eBillme™, An Alternative Payment Option
Today’s online shoppers have a multitude of alternative payment options. Some of the more successful payment methods offer a secure interface, maximum privacy and easy to understand integration which matches consumers’ attitudes towards paying online.
A majority of online shoppers also now have access to an online bank account. Its only natural for the popular payment methods to take advantage of that existing banking relationship and create or expand their customer base.
The end result is a built in consumer market offering a secure and convenient online payment product. I took a look at one promising system last month, Secure Vault Payments: The PayPal, Google Checkout, Amazon FPS, Merchant Account Killer?
Each year, CashEdge releases the data from their Consumer Online Banking Survey and this year, like the last, a majority of consumers surveyed showed that not only do they enjoy the features of their online banking relationship but they might just find it hard to live without. This annual study, examines the online banking behavior and preferences of 400+ consumers who are currently banking online. From this year’s survey, we can see that:
- 85 percent would never bank with an institution that didn’t offer online banking
- 82 percent say they would use more online banking capabilities if it was available
- 73 percent say they prefer opening and funding a new bank account online
- 65 percent would move their finances to another institution if it meant gaining access to more robust online banking capabilities.
As a new or existing online payment product with a desire to capture these retail consumers, it makes good sense to work within that existing online banking-consumer relationship. Capture those clients by offering a product that integrates directly into the online bill pay system.
Some people and companies recognized this fact years ago and have been cultivating the market now for quite some time. Back in 2005, MODASolutions Corporation was already reading into this trend and they took action.
Additionally, in 2005 Forrester Research was showing that close to 30 percent of Americans who browse online will not make that purchase due to credit card security concerns. Plus, a full 62% of 2005 online window shoppers also reported fear of fraud was the thing deterring them from making a purchase.
In 2005 it was very clear that merchants were looking for alternative payment options both safer and more convenient that a credit card.
In May of 2005 Ottawa-based MODASolutions Corporation launched Secure e-Bill. At that time Mr. Marwan Forzley, President and CEO of MODASolutions Corporation said “This new payment alternative provides the 74 million Americans who bank online with a highly secure way to transact business, and never again worry about giving out their 16-digit credit card number.”
Even in 2005, Secure eBill was offering a safer payment option for all those customers who shopped online or wanted to avoid the risks of using a credit card.
Secure eBill was also years ahead of today’s online banking trend and consumer driven payments market.
Later, in September 2006, MODASolutions engaged a second round of financing and began further expansion within the North American market. Secure eBill turned into what is known today as eBillme™.
Build a better mouse trap and the world will beat a path to your door….and Mr. Forzley did just that!
How does eBillme™ Work?
It is very convenient. When a shopper is ready to ‘checkout’ with their merchandise, the screen will present an eBillme option. By selecting eBillme, the customer then sees his final invoice and types in his name and email address -ONLY. That’s it!
Immediately after that checkout the merchant sends a final bill directly to the customer via email. The last step is for the shopper to securely log into his own online banking platform and simply pay the eBill like any other online bill.
Throughout the entire purchase it is important to understand that no private customer information was ever exposed online. No address, phone, credit card or banking information was ever at risk. Also, to complete the transaction, the customer logs into his own online banking account, not some strange heavily phished URL. Its secure, comfortable and convenient.
“MODASolutions, which is linked to MasterCard International’s RPPS backbone network, receives notice of payment and notifies the merchant. Within two days, the merchant receives guaranteed funds and can ship merchandise according to its own policy. MODASolutions’ software also integrates to the merchant’s back-end system, updating its shipping and accounting servers. With returns, customers deal directly with the merchant, though SECURE-eBill can process refunds. Merchants pay MODASolutions a 1%-to-1.5% fee.” *digitaltransactions.net
eBillme also catered their service to consumers’ wants and needs. Shopping online with eBill the safeguards included:
- Price Protection: Ensures shoppers get the best possible price by refunding the difference if the same item is found at a lower price.
- Return Guarantee: Provides a money-back guarantee if the shopper is dissatisfied with their purchase.
- In Transit Protection: Protects eBillme customers from loss, theft, or damages that may occur during shipping.
- Payment Protection: Safeguards the buyer by providing zero liability for unauthorized transactions.
eBillme’s Buyer Protection Program which was had news this month[Oct], offers the same safeguards as a credit card purchase.
By using eBillme and paying directly from your online bank account you can get the highest possible protection for online cash shopping, plus a return guarantee and lowest price guarantee, as well as fraud and shipping coverage. Clearly….this is a great way to shop online, I like it!
eBills issued by eBillme can be paid via your PC at any US bank, credit union or bill pay portal that offers online bill payment.
Tags: alternative-payments, eBillme, mawran-forzley, modasolution, Online Payments, online-shopping, PayPalRelated Stories
POSTED IN: Boosting Online Sales, Emerging $ Tech, Online Payments
1 opinion for eBillme™, An Alternative Payment Option
Mark Diks
Jan 19, 2008 at 4:43 am
Did you know that about 25 percent of online credit card transactions are declined for no good reason whatsoever ? This means that online merchants miss out on approximately 162,500,000 potential buyers with good credit cards. This figure is rising every year by about 5 percent, because of the increase in transactions and stricter rules. These are transactions carried out with good credit cards. There’s nothing wrong with these cards.
And there’s more: About 90 percent of the current world population (6,500,000,000 people) even has no credit card at all. That’s 5,850,000,000 people without the plastic card. Many of them don’t even have a bank account. About 10 percent of them (585,000,000 people) are regularly shopping online. They hope to be able to buy online without a credit card, but most of the time they fail of course. So online merchants miss out on another 585,000,000 potential buyers.
Conclusion: merchants are missing out on a total of 747,500,000 potential buyers. They could easily triple their sales if they would accept online cash in conjunction with credit cards. Currently the only online cash payment service provider in the world is the new company “Happy Buyer”. Their web site can be found at http://happybuyer.org
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