Australian payments platform eWay is fast becoming the preferred method for online payments among Australians with 67% choosing the startup when also given the choice of using Paypal.
A recent survey conducted of 1094 online merchants using eWay and Paypal checkout options has found not only is eWay more often chosen to process the payment, but by including it as an option for customers, merchants are reporting an increase in their revenue.
Of the 1094 merchants, 518 who offered a second payment option in addition to PayPal saw an average revenue increase of 37%.
“A lot of online stores start out with just PayPal as a payment option because it’s a well-known option and that makes a store seem legitimate. When you’re starting out, that might be attractive, but there is a big misconception that shoppers ‘all’ use PayPal,” eWAY CEO Matt Bullock told Business Insider.
“An average increase of 37% is substantial and will make a serious difference to any online business’s bottom line.
“Those who only offer PayPal are missing out on a slice of the pie,” Bullock said.
He continued by saying that giving shoppers a choice is not about splitting merchants’ revenue between platforms, rather it helps online stores so that they can sell more.
In fact, he said he even encourages its merchants to offer PayPal as a payment option at checkout.
“These findings suggest that shoppers are keeping control of their credit card details and are looking to cut out the middle man when transacting online,” Bullock said.
eWAY now processes 1 in 4 of all of Australia’s online transactions, and operations in eight countries across the world.
Last week, the payments platform pledged 1% of its profits to philanthropic ventures, becoming one of the first companies in Australia to get on-board Atlassian and Salesforce’s 1% initiative. Atlassian began doing it 10 years ago, and has now donated about $40 million.