Phone payments are one of the most popular payment methods out there. And it’s not just because people can no longer imagine life without smartphones and tablets. It’s mainly because phone payments are so convenient. Users don’t have to give out any personal information – not even their name, they don’t have to remember a highcase-lowcase-number-sign-bloodofavirgin password. All they need are those magic digits that compose their phone number. And more recently they only need to type it in once and the payment provider stores the number and auto-completes it the next time the user starts a new payment. Fast just got faster.
Users love phone payments – it’s a fact. So that’s reason enough for you to start considering adding them to your website or online shop.
Here are your main benefits of starting to accept Call and SMS payments:
1. Reaching new target groups
67% of the unbanked have access to a mobile phone. 90% of the underbanked have access to a mobile phone. Give them an alternative to pay.
Don’t forget your users who won’t pay with their credit cards online and those who prefer an anonymous payment solution. Phone payments can be the perfect fit for them.
2. Optimal conversion rates
It’s very easy to complete a payment with your phone. You make a call, hear a code, fill it in the interface and click on ‚complete‘. Or you fill in your phone number, receive a code via SMS, you fill it in the interface and click on ‚finish‘. Not much can go wrong. And this is why conversions are high with phone payments. But the payment interface and flow are very important here, so testing before implementing would be a good idea.
3. No charge-backs and minimum fraud
There are no charge-backs with SMS payments and Call payments from mobile networks. There can be some charge-backs in Germany with Calls from landline networks, but good payment providers offer dunning services.
Specialised payment providers offer complex fraud prevention systems that in many cases can reduce fault play to zero cases.
4. Service diversity
Call and SMS payments can be used to monetize many various online products and services. You can always grow your business by diversifying your offer without having to change the way you monetize.
5. Higher revenues
Numbers are always the simplest to analyse. Phone payments can give net payouts much higher that 90% in key markets. So you can look into offering specialized methods per country to optimize your revenues.
6. One single and intuitive integration
This one is bias to infin-Payment, still it must be mentioned because it saves so much time and effort on the merchant’s side. And we all know how precious IT time is.
So just imagine a one-day-job integration for all methods, countries and price points. All price points you need, by the way.
These are the big 6 of phone monetization. Surely you’ll find more personal favourites once you start accepting Call and SMS payments.
