BuySafe Inc., a company that offers shoppers a chance to protect transactions via bonds, has introduced a low-price guarantee to its offerings. The service adds an additional incentive for shoppers to buy from online retail sites, says Hans Dreyer, the company’s vice president.
The low-price guarantee is designed to complement buySafe’s transaction protection services to increase the comfort level of shoppers on buySafe’s client’s e-commerce site, Dreyer says.
Merchants can offer buySafe’s bonded transactions to shoppers at no price, or they can offer shoppers the option to buy the protection at checkout. Prices paid by shoppers vary but typically range from 1% to 5% of the purchase amount, Dreyer says.
The buySafe bonds serve as a promise to the shopper against such problems as merchant fraud, shipping problems, receiving the wrong product and identification theft. Protection is good for 30 days after a purchase.
The low price guarantee provides a way for a shopper to be assured of not over-paying for products that a retailer puts on sale within 30 days after a purchase. The guarantee, which covers retail price fluctuations of up to $100, is offered as an add-on service to any shopper that receives or buys the buySafe protection services.
For instance, a customer buying a pair of shoes from a retailer offering the buySafe low-price guarantee would receive the difference in price if that retailer lowered the price for that pair of shoes within 30 days of purchase.
Shoppers would have to file a claim with buySafe to receive the payment.
BuySafe also provides as part of a packaged guarantee service a purchase guarantee of up to $500 per transaction to ensure that a retailer met the terms of a purchase transaction, including the delivery of undamaged goods; and a payment of up to $10,000 in cases where a consumer’s personal identification information is stolen or compromised on a client e-commerce site.
Generally, buySafe says retailers offering its protections can experience conversation rate increases of up to 15%. The buySafe bonds are underwritten by such insurance companies as Liberty Mutual Group and The Travelers Co.