“Don’t reinvent the wheel, grease it.”- Wolf Kring, Alternative Payments
The development of alternatives in the payments industry is no longer considered – if it ever was – a simple stroke of luck, but the direct result of online shoppers consistent demand for non-credit card options. Lower credit limits and greater perceived security are only some of the reasons justifying such a shift in consumer preference.
Industry experts have been vocal about the growing popularity of alternative payments to the detriment of credit cards, resulting in an increasing perception that there is a ready market among merchants and consumers for alternative payment methods. Projections are not scarce on the future success or failure of alternative payment schemes. The majority of industry reports underline the opportunity such systems provide to merchants who can align consumer preferences with their interests by offering such choices at checkout.
There are currently over 300 such payment methods worldwide. It is often the case that they have been developed to not only address local market conditions and consumer needs but to encompass cultural elements in the payments equation. For example, Boleto Bancario is a local alternative method used by unbanked Brazilians who do not have access to online banking.
The purpose of this white paper is to raise awareness on the importance of adopting these types of payment options. Because let`s face it: many online merchants will miss out on sales if they do not accept the local forms of payment preferred by local consumers. A payment strategy centered around the needs of customers around the globe is essential to maximize transaction acceptance and expand global reach. This strategy is why both the biggest players, and SMEs across the ecosystem have set their sights on exploring the payments frontier to keep the alternative payment momentum going. And so should you.
Because let`s face it: many online merchants will miss out on sales if they do not accept the local forms of payment preferred by local consumers.
We’ve put together this comprehensive guide with our partners at LimeLight. Inside is everything you need to know to understand the local payment methods landscape.
Sample topics include:
- Types of alternative payment methods
- The new regulatory landscape
- The ten advantages to offering alternative payments
- Industry forecast and more!
If your company wants to succeed, it will need to offer attractive ways for consumers to buy products. This paper will help you get started.
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