This summer, BigCommerce store merchants will be able to accept Chase Pay on their online stores, making it faster for millions of Chase Visa credit and debit cardholders to complete their checkout in seconds using their Chase credentials.
Also, BigCommerce store owners gain access to WePay – Chase company – which provides integrated payments designed for leading online platforms and is built for instant onboarding and payments processing without friction or fraud.
Together, both Chase offerings will make it easier for both retailers and their customers to transact digitally.
Adding Chase Pay as a checkout option allows retailers to engage with customers through their own loyalty programs while making their mobile and online shops more accessible to Chase customers.
With Chase Pay, eligible customers can redeem Chase Ultimate Rewards, giving them more redemption options and greater spending power at checkout.
In addition, WePay will be offered as an integrated payments option to BigCommerce merchants, allowing them to accept payments instantly.
“We are working together to make great digital storefronts even stronger by streamlining the checkout and payments experience and making payment options more accessible to our customers.”
Rob Cameron, president of partnerships for Merchant Services at Chase.
It’s All About Conversion
Removing friction from the checkout process has become a key improvement small business sellers can make to improve conversion.
Over $4.6 trillion of merchandise was abandoned in shopping carts in 2016 and the trend continues on an upward swing.
Much of shopping cart abandonment can be poor checkout design when consumers need to go through the process to find shipping and sales tax information.
But any reduction of the time for “second-thoughts” at the payment stage should improve checkout conversion rates.
This partnership between BigCommerce and Chase should help reduce payment friction issues and help store owners increase revenues.
Chase has over 5,300 branches located in many major U.S. metropolitan areas and the company claims it offers financial services to about half of all U.S. households.
While not all these services include a debit or credit card, the company holds the largest consumer credit card debt in the U.S.
Add the millions of personal and business checking accounts with debit cards, and chances are that many U.S. consumers have a Chase-branded credit or debit card in their wallet.
This provides a potentially significant reach to BigCommerce store owners to offer a branded fast checkout solution with a trusted financial institution.