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Ecommerce shoppers favor credit card processing

21/02/2012 - By Frank LoSchiavo

Credit cards are the most popular payment method for consumers shopping online.

As ecommerce grows, so do consumer and retailer concerns about payment security. Merchants must navigate the line between offering customers the most innovative and convenient payment services and keeping their confidential information protected.

The ecommerce marketplace is poised to become a battleground for card issuers in the coming years, according to Auriemma Consulting Group. Currently, credit cards are used in just under half of all online shopping purchases, while alternative payment services, like Paypal, account for just 20 percent.

When asked why they preferred to use credit cards for online transactions, consumers reported that they believe purchases are more secure, they can earn rewards, they have available credit on their accounts, the card is nearby when they are making purchases and the card has a good interest rate.

Businesses can satisfy customers' needs and provide them with the most security and convenience by accepting a variety of credit cards. Last year, Visa topped the list of popular payment methods, followed by PIN debit and Mastercard, according to Practical eCommerce. As a result, Visa reported strong growth for the year and saw payment processing increase by 10 percent. To maximize ecommerce sales, companies can provide customers with the easiest way to use the preferred method by updating credit card processing services for the advanced offerings

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