Mythbusters: 5 Myths About Payments

Written by: Hanna Wolsfelt

Just call us the Mythbusters, because this week we’re dropping some knowledge that refutes some of the myths you may have heard wandering around on the eCommerce street corners. From credit cards, to EMV, to checkout pages (oh, my), we’re helping you debunk these myths to create the most successful eCommerce site possible.

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Myth: I can reach global shoppers by providing only credit card payment types on my site.

Fact: Wrong! Outside the US, there are many different ways to pay online. For example, in Germany, a significant chunk of the population (a casual 40%) uses their online banking system (Sofort) to make payments. Not to mention, even if people do have credit cards, it is likely that the card was issued outside of your country and chances are it will be declined. Do yourself a favor and offer more payment types to please your global shoppers.

 

Myth: People aren’t buying on mobile devices; they are only using them to do research.

Fact: Mobile commerce has been steadily increasing over the last couple years, and is predicted to skyrocket in the coming years. In fact, m-commerce is expected to grow300% faster than traditional eCommerce worldwide by 2016 (so yes global merchants, pay attention). Sometimes, using a mobile device is the easiest way to buy something quickly; after all, our phones are practically attached to our hips these days. So, reduce friction and make sure not only your website, but also your checkout, is mobile friendly.

 

Myth: The EMV shift in the US won’t change anything in eCommerce, I don’t need to take extra precaution to protect myself.

Fact: Unless you want to fight a vicious battle with chargebacks and fraudsters alike, you should probably consider fine-tuning your fraud solution. The numbers are in, and just in the second quarter of 2015, fraud attacks against eCommerce merchants grew by 20% compared to the first quarter. Don’t believe me? Just the other day I had a friend (who is a man) who had his credit card number stolen to buy women’s studies and literacy books (no doubt this fraudster must have been feeling the irony). Protect yourself and your customers – brace yourself for this EMV shift by revamping your fraud solution.

 

Myth: If my site and product page are presented in English, everyone will be able to read it, and they will buy my product.

Fact: You would be wrong my friend. Not everyone can understand what “selfie stick” translates to in Portuguese. A whopping 75% of customers prefer not to make a purchase decision unless the site is presented in their native language. Do yourself and your customers a favor by offering local languages on your site, especially at checkout, otherwise you may be saying “adios” to all of your international sales.

 

Myth: API integrations are always better than hosted pages for conversions.

Fact: Hosted pages have a bad rap mainly because if you think hosted checkout page, you think of a situation where the shopper is sent to another site, potentially having to login, which is slow and clunky and causes shoppers to abandon their cart more frequently. However, hosted pages have come a long way. With an integrated and white-labeled hosted page, shoppers feel like they never leave the site and they have their local language, currencies and alternative payment types built in, saving you some precious development hours. Especially if you’re looking to go global, hosted pages may be worth a second look.

 

Need more tips on how to revamp and debunk some myths about your eCommerce site? Subscribe to our bi-weekly newsletter (we’ve got a lifetime of knowledge):

 

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