Digital Commerce
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Digital Commerce Challenges
Many experts expect US Digital Commerce, inclusive of eCommerce, mCommerce, and in-store mobile payments, to grow from ~$300 billion in 2013 to almost $1 trillion in 2018. Although there are a number of companies providing payment services for digital commerce, there are still significant issues that have been difficult to solve for, such as:
- Consumer trust. Lack of trust and security for online payments and the belief that personal and payment data could be used for fraudulent purposes is still a significant concern for many consumers.
- Online fraud continues to grow.Financial institutions and merchants absorbed online fraud losses of $11.6 billion in 2013, up 10% from 2012. As EMV is rolled out to protect fraud at the physical point of sale, fraudsters are expected to move more of their activities online, accelerating card not present fraud.
- Friction during cart checkout creates cart abandonment. The friction required to complete shipping, billing and payment information during checkout is the reason one in five online shoppers and two thirds of all mobile shoppers abandoned their cart in 2013.
- Financial impact of payment processing. Traditional payment processing fees for digital commerce transactions can be as high as $0.30 + 2.9% per transaction. As a result, cost of payment processing can be up to 50% of the transaction value for micro transactions or significantly eat into the profits of merchants selling low margin products.
As part of our unified digital payments platform, Payveris’ vision is to complete the connection between consumers, Financial Institutions and Merchants. Payveris’ Digital Commerce Solution will offer the opportunity of an innovative patent pending digital vault, checkout and payment service specifically designed for banks and credit unions to elegantly address the above issues by offering a secure, convenient, and financially rewarding payment service to their consumer and merchant customers.
For consumers, Digital Commerce is:
- Secure. Digital Commerce will enable online shoppers to securely activate, store and manage their payment details and shipping addresses within the secure environment of their trusted financial institution's online or mobile banking service. No need to go through cumbersome sign up processes with third party technology or payments companies. Shoppers can rely on the security and trust of the banks and credit unions they've been using for financial and payment services for years.
- Convenient. Digital Commerce will enable shoppers too easily and securely checkout and pay for online purchases directly from their checking account by simply entering their unique User ID and password from an authorized device. The shopper never needs to enter payment or shipping details into cumbersome forms and payment data is never transmitted to the merchant.
- Financially Rewarding. Digital Commerce will reward shoppers for every dollar spent on purchases made through their account.
For merchants, Digital Commerce can:
- Reduce Payment Processing Costs. Digital Commerce will enable shoppers to securely pay with a real-time direct debit from their checking account. As a result, merchants can avoid costly interchange fees and reduce payment-processing costs for debit transactions by up to 50%.
- Eliminate charge-backs. Digital Commerce requires shoppers to authenticate and approve every transaction from an authorized device, eliminating the risk of charge-backs and fraudulent transactions.
- Improve shopper engagement. Digital Commerce will enable participating merchants to access robust reporting and analytics to leverage rich geographic, demographic, and shopping behavior data to deliver targeted promotions and offers to increase customer loyalty, store traffic, and purchase frequency.
For Financial Institutions, Digital Commerce is designed to be:
- The world's first digital payment solution offered by banks and credit unions designed to provide secure, frictionless, and financially rewarding digital payment services to their consumer and merchant customers and members.
- Easy for Customers/Members: They can enroll quickly through their online or mobile banking application, merchants' websites or Payveris’ Digital Commerce website.
- Valuable for Institutions: Participating FIs can create new revenue streams which enables FIs to remain relevant in emerging payment technologies.