CIBC has launched an online shopping mall to provide Canadian consumers with virtual access to a range of trusted e-merchants.
CIBC eShops claims to be the first online shopping community offered by a financial institution in Canada that combines one-stop access to e-merchants with reward points for CIBC cardholders. Shoppers will be able to buy from any of the participating merchants and pay at one final checkout point. Participating stores will have a thirty-day return guarantee.
Christine Croucher, executive vice-president, CIBC card products division, says: "CIBC cardholders can now shop for gifts, fashion, or electronics easily and securely from the comfort of their home or office. And CIBC Visa shoppers benefit from great rewards, exclusive coupons, and special offers."
The virtual mall solely features Canadian merchants, eliminating the typical additional costs associated with duty and exchange rate impacts of international online shopping, says the bank.
The service will enable merchants to build and conduct business in a virtual store with secure, real-time transaction processing which includes automatic order notification, billing and shipping as well as secure and reliable hosting. In addition, a series of marketing tools and programs are being provided to online merchants to assist them in driving additional traffic and delivering increased sales.
Global Payments is providing the payment processing service to CIBC eShops, while SureFire Commerce is providing the Internet technology, infrastructure, online transaction processing and support services to the bank.