(This is a business case study. It will be used to guide discussions during the session: “Money, Money, Money: How the Paysite Pros do Billing – Payment Methods” with co-hosts Mitch and Thierry of Vendo at the Paysite Meetup.)
Tom had always loved Canada. It seemed fresh, young, uncomplicated. He liked its cities and its countryside. His favorite city was Vancouver.
He had just gotten an opportunity to add the famous Canadian payment method Interact to his site. Immediately he envisioned sales in Canada going through the roof.
But before he added it he had questions to ask. Does adding a payment method always grow revenue? It seemed like it should be he had some doubts. What if he was already getting those sales that would come through Interact (or whatever new payment method he would add) and he could actually lose money by adding it?
He laid out the key questions to ask and began analyzing the new payment method.
- When does adding a payment method help (or hurt) your business?
- How do you measure the effect of a new payment method?
- What risks do new payment methods have?