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More online stores offering non-traditional payment methods
Slowly, but surely, online stores are beginning to offer non-traditional methods of payments on their websites.
E-commerce consultancy Brulant have released results of its October 2006 and February 2007 surveys. One hundred of the largest online retailers, such as JC Penney, The Home Depot and Wal-Mart were investigated and the methods of payment they offered logged.
In the intervening four months the acceptance of non-traditional payment methods, such as PayPal, Google Checkout and Bill Me Later, had almost tripled, rising 267 percent. This could be due to e-tailers gearing up for the 2006 holiday season, a result of increased awareness of alternatives or a reaction to the healthy fees being charged by the mainstream credit card companies.
However, 76 percent of sites surveyed continue to offer only traditional payment methods such Visa, MasterCard and American Express, so the uptake is not as significant as at first glance with only 24 percent of the surveyed sites offering any form of non-traditional payment method.
Google Checkout came out with 5 percent of the Top 100 market, neck and neck with the much more established PayPal at 6 percent. Bill Me Later performed much better, with a 17 percent share.
"It's no coincidence that Google's successful track record in its various endeavors is making [alternative payment methods] more attractive to retailers who were previously resistant to implementation," said Brulant analyst Stephen Morris, "and it's likely just a matter of time before we see Google's market penetration here increase significantly as well."
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