Payments technology services provider BlueSnap has launched the Powered Buy Platform, a mobile solution designed to eliminate friction during the checkout process and prevent retailers from losing sales.
The Powered Buy Platform enables retailers to provide numerous checkout experiences, either through an API or a turnkey embedded checkout. The platform integration enables merchants to connect to multiple acquiring banks, and includes a failover mode to maximize payment authorizations. The platform also offers value-added features such as dynamic e-Commerce tools, including offers and coupons, subscription billing, fraud prevention and chargeback management.
MasterCard and Visa are each working with BlueSnap to integrate their online checkout options, MasterPass and Visa Checkout, respectively, into the Powered Buy Platform.
“As every device is quickly becoming a commerce device, we want to ensure that consumers have a seamless experience with a retailer whether that interaction is in-person, online or via mobile,” said Michael Cyr, Group Executive of Market Development at MasterCard. “Key to this is driving acceptance to ensure cardholders can use their cards when, where and how they want.”
BlueSnap, PYMNTS.com Collaborate To Unveil Checkout Conversion Index
In collaboration with PYMNTS.com, BlueSnap has launched The Checkout Conversion Index (CCI), a quarterly benchmark report that measures the performance of merchants seeking to optimize their global, mobile checkout experience. The Index reflects the assessment of more than 650 online sites across 14 merchant categories, representing 70% of the e-Commerce market.
The Index is designed to provide insight into what’s causing checkout conversion issues, as well as what merchants can do to overcome them. Overall, e-Commerce merchants are performing only marginally better than average when it comes to converting shoppers to buyers, with a Q4 CCI score of 62. Of the industries included in the research, the Automotive Parts & Accessories industry came in with the highest average CCI score of 91.
“That’s not exactly great news for online retailers,” said Karen Webster, CEO of PYMNTS.com. “With online sales possibly hitting $105 billion this holiday season, this means that merchants are missing out on making nearly $38 billion more.”
The CCI found that the top 30 performing sites complete an online payments process in 134 seconds, or just over two minutes’ time. As many as 93% of these sites provide trusted security logos when checking out to let their customers know that they care about their financial data and will safeguard it.