What is an e-wallet? - it's an electronic wallet

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What is an electronic wallet

What is an ewallet?

it is an electronic wallet in which customers can store their various payment details, such as one or multiple credit cards, and even money transferred directly from their bank account. Their information is always 100% safe and protected around the clock against. The benefits to you include fraud protection and hassle-free payments for very little.

As a merchant, a big part of your business and the guarantee of your return customers is dependent on how fast, secure and easy your checkout process is. If you have too many steps, not enough payment options (such as credit card and e-wallet), and if just takes too long, you can lose your would-be customers before the purchase is final. They would rather go to a different online store and buy their product there, even if it's a little more expensive, just because the buying process is quick and painless.

If you only offer the credit card payment option, you might want to consider offering your customers the ability to pay with an ewallet which can simplify your payment process for you and your customers.

Ewallet payments can simplify your payment process for you and your customers in so many ways, including the following:

What is an e-wallet?

  1. It's a quick three-step process for first-time customers. If customers are coming to your website for the first time, they only have to go through three simple steps to complete their transaction with an ewallet. The steps include entering some personal information (which is stored on secure servers to protect them against cybercriminal interception), creating a password for their ewallet account (which will be automatically opened for them to use for subsequent purchases), confirming their purchase and selecting payment method.

  2. Customers only add their information one-time. If you have customers who will be returning for future purchases, this is a big plus. With an ewallet that stores their personal and payment information, they only have to enter their information that one time. Any future purchase can be completed in one step in which they just log in to confirm the purchase and choose their payment method.

  3. Multiple payment options with one ewallet. Your customers can pay with the money they deposit into their ewallets by bank account or check, or they can pay with a credit card. They can even split a payment between their electronic wallet balance and credit card depending on the payment platform you choose. The more flexibility you offer, the easier it will be for customers to pay for their purchases.

  4. Instant payment notifications. The moment you get paid, you will get a payment notification by email telling you when and how much you have been paid. The money will be available in your own e-wallet, and will stay there until you are ready to claim it by any of the methods available.

Offering a digital wallet option is always a great idea, especially if you offer more than one. Giving customers choice tells them that you care about their need for convenience, and they will come back to you because of this. Not to mention that many online wallet solutions already come with customer bases in the millions, opening up your business to people who already have established and fully loaded e-wallets. Not such a bad idea after all!