Moona Payment is the brand new checkout technology that is taking the e-commerce world by a storm.
Why? Moona payment is revolutionary concept
They are the first checkout solution to give e-retailer money, instead of charging them any. (first in the UK and worldwide)
Sounds too good to be true right? Well, that's what we thought. However, our findings indicate quite the contrary.
Moona is a free payment solution that has developed a technology that allows e- retailers to upsell premium services to their shoppers throughout their checkout. E- retailers can pick and choose from a selection of high-quality services that meet their customers' online shopping needs: free shipping, deal club, money back assistance and many more.
Their promise is bold: choose Moona Payment and you'll see your margin double and your conversion boosted.
However, when you deep dive into their product and numbers, all of this doesn't seem too ambitious at all and far more realistic than you would think.
The solution: Moona payment
Moona payment, before anything, is a payment solution. They operate under Stripe, a PCI certified service provider. However, on the contrary to many of its competitors it is completely free for its e-retailers.
That means, Pound 0 set-up fee, Pound 0 per transaction and 0% on volume. In comparison to established and industry leading pay by card providers such as Worldpay, Braintree or Sage that charge their online retailers on average Pound 2 per transaction.
They sit at checkout like any regular 'pay by card' option, blended into their e- retailer's website. Moona is available on the biggest CMS platforms such as Magento 1& 2, Shopify, Woocommerce. They also have a special team of developers in their offices dedicated to custom CMS platforms, which makes it available to any online retailer.
As mentioned, Moona is an official Stripe verified partner. This means Moona uses Stripe to process payments, the leading payment gateway for e-commerce. Stripe is known for their cutting edge encryption technology that protects sensitive data and communication. Other big names use their payment infrastructure such as Deliveroo, Booking.com or Made. See their website for more information: https://stripe.com/gb
But they don't stop there! Far from it actually.
What makes Moona payment so unique is that not only do they not charge their online retailers, they give them commission. On every transaction.
Why? Well, simply for displaying one of the premium services they offer as part of their checkout solution. E-retailers receive a flat fee of Pound 0.25 per service they choose to promote on their website.
That means, the more you offer, the more you earn.
Best of all is, e-retailers receive commission whether or not the shopper making the transaction chooses to add the service to their basket. This means online retailers are guaranteed extra profit for every transaction they make, at no extra cost to them.
Take a retailer that's chosen to offer 4 premium services throughout their checkout for example. Offering 4 services would guarantee a Pound 1 additional profit for every recorded transaction! So the more premium services you decide to offer, the more money you receive. The concept is straightforward and very lucrative for any online business.
So if you do the math and combine the amount of money you are saving and earning for every transaction you make, that's Pound 3!
Now, hear us out. This might sound insignificant on a small scale. In reality, if you take an online retailer making 1,000 transactions every month that would mean an extra Pound 3,000 extra profit at no cost to the business. This is major in terms of extra revenue for online retailers with small margins.
In short, it's a win-win situation.
But what is so special about these Moona'spremium services?
First of all, they allow e-retailers to engage with shoppers through high quality premium services that are tailored to specific online shopper needs, improving their shopping experience as a whole.
No need for these smaller e-retailers to spend time and money on logistics or product development. Thanks to these ready-to-go services, they can offer their customers an experience that they would usually find on competitor's websites for free.
These services range from free shipping to money back assistance. All these are outsourced and handled by third party companies that pay Moona commission for every user and revenue that Moona acquires for them.
To go into more details, here are the premium services currently available for e- retailers to offer their shoppers throughout their checkout:
Deal Club: Get discounts and vouchers with the UK's biggest retailers and 5% cashback on any purchase made through the platform. All your purchases are covered by a best price club. In the instance you find a better price after making a purchase, you are eligible for a refund of the difference between the 2 products. Finally, every time your membership is renewed, a tree is planted. This means that every month, a tree is planted for each active subscriber.
The cost of this membership is Pound 29.99 every month.
Refund Assistance: Get extensive assistance when claiming your money back on an online purchase. Thanks to this membership, you get 90 days instead of 15 days to make a claim and get a refund. You'll have your whole claim process managed, whatever the online purchase. This applies for any online retailer, so that way your right to reimbursements is protected and your refund claims for purchases from any online retailer worldwide managed.
The cost of this membership is Pound 27 every 3 months.
Free Shipping: Get free shipping on hundreds of retailers. Shop thousands of products and save on shipping every time. Our service is the best and most economical way to shop online! You can order anything from any e-commerce website and get it delivered to your door for free. From fashion to beauty, home decor to sportswear. We refund you shipping costs (up to Pound 5) on any online purchase. All purchases delivered anywhere in the UK are eligible.
The cost of this membership is Pound 19 per month.
By doing this, Moona also helps the third party companies that provide these premium services to acquire new users. Since Moona pushes these services in an e- commerce context, which goes hand in hand with the service being offered, they hit record conversion rate results.
But that's just the tip of the iceberg. It gets better.
All these services also come with financial incentives for the shopper choosing to add them to their cart. Incentives can range from free shipping to an immediate Pound 5 discount on your order.
All incentives from the available services combined can decrease the price paid by shoppers by up to Pound 10 per order.
Not only does this increase the average order value for e-retailers and boost their conversion rate, it also doesn't cost them a penny! All incentives are funded by the premium services and immediately applied to the shopper.
Not sold on upselling services? Well, we know where you're coming from.
It's common knowledge that upselling can sometimes be a little too overbearing on an online store and changes the look and feel the e-retailer intended for their website.
The integration of Moona's Premium Services
To answer to this wide spread fear, Moona makes a point of demonstrating the seamless integration of the premium services on their partner's websites.
E-retailers don't have to worry about loosing of their brands. The premium services are seamlessly embedded to match their website's font, colours & design.
Additionally, there are no disturbances to the funnel since services are integrated to already existing checkout steps: shipping method, cart, payment options.
Finally, they keep control of their user experience. Shoppers can add services in a single click without leaving your website and disrupting the payment flow. Both the order and the chosen premium services are combined into 1 payment.
Thanks to their 1 click technology, Moona combines the purchase made on the e- retailer's website and the added premium services into 1 payment. Services can be added by checking a box, via a pop-up or even a coupon code. No added steps, no redirection, no sign up are required. They make it so that the shopping experience is as simple and convenient for the shopper as possible, bringing much more value to shoppers and to e-retailers compared to competitors.
Moona Payment's Model
Moona's model is very unique and is the first of its kind which makes its chances of success incredibly high.
Let us explain.
Moona operates at a crossroads between 3 industries: Payment, Advertising and E- commerce.
So unlike Worldpay that focuses solely on Payment, Google that focuses on Advertising or Amazon on E-commerce, Moona combines all three.
Being the only actor to play this 3 sided game, Moona has managed to combine the strength of payment platforms to the efficiency of smart advertising in the e- commerce space.
By sitting at checkout and using cutting edge technology, Moona is 10 times more efficient at converting customers than any old-fashioned advertising or payment players.
What's their goal?
Today, through to to the payment, that is the backbone of e-commerce, they want to bring the best e-commerce experience ever to all e-retailers.
It's important to understand that e-retailers work with very low margins. And most of their gross margin is absorbed by ad costs, logistics, returns and customer service. Moona wants to empower e-retailers by providing them with 3 key tools to fight these industry giants:
Now, if you think of Google being the reference in terms of online searches, Facebook for online interactions or Amazon for ordering online. Well, Moona is here to shake things up and level the playing field. By doing so, their aim is to liberate, diversify and enrich its players. They want to be able to give smaller online retailers with less financial means the tools to rival with the industry leaders. That way, it'll be easier for them to establish themselves in the competitive industry that e-commerce is.
Since their launch in 2021, Moona has managed to amass more than 400 partner e- retailers and save them a total of Pound 1M in payment fees. Partners include Tower London, a leading online shoe website and RDX, the UK's number 1 martial arts store. Their premium service, on their side, have funded just shy of Pound 2M in incentives to the shoppers. Impressive figures in a very short amount of time, with growing numbers to this day.
Moona - What's to be expected from them in the future?
In short, they want to build and set the new standard for online checkout. This might seem to be a large statement but let us go into more details.
They aim to continue enhancing the shopper experience and build a marketplace of premium services that consumers need and love, which e-retailers can choose to integrate to their checkout easily.
Once Moona will have mastered the e-commerce world, they plan on branching out to the biggest online industries: ticketing, transportation, hotels, food, saas, gambling, gaming, digital goods & services… Any industry where there is a transaction, Moona will expand to.
By 2023, the company hopes to be able to spread its wings across seas and go international: Europe and USA. Until then, they are focused on the UK mainly.
With a unique model and offering, they have all the tools they need to bring a breath of fresh air to online merchants that need their help to implant themselves in this very competitive industry. They've already made incredible progress in the last few months and have made some impactful changes in the network of merchants they have managed to build. Their strategy is solid and their goals are ambitious. They face competition from the biggest players we know: Google, Amazon, PayPal, so they have their work cut out for them. However, that makes us even more excited to see what they will bring to us in the future and how they plan on disrupting the e- commerce scene!