e-commIf you decide that you want to become an e-comm website owner, then one of the most important areas of your website strategy will be the payment methods that you accept. Since the internet began, a rising payment method known as E-wallets have fast become a fad in the e-comm marketplace!
It isn’t rocket science to figure out that without a diverse range of ways to accept online payments, you are not going have a successful sales tally. Quite simply, if people can’t pay you regardless of how much they like your products or services, then you are not going to make money.
What is surprising to see is that there are still large numbers of e-comm websites that I have visited myself that do not accept some of the most popular e-wallets out there. Forgive my bad language, but WTF!!!
Why am I writing about e-comm e-wallets?
I have been in the online affiliate marketing and e-comm business for years. As you may have read, this blog is just a place for me to brain dump my ideas and thoughts. There is no angle here for me to make money. So this is my latest gripe in the online marketplace.
Here is where the WTF comes in when it comes to e-wallets!
My job is not just to make money for myself, but also I get paid as a consultant to help e-comm sites become more successful. And, what is one of the of the first things I see when I go and test my customers e-comm website check outs?
They do not accept e-wallets!
Everyone seems to be sold on just accepting VISA, MasterCard or Amex. How many customers are they missing out on?
Sometimes when I point this out, the only valid answer the webmaster or company owner comes up with is – we accept PayPal.
What about Skrill or Neteller?
Did you know this:
Neteller is responsible for not millions, but billions of US$ worth of financial transaction online EVERY YEAR!
Really, this is massive. Imagine, if you own an e-comm website, and someone visits your website that is a Neteller account holder. They see something they like and go to the checkout area – select payment methods – and boom – they leave. Why? The ecomm site only accepts PayPal and/or major credit and debit cards.
- The Neteller customer goes to your competitor
- You have lost a potential customer
- You have lost a potential repeat customer
The same applies to Skrill members.
Open Accounts with Every E-Wallet You Can Find
One of the best pieces of advice I can offer you if you are into e-comm is to offer every type of e-wallet you possibly can. There are several advantages to doing this.
- E-wallets accept multiple currencies
- People use e-wallets for security
- You can withdraw to your bank account easily (Free)
- E-wallets have great customer services
- Some e-wallets like Skrill offer VIP accounts
- You will increase your sale
Why Do People Use E-wallets?
E-wallets have come into fashion for a very good reason. One of those reasons is so you do not have continuously spread your bank card details around the internet. This is massive in terms of security for those that choose to use e-wallets.
- You only need to give your e-wallet your bank details or credit card details
- The e-wallet is topped up using your registered cards or bank account
- You can withdraw from your e-wallet back to your bank account
- You then ONLY need to use an email address to pay online
If you are not familiar with e-wallets, then it is worth noting that one of the main attractions to using them is the fact that all your need to remember is your email address and password.
How Do People Pay For Good or Service Via E-Wallets
As long the online store the person is visiting accepts the e-wallet(s) the customer is a member of, then the payment process for them is easy.
- Add to cart
- Go to check out
- Select the e-wallet payment method
Now the website’s backend will redirect the customer to the e-wallets secure payment website. The URL is coded with e-wallets URL and a small string that refers back to the shop the customer is paying from. This is an encrypted payment system 100% safe and secure.
- The customer enters the email address and password if their e-wallet
- Next the customer confirms payment
- The payment is then processed
- Customer is returned back to the e-com website thank you and/or payment confirmation page
Obviously, there may be some other steps in-between this such as entering your delivery address if the product you are ordering online is a physical one. That is about all there is to it.
For the e-com website owner, they will see the sale come in on their website and see it is from one of the e-wallet account they have. The owner can log on to check that the funds have been delivered for that order.
Another Reason People Like E-Wallets – Disputes are Easily Solved
Peace of mind is something we all want when we make a transaction online. However, sometimes that isn’t always the case. Even though credit card and debit card companies are pretty good at getting your money back for you if you are not happy with a product, they are only effective 50% of the time.
There is no common link between the buyer and the seller. A customer may use an HSBC VISA and the website owner has an account with Standard Charter bank. If there is a dispute, the customer and seller have to leave it to the credit card companies. On the other hand, e-wallets have a better solution.
As the seller and buyer are both member of the same e-wallet, they can speak directly
Scenario 1: The buyer purchases your product. The product arrives damaged. The customer opens a dispute with the e-wallet company. You see the dispute and you can deal with it quickly. You can use the e-wallet’s communication system to communicate directly with the customer and resolve the issue quickly – this is great for reputation management.
This solves very customers fears of being ripped off
Scenario 2: If you have shopped online regularly, then you may have experienced this scenario. That is you paid an e-com site using your credit/debit card. The goods/service promised was not what you expected. You try to contact the seller via their website (because this is the only choice you have). You are ignored, or replies from the seller are sporadic. You give up!
In scenario 2 an e-wallet would not allow this to happen
One of the key advantages to having an e-wallet is the fact that customers know they are protected in a variety of scenarios. They do not need to give their bank or card details to shops online. The payment/check out process is guaranteed by the e-wallet company. The buyer is protected from malicious website sellers. For the seller, it allows you and also forces you to deal with customer issues promptly.