From Osama Bin Laden phishing scams to PlayStation Network’s hack, consumers have become increasingly aware of the risk of providing sensitive information, such as credit card numbers, online. But you don’t have to say “good-bye” to wary customers when you offer easier and safer alternative payment methods.

The risk of identity theft discourages risk-averse consumers from ecommerce shopping.

A 2010 study by the Identity Theft Resource Center found:

• 87% of consumers had “significant” concerns about personal information (such as credit card numbers, etc.) being stolen in a business data breach.
• 41% will NOT use a payment method that requires them to provide access to their bank account.

Digital merchants who rely solely on traditional payment methods, like credit cards, or alternative payment methods (APMs) that request bank account info, like some PayPal transactions, could be sending business to competitors who offer less risky checkout choices.

The right alternative payment method gives customers the peace of mind to shop safely.

Not all APMs are created equally. For example, some platforms allow customers to shop without a credit card, but they must share their bank account information instead—and, not surprisingly, some view that as an even riskier method of ecommerce shopping.

If you want to expand your digital store’s market to welcome risk-averse consumers, then it’s time to consider adding an alternative payment method like LEC billing. This simple checkout alternative allows customers to charge their purchase to their phone bill.

For more information about expanding your digital market to reach risk-averse consumers, contact the ILD Teleservices team about Bill to Phone. Our LEC billing will provide an online shopping experience that creates less risk for your customer and more revenue for you.