New Service Aims to Simplify Ecommerce Payments Ribbon allows for one-click payments via any user platform.
By Jason Ankeny Edited by Frances Dodds
Opinions expressed by Entrepreneur contributors are their own.
Brick-and-mortar retailers wouldn't dream of sending customers outside the confines of their stores to finalize a purchase. Yet online merchants do it all the time, ushering shoppers away from digital storefronts to third-party payment platforms like PayPal. It's counterintuitive--and can lead to lost revenue.
Roughly two-thirds of consumers abandon shopping carts before completing a web purchase, due mainly to the complexity and length of the checkout process. A new service, Ribbon, promises to eliminate this friction with a patent-pending, quick-and-simple system that enables merchants to take payments via links inserted into websites, e-mail, Facebook pages and Twitter feeds.
"Why push buyers away from whatever platform they're already on? Why don't we keep them there?" asks Hany Rashwan, co-founder and CEO of the San Francisco-based company. "With Ribbon, the buyer never leaves."
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