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Proposal of new way to increase sales conversion based on payment method

Proposal of new way to increase sales conversion based on payment method

Hi everybody

We are creating a new extension and would like to get your feedback as users/experts in Magento to know if we are creating something useful for you all.


As said in the title, we are looking a way to increase sales conversion by giving to users many payments options to complete their checkout.

 

The idea behind it is that more options would increase the likelihood of users to complete the buy because

  • They may find now as payment option the platform they always use (or at least, won't find just a platform where are forced to sign up to pay)
  • May find a platform where have credit loaded before.
  • May find a payment method with which they can actually pay. Maybe someone doesn't have credit card but has credit on his bank account, and now he has the option to pay with it.

If this is true, we can think that more payment options would help to increase the ecommerce sales.


So, we are working in an extension that allows anyone to add lot of new payment methods. In a beginning they will be Paypal, Dwolla, Boku, bitcoins and Amazon Pay, but soon many more options will be added.

Moreover, the plugin will be smart enough to decrease the fees that shops usually pay for certain kind of payments.

Basically, when someone want to pay using lets say credit cards, if it finds that there are many possible options to process this payment, will use the one which has minor fees for the seller. This way owners will see a decrease in fees they usually pay.

This extension won't require any extra effort to be integrated, just will have to install it and configure the accounts they want to use. We won't add any extra cost, no signup or setup fees, no extra fees added to transactions nor any other extravagant requirement.

We would like to know what do you think about the idea. Do you find it valuable? Will you like to use it in your shops? Is the concept clear and interesting to you?

 

We are interested in create a usefull component. Please let us know your comments and thoughts about it.

Thanks to you all in advance!
Albano

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