Payments technology company BlueSnap has launched its mobile checkout gateway, the Powered Buy Platform.
The Powered Buy Platform allows merchants to deploy the checkout experience that best suits their customers, including API and turnkey embedded checkout, and connects them to local banks worldwide with a backup server to maximize payment authorizations. Visa and MasterCard are both working to integrate it into their online payment platforms, Visa Checkout and MasterPass.
Powered Buy also handles offers and coupons, subscription billing, fraud prevention and chargeback management.
BlueSnap framed the launch in a Nov. 30 news release around the "payments conversion problem," in which customers abandon their shopping carts due to payments friction at checkout, thereby lowering merchants' sales conversion rates. The company claims the new product can help merchants increase their conversion rates by up to 40%.
“Converting a shopper to a buyer on a mobile device requires more than just having a mobile-optimized site or an app,” Ralph Dangelmaier, BlueSnap's CEO, said in the release. “We’ve spent the last year optimizing the set of capabilities that merchants need to solve their payments conversion problem — and built that into our Powered Buy Platform. Clients who’ve used it have seen their payment conversions increase dramatically – improving their sales literally overnight.”
Research conducted by BlueSnap shows customers abandon their purchases 30% of the time because the checkout process hinders them from using their preferred payments method, coupon codes, or local language and currency. Further, payments sometimes decline if a merchant doesn't connect to multiple acquiring banks.