WILMINGTON, De.–April 23, 2008– Tool King, a leading tool distributor and one of the top 500 retailers, and Cymax Stores, a retailer with more than 100 online specialty stores, have announced the checkout results they have experienced by offering the eBillme payment option which brings online banking to the eCommerce checkout.
Tool King began offering eBillme in 2006 and saw immediate customer adoption and an increase in average order value. As the only payment option on the retailer’s checkout to not require the release of any financial information, eBillme became an appealing option to customers looking to pay securely with cash. Tool King has been able to use eBillme to increase confidence in hesitant online shoppers leading to more loyal customers and an increase in sales.
“eBillme continues to be an integral part of our business model,” says Ali Mughal, CIO of Tool King. “The payment option has a significantly lower transaction rate compared to credit cards and other alternatives resulting in a 60% cost savings. From the ease of implementation, the impact it has had on costs, and the strong adoption rate, eBillme continues to be a solution that grows with us.”
For Cymax Stores, eBillme was an opportunity to offer customers more payment options and enhance the checkout experience. Recognizing the growing need for security and protection during online transactions, Cymax looked towards eBillme as a way for customers to pay for purchases using available cash while getting the protection and safeguards typically associated with premium credit cards. eBillme has resulted in an increase of average order values by 11% while reducing fraud, operational costs, and NSF’s.
“The Cymax team was impressed with how quickly eBillme was able to be implemented on our site,” says Arash Fasihi, CEO of Cymax. “Given the speed of implementation, the customer promotions eBillme put in place, such as a $20 rebate, and the lower transaction costs, we have seen a significant ROI of close to 110%.”
Both retailers are also offering customers the eBillme buyer protection program. Provided at no cost to shoppers and retailers, the buyer protection features include a return guarantee, price guarantee, in-transit protection, and fraud protection. Consumers can shop with confidence knowing their eBillme transaction is guaranteed and protected.
“We are thrilled that Tool King and Cymax Stores have been experiencing such positive results since offering our payment option,” says Marwan Forzley, President and CEO of eBillme. “eBillme allows retailers to tap into the 84 million Americans who bank online by bringing that proven security and convenience to the eCommerce checkout. We are committed to creating a secure checkout experience for our retailers and their customers.” To view the entire Tool King and Cymax Stores case studies, please visit eBillme Success Stories.
ABOUT eBillme eBillme™, brought to you by MODASolutions, is the only online payment solution that extends the convenience of online banking to the merchant’s checkout, reducing the security risks of shopping online for both consumers and retailers. No financial data is exposed over the Internet to the retailer, and the payment transaction is securely transferred from the customer’s bank to the retailer’s bank. Consumers can shop online, by catalog or through call centers, and pay for their purchases at their bank, credit union, or bill pay portal, with the security and convenience of online banking. eBillme allows retailers to access the over 84 million Americans who use online banking. For more information, please visit us at http://www.eBillme.com.
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