implementing PayPal because of its reputation issues. Google Wallet is an alternative that is growing fast in part because of the growth of Android smartphones where a Google Wallet account is required to use the Play store, the Android equivalent of the app store. Google Wallet can also be linked to Google+ social sign on, so if you are considering implementing social sign on as well this might be a route to consider.