Payment Methods: Webmoney
It is true that US dollar is the world’s currency and with businesses becoming more and more global it is only natural to use USD or Euro to make transactions. Nevertheless, if you really want to succeed on the local markets, you need to still think locally in some aspects and payments issue would be one of those wise considerations. Especially when you talk about doing business in Russia.
Moreover, you need to understand that Russia had some milestones in its evolvement that influenced mentality of people and their attitude towards banking system in general and their day-to-day money behavior.
In 90s, when Soviet Union collapsed, the banking system collapsed together with it. Lots of people lost their savings and the rest found themselves in a situation where their money lost most of its value. Total chaos, lack of trust, feeling of betrayal by its own government dominated people’s hearts and minds. People would not trust banks and would prefer cash. Till very recent this “cash” state of mind was still dominant.
Out of this mistrust to the banks and credit cards evolved alternative payment methods which became dominant in the online sphere: ewallets. There are many of them and we will spare you from naming all of them, but we will mention one that can really make a change to your business – Webmoney.
Webmoney is the biggest and the most popular in Russia and CIS countries online payment system, which allows payments in many currencies, Rouble included of course. Webmoney became Russian alternative to PayPal, but much more suitable for the local market.
Strong security protocols, personal and business certificates, possibility to integrate with banks and 3rd party payment systems, user-friendly interface – all of it made Webmoney a leader in the online payments sphere in Russia.
Why it is important to know? Because integrating Webmoney to you business will make a drastic change in your revenue. Your conversion rate will rise when people will find out that they can pay using their trusted and familiar e-wallet.
After integrating Webmoney to the payment methods of one of the very large B2C international gaming companies we have observed a growth of conversion rate by 20%. It has a huge implication on future revenue as well as having the Webmoney payment system implemented on company’s website served as sort of trust badge for users. Same happened with a smaller company: customers became more loyal, deposits grew and customer lifetime was prolonged.
So what can we do for you in order to take advantage of this strongest conversion and revenue growth tool? Actually it depends on you and your businesses needs. We can help you overcome language barrier and become your communication agent between your company and Webmoney representatives in order to ensure correct and fast integration of Webmoney into your business. Actually, there are many things we can do together depending on your company’s needs, so get in touch with us and we will think together of the most appropriate usage of Webmoney system in your business.