Wallets, are a great way to make deposits and withdrawals in Smartstore shops securely and quickly. The advantage is that the processing time for withdrawals for returned goods via the Smartstore Wallet is faster than with other payment methods.
Some people prefer to pay cash on delivery, while others prefer to pay by card. Recently, the trend towards paying with digital wallets has taken e-commerce by storm. The wallet function in e-commerce contributes significantly to the conversion rate of customers.
According to a recent survey, 110 million Americans have admitted to using digital wallets. In just a few years, their number has increased by 75%, as they admitted that it was always more convenient to use digital wallets instead of paying in cash or by card.
What is the purpose of the digital wallet?
The digital purse or virtual wallet is a medium that enables customers to make online transactions for future use. The user's bank account and other credentials are linked to the digital wallet, and so the money is stored virtually for future use. Smartstore has the function of the digital wallet because it helps all parties involved in the smooth processing of transactions. E-commerce companies either have their own virtual wallet function or work with e-commerce companies that offer this type of service, e.g. Paypal, Stripe, Paytm, Rupay, etc.
Why is the wallet necessary in a Smartstore Shop?
The amount is automatically deducted from the virtual wallet each time you shop in the shop. This one function has many advantages.
Fast payment: A lengthy checkout process is a torture for every customer who has to choose a payment method when shopping, and if the Internet connection is poor, the situation becomes even worse. There is a defined path to an "abandoned cart" or a failed or abandoned shopping cart, and as you know, a left shopping cart is one of the worst enemies of online store owners. The function of the e-wallet is the savior in such times. Since the amount is automatically deducted from the wallet with each transaction, the consumer does not have to repeatedly enter his or her access data with each transaction. The cumbersome process is thus shortened and the customer's time is saved.
Customers will not have problems with failed payments and the retailer will see fewer abandoned shopping carts.
Pleasant shopping experience: The smooth payment method provides customers with a pleasant shopping experience on your website. In addition, you certainly want your customers to visit your website more often for online shopping, which leads to customer loyalty. They can also buy things for a limited time or receive a discount because the checkout process is shortened. This leads to an increase in sales and is also beneficial in the long term.
With the wallet feature for e-commerce websites, customers have more control over the payment method because they don't have to worry about whether or not they can complete the purchase each time. Paying through the virtual wallet gives them the "on-the-go" shopping experience. The feature is also compatible with mobile payment. You could call it a mobile wallet.
Ok. Everything understood, and what functions does the Smartstore Wallet offer?
The new money exchange system allows customers to shop with credit. The customer can top up their credit account with any amount at any time and redeem it while shopping. If the credit balance is not sufficient, the remaining amount can be paid with another payment method. As the shop owner, you as the customer can also top up wallets, for example to make returns easier to process; or you can simply send your customer a small birthday present.
The wallet system is thus a perfect customer loyalty tool that offers a wide range of possible uses and generates many benefits:
- The value for returns does not have to be paid out, so the turnover remains in the house.
- You grant your employees tax-free benefits through monthly wallet top-ups, which in turn are spent in the company's internal shop.
- Thanks to the REST Api, integrators can set up POS systems to accelerate stationary and cashless sales during an event or trade fair.
- The wallet plug-in offers payment methods and digital wallet features.
The Wallet Plugin provides the following features:
- The shop operator can post, edit and delete credits on the customer's credit account.
- The credit balance is displayed in the customer account.
- Customers can buy credit themselves. This option can be turned off. The amounts can be set by the customer or chosen freely.
- The customer can pay his purchases with a credit note.
- Partial payments (credit is not enough, the rest is paid with another payment method) are also possible.
- The remaining credit balance remains on the credit account.
- The partial payment can be deactivated.
- Additional fees may be charged for payment with credit.
- You can set the currency in which the credit account is managed globally.
Practical example: Adding and managing additional wallet applications
In the "Smartstore-Wallet" application you can, for example, buy boarding passes, cinema tickets, event tickets, vouchers, bonus cards, etc. - so that you can access them quickly from a central location. The tickets can contain useful information such as the account balance, the expiry date of a voucher or the admission and seat number for a concert.
Another example: No more queues in municipal facilities
The Wallet as an eTicket application: The wallet as an eTicket enables local authorities to convert their public facilities into a digital ticket system and thus benefit from digitisation in the future. Citizens and visitors can buy electronic admission tickets (eTickets) in the Wallet app and never have to wait in line again.
All facilities in one wallet: Integrate all municipal facilities with minimum effort and enable citizens to never have to queue at the cash desk again. The more municipal facilities are integrated in the wallet app, the greater the added value for the citizen. Making digitization tangible for the citizen and saving valuable time - as well as for the administration.
Ready to get started?
Write to us or try Smartstore for free. Contact sales