WPM EDUCATION SUCCESSFULLY WORKS WITH OVER
90 EDUCATIONAL INSTITUTIONS IN THE UK AND HAS
PROCESSED OVER £1.2 BILLION IN PAYMENTS WITH
OVER 2 MILLION TRANSACTIONS
Online Payment Trends Survey Results.
28th October 2009
WPM carried out a survey to see what, if any, consensus there was regarding online payment trends. This was quite broad and covered everything from acquirer/PSP relationship to the importance and growth of online payments, through to the impact they have in real terms. We would like to thank all Institutions which provided us with their feedback.
In Summary, the total amount of revenue the surveyed respondents said their Institution could theoretically collect annually via online payments was estimated at £20-£100 million, with 12-40% of all payments currently being taken online.
The survey suggested the area most valuable for online payments being Tuition and Accommodation fees and the areas with the biggest opportunity for benefiting from online payments going forward are conferences and events, departmental sales, sports centre fees, short courses and commercial debts.
The most common issues with their current PSP reported by respondents is the length of time the card details are retained for allowing refunds, the lack of information and follow up as to timescales and advice.
In order to make it easier to pay online, respondents suggested an improved look and feel of the online shop (which has been answered with the recent release of our Online Store V3.5), selling the benefits of online payment to the wider Academic community and changing the mindset of staff within the Institution.
If you wish to find out more and get a copy of the results please contact us.