If you have an online store, you may have thought about, at one point or another, how to boost your sales and expand your reach. Although there are many ways to do this, one sure fire way is to offer the option of paying with an ewallet, also known as a third-party online payment solution.
An ewallet is a platform through which your customers can pay you for your products and services without revealing their personal information. They only have to enter their information one time, and then can make instant hassle-free payments every time they want to buy something from you. This makes online shopping that much easier for your customers which might bring them back to you time and again because buying from you is so simple and fast.
Here is a list of other reasons why you should consider offering an ewallet on your retail website:
- They are cheaper than merchant accounts. Merchant accounts with credit card companies come with a lot of fees: registration fees, maintenance fees, receiving fees, annual fees, and more. That all adds up to quite a dent in your profits. Ewallet solutions will usually only charge a reasonable per-transaction fee. You may have to shop around to find the solution that offers the best prices for your budget. Keep in mind that you get a lot of services for that one fee, including around-the-clock fraud monitoring, specialized customer support, referral bonuses and more.
- They don’t require much maintenance on your part. All you have to do is open a free account and integrate it with your website. Simple integration requires you to enter a payment button on your website (usually by entering code into your site’s HTML). The only information you will ever have to update when necessary is your company name, address, phone number, email address, banking/credit card details, and web address if this information ever changes.
- They do the fraud work for you. One of the biggest perks of using an ewallet solution for your online store is the fact that they do the fraud monitoring, not you. A good online payment solution will have around-the-clock fraud monitoring and flagging that can catch fraudsters before they can get away with paying for your products and services with somebody else’s money.
- They offer excellent and accessible customer support. If you need help for any reason whatsoever, your ewallet solution should offer several different ways for you to get in touch with them. These channels should include phone, email, live chat and social media. Each one has its benefits and drawbacks, but you should have the choice to use the channel that best suits your individual needs. For example, if you want to talk to a human, call by phone; if you want a simple answer to a simple question, live chat and Twitter are best; if you don’t have the time to make a phone call, don’t want to spend money on applicable long distance charges if your solution does not have a toll-free support number, and don’t mind going back and forth a bit, email is a great option.
- They offer several different ways for you to claim your earnings. A good ewallet solution will offer more than just one way to get your money out of your ewallet and into your hands. Options should include bank transfers and wires, withdrawals directly to your credit card or prepaid card, and check by snail mail for all of you old-fashioned people out there.
If this list hasn’t convinced you to add an ewallet option to your checkout process, think about this: most ewallet solutions come equipped with millions of users around the world. If you offer an ewallet option that already has over 9 million members worldwide, then you are making your products and services available to them just by giving them the option of paying through their own trusted ewallet provider. There is some major potential to expand your own customer base!