Razer Merchant Services launches cash payment for e-commerce merchants

ONLINE payment solutions provider Razer Merchant Services and convenience store chain 7-Eleven Malaysia have announced to launch a new payment option for e-commerce merchants.

Such merchants can now accept cash from consumers at the nearest 7-Eleven outlet and get notified in real time when payments are made through Razer Merchant Services, the latter said in a statement.

The company said it hopes to increase merchant’s sales by 40% through this alternative payment method.

The new Razer Cash service is already available at 735 7-Eleven stores in the Klang Valley, and will be rolled out to more stores throughout the country “soon,” Razer Merchant Services said. All 1,569 7-Eleven stores in Malaysia will be providing this service by July 2014, the comany added.

“Razer Cash offers a fraud-free and convenient way to pay cash for online transactions while enabling merchants to reach a wider customer base,” said Razer Merchant Services cofounder and chief executive officer Eng Sheng Guan.

At participating online merchant sites, consumer can choose to pay using the Razer Cash option besides the current payment options such as credit cards, on the Razer Merchant Services payment page.

Razer Cash uses a barcode for consumers to pay cash at the nearest 7-Eleven outlet. The service is integrated with the 7-Eleven convenient store’s point of sales system and will notify merchants in real time when consumers have paid.

Razer Merchant Services cited a Nielsen Global Saving and Investment Strategies study earlier this year which revealed that 60% of Malaysians prefer cash payment, compared with the Philippines (74%), Thailand (68%) and Vietnam (61%).

Repost from Digital News Asia.

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