New day ahead for online payment methods
With online sales expected to reach $355.2 billion in 2012, online merchants will continue to offer payment options to drive up order values, suit multiple shopping interests and appeal to a broader range of consumers, according to a September 2007 study from Javelin Strategy & Research, “Online Payments Forecast: Alternative Payments to Go Mainstream as Consumers Seek Security and Convenience.” Traditional credit cards still dominate, but alternatives are making inroads. Deferred billing, for example, has a high usage rate among consumers and is driving higher average order values, and e-mail-connected payment services like PayPal are popular with younger consumers, according to Javelin and a September 2007 JupiterResearch report, “Payment Preferences Online.”
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