Bolt Financial introduces single business account creation and payment for ecommerce merchants – digital transactions

Bolt Financial Inc. is confident that its single sign-on checkout application, Bolt SSO Commerce, will make it easier for ecommerce stores to discourage shoppers from using the guest checkout. Instead, they can open an account and at the same time save their payment information with one click at the checkout.

While the anonymous checkout is important Ecommerce buyers who do not feel comfortable storing their contact information on the merchant’s website, this deprives the merchant of data that can be used to communicate with the customer and to send future marketing and promotional material. In fact, email addresses collected at checkout can only be used for shipping notifications and not for marketing purposes.

Bolt says its SSO commerce application enables ecommerce merchants to open an account for guest shoppers with one click at checkout while they enter their billing information and save both records. As soon as this account is opened, buyers can go to the checkout for future purchases with one click without having to log into their shop account in order to be recognized by the merchant.

Consumers who decide to open a merchant account via SSO Commerce will receive a one-time password for access to the account every time they make a purchase through one of the merchants in the Bolt network. One-time passwords are designed to create a more secure checkout experience, says Greg Greiner, vice president of product at Bolt.

“At the checkout, e-commerce retailers collect all the data they need to set up a customer account,” says Greiner. “By allowing the buyer to register an account with one click, it removes the hassle of creating an account and helps convert guest buyers into long-term, loyal customers.”

He also adds One-time passwords Remove an attack vector for hackers as the trader will store this data.

Easier registration of a guest buyer account on the Bolt network of around 300 merchants could solve another problem for buyers who wish to register for a merchant’s loyalty or rewards program: having to do so with each and every merchant.

A survey by Bolt found that 70% of shoppers in the United States have business accounts with up to six different retailers. The top reasons for opening business accounts are speed and convenience in paying; Discounts, rewards and exclusive product offers; and the ability to view the order history.

While e-commerce plug-ins and alternative payment methods can allow shoppers to store their information for checkout on a network of retailers, none offer the option of creating an account on the retailer’s website at the same time, Greiner says. Because of this, online shoppers need to log into their shop account to access their order history and network or payment account to complete a checkout purchase. Merchants using Bolt SSO Commerce have seen an average increase in business account registrations of 25%, says Bolt.

“Bolt creates a global trade ID for logging into dealers we work with,” adds Greiner. “If a consumer wants to sign up for rewards programs and track orders, they must register an account with the merchant and remember the password for that account. We integrate the account registration with payment into the existing tech stack of a retailer in order to enable account registration and payment with one click at the checkout. “