You actually need to grow you sales and fix the CTA (Call-to-Action). Your problem is not on the check out, because if you have 700 visitors per day and just 1% is going to check out. I guess your bounce rate is double than normal.
(A) that you doen't know enough about what prospect want
(B) you're doing a poor job of explaining your offer
(C) visitors don't trust you that's why the conversion is so low
(D) you are bringing in visitors who aren't looking to buy
(E) your site has usability problems