BlueSnap has launched a next-generation global payment gateway that makes mobile checkout frictionless for consumers and integration to the platform simple for online merchants.
The new Powered Buy Platform addresses the “Payments Conversion Problem” – the friction at checkout that BlueSnap estimates can cost a merchant up to 40% of their sales. With Cyber Monday sales expected to top $3.2 billion, merchants stand to lose more than $1.2 billion.
The Powered Buy Platform provides flexible integration, empowering merchants to deploy the best checkout experience to engage their customers – from API to turnkey embedded checkout. Acquiring connections to multiple local banks around the world are provided through a single integration along with failover to maximize payment authorizations. The platform also offers value-added features such as dynamic eCommerce tools, including offers and coupons, subscription billing, fraud prevention and chargeback management.
BlueSnap’s work with merchants over the last year sheds new light on the degree of checkout conversion issues by quantifying the lost revenue problems they create for merchants. For instance, BlueSnap data shows that shoppers abandon at checkout 30% of the time when consumers are not able to use their preferred checkout method, including local payment schemes such as China’s Alipay or Brazil’s Boleto, coupon codes, or local language and currency. In other cases, payments are declined if a merchant isn’t connecting to multiple acquiring banks, something that is increasingly important as more buyers engage in cross-border eCommerce.
For data, background and forecasts on BlueSnap: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).