Make your WooCommerce profits go stratospheric
Jason Rudland
-
Napoleon famously called the British a nation of shopkeepers – he wasn’t wrong, but it also wasn’t the insult he intended. Whichever type of great British shopkeeper you are, I'm going to tell you how to make your WooCommerce profits go stratospheric.
Whether its a side-hustle, you're an e-commerce entrepreneur or a power-house brand turning over millions, let's take a look at the maths of online payments processing costs. Imagine you run a decoupage decorated scallop shell shop - it doesn’t matter what the product is for our example, but decorated shells are so much more interesting than widgets! You sell each shell for £10, and you use PayPal in your WooCommerce checkout. After you have paid for your materials and other expenses you make £3 per shell.
PayPal charges 1.2% of the transaction, plus a 30p processing fee. The cost of processing per shell is £10 x 1.2% + 30p = 42p. Suppose you could reduce that 42p to 1p - just one penny.
Your £3 profit per shell becomes £3.41. Now let’s turn your profit increase into a percentage: (41p / £3) x 100, which equals 13.7%.
Wonderful's WooCommerce payment plugin is a viable alternative to Stripe, PayPal, WorldPay, or any other ecommerce payment gateway. The big difference is that Wonderful's payment processing service charges are only 1p per transaction regardless of the amount, and we don’t even tie you into a contract.
Wonderful’s WooCommerce plugin takes about 5 minutes to install. Can you think of anything else you can do in the next 5 minutes that will increase your profits by 13.7%?
Get started by downloading our WooCommerce plugin. What have you to lose?
PayPal, Stripe and the others have met their Waterloo!
