Online retailers are increasingly accepting a broader range of debiting and crediting methods, according to new research by the payment processing firm CyberSource.
The average ecommerce vendor offered 2.6 different methods of payment this year, up from 2.1 in 2005, the report shows.
Though extra processing options may come at a cost for online retailers, it's seen as a necessary step to allay lingering consumer fears of identity theft and fraud, CyberSource concludes.
Firms that offered three or more online payment methods saw sales rise by an average of 14 per cent last year, the statistics reveal.
Continuing to provide more options for the buyer is seen as a fundamental step to ecommerce success by Marty Keane, senior vice president of online retail at Bluefly.
"As online shopping continues to grow, it is critical to not only expand your product assortment," he told the News Press, but also to provide "alternative means of payment".
Fears of credit theft could be what is holding back growth in the ecommerce sector, according to analyst Avivah Litan with the IT research company Gartner.
More than half of online shoppers with concerns about fraud told a recent Gartner poll their buying habits were affected as a result. Thirteen per cent had stopped buying online altogether, while another 68 per cent had become more cautious.
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