Everything You Need To Know About Checking Accounts For E-commerce
A checking account has certain benefits over a savings account, even though it offers no interest on the amount deposited in the account. There is usually no minimum balance required to be kept in the account, and it is usually opened so that the account holder can take care of the daily expenses from it. Savings accounts, on the other hand, are a good way to park an amount of money which might not be needed too frequently, so that it can earn interest.
When people shop on an e-commerce site, they usually use their credit cards or their checking accounts.
To accomplish this barrier, Amazon, the biggest e-tailer of them all, is thinking of allowing this segment to also have Amazon checking accounts which they can use to shop. For adults, Amazon does have the facility of allowing them to align their checking accounts to Amazon and make payments from those accounts.
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These conditions are sought to be modified to enable minors also to have a checking account opened by Amazon. The identity details of the parent of the minor would be used, and the funding for the account would be made by the parents. Once the account is aligned, then the minor can use his or her own unique Amazon ID to shop conveniently from Amazon. The e-commerce company hopes that this will increase the transactions from this age group because they would not need to go back to their parents for every transaction, as long as the account is funded. This would get the minors hooked to Amazon from an early age, and Amazon hopes to build on its loyal customer base from an early age with this feature. It has been reported that Amazon would be tying up with a major bank to enable this feature.
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