Established in 1998 in Russia, WebMoney is a money transfer system for US dollars. Since its development, the global payment system has continued to serve merchants and customers to make payments effectively.
The outbreak of COVID-19 accelerated remote work, and the trend has continued post-pandemic. Ecommerce business owners look for an efficient way to make payments, and customers expect more timely transfers, too.
WebMoney allows you to resolve payment issues, track funds, and make payments securely. We’ll explain more about the topic below.
What Is WebMoney?
The 1998 Russian financial crisis led to increased use of US dollars within the country and gave the reason for its creation.
Though it originated in Russia, today, it is widespread across the globe and is considered one of the largest electronic payment processors within the country.
In 2020, the company reported 300,000 weekly active users and 41 million registered accounts. Besides, over 100,000 stores accept payments via WebMoney.
Currently, the system is owned and run by WM Transfer Ltd.
Key Features of WebMoney
WebMoney is an e-wallet you can use to make online payments. Customers can collect their e-wallet via bank account, e-money, cash, or bank card.
Businesses can use it to accept payments, make payments, ensure secure transactions, and manage their business more efficiently.
We’ll take a closer look at the critical features of WebMoney.
WebMoney for Business Use
If you’re running a business in today’s digital age, software like WebMoney can take care of your payments, allowing you to focus on other crucial business-related work.
You can receive funds via bank transfers, make payments, and accept payments from customers with the help of payment gateways.
WebMoney for Personal Transfers
Users can utilize the service like a standard bank card when making personal transfers via WebMoney. For instance, you can top-up your account or pay for several products and services.
Aside from that, you can get a loan, withdraw funds, or raise funds.
Payment Gateways
WebMoney payment gateways allow you to accept payments from other payment channels like online and offline bank transfers, credit/debit cards, e-wallets, or any other payment techniques.
In Russia, customers mostly use e-wallets, and WebMoney supports this payment method, which is a plus. It provides users with several types of WM purses, including WME (wallet for Euro), WMR (wallet for ruble), and WMZ (wallet for USD).
Secure Transactions
Whether you run a business or not, security is of utmost importance to anyone making online payments. Fortunately, WebMoney takes care of that.
The service considers the latest security and management systems. Verifying information is one of the critical factors when it comes to security. A system with efficient information verification ensures maximum data protection.
WebMoney transfer uses three authentication techniques. These include.
- Login credentials. When registering, you can use your email, WMID, or phone number for your login information. Generally, the registration process follows up with an additional confirmation step.
- Secret keys. You need files with a secret key, password, a 12-symbol WM-identifier, and wallets in your computer memory. Make sure you keep backup files in case you lose them accidentally.
- Personal certificates. These digital certificates are meant to identify, protect, and transmit data.
Later, additional confirmation like a verification code sent on the phone or E-Num (single-use password generator service) is made for transactions.
This ensures maximum security for both customers and merchants.
How Does the WebMoney Payment Method Work?
Data shows that efficient online payments can increase an entrepreneur’s profitability by making transactions more convenient, safe, and cheap.
If you’re a business owner looking to improve customer experience and increase revenue, perhaps you need a payment solution like WebMoney to collect funds.
It is designed for Ecommerce business owners who want to give their customers the freedom to choose from various payment methods.
This is crucial for your cross-border business as you would want to maximize customer experience by giving them ease, comfort, and versatility when it comes to payment methods.
A preferable payment method not only eases payment for customers but also encourages them to make a purchase. This, in turn, reduces cart abandonment and boosts sales.
WebMoney offers a single platform to merchants to transfer and receive payments effortlessly.
No matter the type of payment method customers choose to pay through, WebMoney transfers the amount into the business’ account.
What’s more, the platform allows you to make transactions in local currency.
If you’re running a large multinational company, you can also process payments in Euros and USD.
Why Choose Oceanpayment for Your Global Payment Solution
Oceanpayment, an online payment service platform, was officially established in 2014. Headquartered in Hong Kong, the provider offers payment solutions to retailers in businesses like Ecommerce, online games, and travel.
It is available in more than 200 hundred countries and offers more than 500 payment methods for large and small-scale businesses.
So, why choose Oceanpayment for your global payment solution? Here’s why.
- The platform offers safe and convenient payment solution options to retailers running cross-border businesses.
- Competent team members with substantial knowledge in the relevant field run the global payment service provider.
- Oceanpayment shares valuable insights and helps customers excel in their business goals.
- Our PCI level 1 gateway ensures smooth and quick payment processing.
- Oceanpayment supports multiple interface types, including PC, Mobile, TV, and more.
- As a merchant, you can accept customer payments online, mobile, or in-store, giving your customer a seamless experience.
- Oceanpayment offers a single platform to meet the needs of online B2B and B2C business models.
Statistics show that consumers prefer multiple payment options. Even more, the pandemic changed consumer trends, and customers expect businesses to deliver more than they did pre-pandemic.
So, make sure you use an efficient payment platform to enhance user experience and build your brand’s reputation.
Final Words
Online payment services providers allow companies to accept several online payment methods, including credit cards, online banking, debit cards, e-wallets, and more.
WebMoney is yet another electronic payment service provider for making secure, quick, and convenient transactions.
Although it was officially developed in Russia, today, people across the globe use it to make payments.
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