Leading Internet Retailer of Name Brand Tools and Accessories Selects I4 Commerce’s PayCapture Suite to Increase Sales and Improve Customer Satisfaction
TIMONIUM, Md.––November 2, 2005––I4 Commerce, the leading provider of alternative payment solutions for multichannel retailers, today announced that Tool King, America’s largest and most trusted tool distributor, has deployed Bill Me Later®, part of the company’s PayCapture suite of alternative payment services. Tool King will realize the benefits of Bill Me Later and Flexible Financing services, which are designed to provide multichannel retailers with a fast and secure online payment option combined with promotional financing.
Bill Me Later provides Tool King customers with a safe and convenient way to make purchases online or over the phone without entering sensitive credit card information. With Bill Me Later, consumers who wish to avoid the risks and hassles associated with using a credit card simply provide some basic information, such as date of birth, to make their purchases. Qualified customers complete their purchases in seconds, receive a bill from I4 Commerce within 14 days and have the option of paying in full or financing their purchase over time. For merchants, Bill Me Later reduces transaction costs while decreasing shopping cart abandonment and dramatically improving conversion rates, average order values and customer satisfaction levels.
In addition to Bill Me Later, Tool King is also deploying PayCapture’s Flexible Financing program, which will enable the company to quickly implement special promotions tied to purchases made using Bill Me Later, such as deferred payments. Coinciding with Tool King’s initial launch of Bill Me Later, the company will be offering “No Payments for 90 Days” on minimum orders of $250.
“PayCapture is the only option in the market that allows us to increase site traffic and profits, offer promotional financing and other promotional offers while reducing abandoned shopping carts and transaction costs,” said Don Cohen, managing partner of Tool King. “Tool King takes pride in the quality of our customer service and believes that I4 Commerce’s payment solutions will help us bring our tools to a broader audience.”
“As one of the tool industry’s most dominant suppliers, Tool King is a welcome addition to the I4 Commerce merchant network,” said Mark Lavelle, vice president of business development at I4 Commerce. “PayCapture is a remarkably easy way for merchants like Tool King to improve customer satisfaction and thereby increase incremental sales, driving already thriving business models to new levels of success.”
About Tool King
Tool King is a leading Internet retailer of name brand tools worldwide, offering a growing list of over 15,000 SKUs from 190 different manufacturers. Maintaining some of the lowest prices possible, Tool King has set itself apart from other online retailers by taking a proactive approach to customer service and fulfillment. Tool King has been recognized as an Inc. 500 Company three years in a row and has grown from a Top 300 to a Top 50 Internet Retailer website in 2005. For more information, visit: www.toolking.com.
About I4 Commerce
I4 Commerce’s network of alternative payment solutions helps multichannel retailers to attract, satisfy and retain customers at the point-of-sale. Through the company’s PayCapture suite, which includes its flagship Bill Me Later solution, merchants can leverage consumer insight to make successful, real-time retailing decisions that drive sales. Hundreds of thousands of consumers rely on the safety and convenience of I4 Commerce’s payment solutions when shopping online, via catalog and in-store to help save both time and money. I4 Commerce’s alternative payment solutions help merchants to use payments as a strategic tool to enhance customer loyalty, drive higher sales and expand profit margins. The solutions are the first new payment methods since credit cards to be so broadly available within the United States. For more information, visit www.i4commerce.com.