Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
ClickandBuy, an online payments processor, has launched a web cash service in the United Kingdom enabling users to spend cash online.
ClickandBuy, an online payments processor, has launched a web cash service in the United Kingdom enabling users to deposit and spend cash online. The service is good at major brand web sites, such as Apple Inc.’s iTunes and Disney. Service users can better protect their financial information, ClickandBuy says, by using cash and eliminating the need to enter personal card or bank account details online.
“Using cash online is an obvious idea, but requires three vital ingredients: convenience, trust and critical mass,” says David Hunter, European managing director at ClickandBuy. “By copying the mobile top-up process and working with payzone we make it really convenient. We are fully licensed to issue electronic money, and have been trusted online by our users since 1999. And finally, we have a huge community of web retailers, which from today, are ready, willing, and able to accept cash for the first time.”
The “top-up” process lets customers add cash to their account through payzone, a retailer payment company with 29,000 locations.
Consumers use cash to open an account with ClickandBuy via a payzone outlet, and can add cash to increase the balance as needed. Shoppers click on a ClickandBuy logo on a participating merchant’s web site, enter a user name and password, then the payment is transferred to the merchant.
50% of teens already buy online, typically using their parents` credit cards and often without permission, ClickandBuy says. With the cash service, parents can open an account for family members, set content restrictions and even set monthly spending limits.
ClickandBuy is a full-service electronic payment and billing system claiming more than 7,000 merchant customers.