Startup Model – One Checkout for All Online Purchases

THE MODEL: A chrome extension which allows shoppers to buy across websites using a single account. Users can use this extension to buy from across websites using a secure and encrypted service without incurring any costs.

STARTUP: Fastr (Dutch startup)

WHAT I LIKE

Core Idea – One payment checkout for online shopping.

Benefits to Users – The tool is an extension which can be installed into the web browser. It allows users to gather items from across websites and checkout from one place. Users can also check and maintain the history of things purchased by them. The startup offers user free shipping, easier returns and no hidden costs on items purchased through it. The security of the transactions is ensured through encryption.

Benefits to Merchants – The startup offering easy integration using an API. Also other features include an option to customize the checkout page, secure connection and data ownership.

CONCERNS

Competition – The payment gateway/wallet space is a competitive one and one which is difficult to crack and sustain in.

Getting Merchants – Since the product becomes useful for customers only if a lot of merchants are on it, getting merchants to sign up should be the focus of the startup. A string incentive will be required to compel a merchant to move away from its current gateway.