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.
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  • Easy  for Customers/Members: They  can enroll quickly through their online or mobile banking application,  merchants' websites or Payveris’ Digital Commerce website.
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  • Valuable  for Institutions: Participating  FIs can create new revenue streams which enables FIs to remain relevant in  emerging payment technologies.
Payveris continues to focus on developing faster, cost effective, seamless and more secure digital payment solutions. Our powerful technology is easy to implement and use, while delivering better outcomes for users and keeping financial institutions firmly in the center of commerce.