Everyone wants to buy everything online now, so your site has to be ready to accept online payments. Want a million reasons to accept credit cards on your eCommerce site? We'll give you 60 billion!
Consumers in the UK spent roughly £60 billion on card purchases in February 2017, as reported by the UK Cards Association (UKCA). We'll give you more detail on this amazing stat below. But first, we need to get this straight: you're not still missing out on the action, are you?
Any improvements you offer your customers will likely improve your bottom line. According to the UKCA, accepting cards promotes choice and competition. Their studies show that consumers are savvy shoppers on the hunt for good deals and they value the ease and freedom credit cards provide.
But if you've been reluctant to start accepting card payments, you're not alone. Countless business sites like Forbes, business know-how, BigCommerce, and the US Small Business Association say businesses are now reluctant to accept card payments.
These firms cite two main reasons: business owners are wary of the cost of card purchases, and they're intimidated by the long process of implementing card payments. In short, they're scared that the headaches outweigh the payoffs. Sound familiar?
However, these same firms also say credit cards are essential to any business, and we agree. Especially when it comes to eCommerce. So sit back and read up because we have compelling stats on the benefits of offering your customers' credit card payments!
You can't argue with numbers, and the following stats prove that it is vital for your business to keep up with the latest credit card trends. The UKCA reports that UK consumers spent £57.2 billion in card purchases in February 2017. This was up £0.3 billion from January 2017 and £5.1 billion from February 2016.
Online purchases in February 2017 numbered 182 million and accounted for £15.3 billion. This is in the UK alone. The beauty of having an eCommerce site is that customers around the globe have access to your goods and services. Is your heart pounding at the possibilities? Ours are!
Sit down and take slow breaths because there's more to get revved about. The total number of UK card purchases in February of this year was 1.3 billion. This is a record monthly total, according to the UKCA. It shows an increase of 14 million over the previous month and 158 million over the previous year.
The UKCA attributes this astounding growth to the "ongoing migration of cash payments to cards, enhanced by contactless payments, and the increasing popularity of online shopping." This is big for your online business! And the fact that contactless payments play a major role shows the importance of speed and ease. So simplify your customers' purchasing process!
Another mouth-watering tidbit reported by the UKCA is that the average online card purchase was £83.95, almost 3X the retail average, at £29.93.
As if these stats weren't enough, we've got more undeniable evidence that your eCommerce site needs to accept credit cards.
According to UKCreditCards.com, 100.1 million credit cards circulated in the UK alone as of October 2016. You can't afford to exclude that many customers. This should give you every reason to believe that accepting credit cards online will help you grab a bigger piece of the pie next month.
But read on! We've got more for you.
A good business professional watches their bottom line like a hawk, so upfront investment can be daunting. As stated above, Forbes is among those that say online retailers avoid offering credit card payments because they think it costs them too much. So if you fall into this category, you're in good company, and that's understandable!
But Forbes' contributor, TJ McCue, says "the benefits of accepting credit and debit cards far outweighs the costs." We agree, and we want you to have every opportunity to grow that bottom line. So put your fears aside and embrace some facts you may have overlooked.
McCue goes on to state that the latest research shows card payment options induce customers to make impulse purchases. They also make customers buy more and participate in loyalty or rewards programs.
This information is echoed by the US Small Business Administration (USSBA). In addition, the USSBA states "card payments are evolving into the most common method of customer payment." Combine this with the stats from the UKCA and it's easy to see why your online business should accept credit cards.
Even with these convincing facts and stats, no one likes changes. You might be reluctant to accept credit cards because you find the process too complex.
That's understandable when a business goes for it alone.
First, you have to research reliable banks and payment providers that offer merchant accounts. There are many to select from, and you'll have to sift through their fee schedules and all the hidden terms to find the best. Next, you have to choose a payment gateway to link your customer's credit card bank with your merchant account. Not all of them operate globally or with the latest to secure the customers' information, and fraud can be a big threat.
But you can cut all that out because we've done the work for you. At MerchantScout, we have over 10 years' experience helping businesses grow by accepting card payments through an ecommerce merchant account. We make the process easy for you by offering the following merchant solutions:
Through over 10 years in business we've had time to select only premium banks we work with, which means you don't have to do the research or risk your company's integrity.
Don't wait another second. APPLY NOW
Grab your piece of that £60 billion pie right now. We've streamlined the application process. All you have to do is answer a few simple prompts, and we'll get back to you within 24 hours so you can accept credit cards ASAP.