Purchases dropped at checkout when preferred payment method not found

Friday 10 October 2014 00:41 CET | News

A large amount of abandoned online purchases occur at checkout, when the customer is about to finalise the deal, a recent report reveals.

According to a survey from digital payments company Skrill, 28% of online transactions are abandoned at checkout because the customer cannot find their preferred method of payment. The figure is higher with younger customers, as 32% of 18 to 24-year-olds will leave the goods if they cannot find the right way to pay.

Findings reveal that this younger demographic is more likely to use a digital wallet than other age groups –14% use them for everything they buy, and 39% say they pay for things regularly via a digital wallet.

However, when it comes to paying online, a credit (or debit) card remains the most popular method, with 57% of consumers doing so, compared to digital wallets at 29%.

Other reasons for abandoned online purchases are: the website being too slow to load (or crashing) at 43%, with being forced to register for an account coming a close second on 38%. Security concerns only came third, with 25% saying that failing to trust that the website was secure was the reason for abandonment.

The survey consists of answers from 2,000 UK adults.

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Keywords: online purchases, checkout, payment method, online payments, online transactions
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce