Online Banking Payment Options Can Build Customer Loyalty for Retailers

Posted by: Rod Kurtz on March 25, 2008

Consumers have more options than ever when shopping online. Retailers must continue to adapt to offer options that will satisfy customer demands, and keep them coming back for return orders. The secret weapon for retailers in building customer loyalty lies at the checkout. Offering alternative payment options gives retailers a competitive edge and the opportunity to put their customers in control of how they will pay and how much personal and financial information they will release to complete a purchase. Online banking payment options are a way to reach consumers looking for a secure way to shop online without a credit card. They allow shoppers to pay for purchases with available funds in an online bank account without releasing any financial information.

What are the benefits? Transaction fees are lower than credit cards. Chargebacks and non-sufficient-funds check returns are eliminated. Payments are guaranteed because consumers are authenticated by their own banks, paying with available funds from their checking or savings accounts. With online banking payment options, retailers can reach the 84 million Americans who bank online and spend 117% more than the average buyer. When shoppers have more checkout options for security, convenience, and manageability, retailers are likely to be the biggest winners of all—reaching otherwise untapped market segments, providing enhanced customer service, reducing costs, minimizing fraud, and—best of all—increasing sales.

Marwan Forzley
President and CEO of eBillme
Wilmington, Del.

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