Increasing Conversions With Mobile Payments
Have you ever offered payment by PayPal or similar easy integrating payment processors?
Up until recently when the mobile payment processor named Zong was released to the public, the barrier into entering the mobile payment processing world was very tough. Now, with Zong, almost anyone selling any product (online or offline) can charge customers via their mobile device. Their technology is truly a unique product that has not been widely available to anyone ever before.
On the Zong homepage, they make a valid arguement that 70% of the global online audience does not have a credit card, yet nearly all of them do have a mobile device. Not to mention the payments are likely to convert at a higher percentage because of less fields of information necessary to complete payment, such as a 16 digit credit card number. In general, mobile payments are best used for incremental revenue streams that are billed over months at a time.
From a pricing perspective, Zong is cheaper than credit card fees and merchant account fees. So, this is really a cost cutting payment option as well. However, be aware that mobile payments generally work best for one time or subscription payments of up to $10. This is not limiting companies to charge whatever their price point is though. Also, you must be aware of currency differences considering that Zong is servicing over 110 mobile carriers in 23 countries.
As of now, social sites are primarily using Zong mobile payments and are seeing great success. However, the mobile payment game is surely hitting the ground running. Be sure to check out this new opportunity to process payments!
