As an e-commerce business owner, you are always trying to find new ways to reduce shopping cart abandonment. You have created a website that is easy to navigate. Your site developer has integrated a simple shopping cart that customers can locate without hassle. You even email guests to remind them that they have incomplete orders waiting in their shopping carts. However, there is a new trick that merchants are applying—and that is accepting eWallets to provide a more secure payment environment.
Evolution of Online Payments
Over the course of the last two decades, online payments have changed drastically. Many people believe that online shopping began in 1994 when Pizza Hut began accepting online orders. However, Michael Aldrich invented a way to process both business-to-business as well as business-to-consumer transaction in 1979. In 1984, Jane Snowball, at age 72, became the first online home shopper. In 1987, Swreg created the first Internet merchant account to allow software developers to sell and accept payments online.
Many innovations took place in 1994. Along with Pizza Hut accepting online orders and payments, Netscape released its Internet browser, SSL certificates made secure purchases possible, the first online bank opened, and the first e-commerce solutions allowed everyday merchants to begin selling online. Throughout the rest of the 90s, we saw Dell, eBay, Amazon, Craigslist, and Google.
In 2002, merchants began creating their own e-commerce websites and straying away from eBay stores. By 2007, there were 200 million broadband users in the United States alone and by 2010, mobile commerce and social commerce had taken flight.
Accepting eWallets Builds Customer Loyalty
With the evolution of online payments comes more risk of fraud, identity theft, and interference. Nearly 25% of online shoppers abandon their carts due to frustration with filling out the payments page—the page takes too long to load, the page is too complex, or the page is not secure.
However, accepting eWallets will allow your customers to complete the payments process easily, securely, and with confidence. Your customers will only need to enter minimal payment information to keep their sensitive data secure, which will inherently build trust as well as loyalty.
Many customers are still uncomfortable entering their debit or credit card information online. By accepting wallets, you will naturally increase your sales volume by attracting a new target market of those who only purchase online with his or her eWallet solution.
Benefits of Accepting eWallets
There are many additional benefits of accepting eWallets on your e-commerce website. The list below names just a few of these benefits.
- Reduce Shopping Cart Abandonment
- Accept from Secure eWallet Devices
- Easy Shopping Cart Integration
- Distribute Pay to Employees
- Timely and Reliable Payouts
- Integrate Checkout Buttons
- Accept Multiple Currencies
- Send Online Invoices
Learn about the Instabill eWallet Solution Today
As an advocate for legal e-commerce merchants, Instabill provides a cost-effective and secure eWallet solution. Since there is less paperwork and you will not have to register your business in another country, obtaining an eWallet solution is much easier than opening a merchant account. With a speedy approval process, small businesses can begin accepting and receiving payments online in just a few days.
An eWallet solution through Instabill will enable you to grow your credit card processing history and prepare you for your own merchant account. When you are ready to graduate to a merchant account, Instabill will be there to help you with the application process.
One of the best things about using an Instabill eWallet is that, unlike with PayPal, your customers will not have to register in order to do business with you. You can transactions in multiple currencies and receive payouts in major currencies, such as US dollars, British pounds, and euros.
To learn more about the Instabill eWallet solution, contact us online or call 1-800-318-2713 today.