Micropayments Can Be Big Business

Micropayment platforms were out of favour for some time, but I think companies are slowly realising they have been missing a trick – and possibly a market.

Instead of focusing on the associated costs of processing low-value transaction payments, businesses are now looking at how to make high-volume payments easier.

And that’s where micropayments platforms come in.  They allow customers to make regular, or one-off, small payments across the sales spectrum from songs to videos, from access to VIP sites to premium SMS alerts.

Customers can build up credits in advance, or at the tap of a key add it to their mobile bill or TV package. It is low cost – and low hassle. Customers can also easily check their running purchases and balances in their eWallets.

The media and publishing industry could benefit from this more and more. For example, consumers may just want to pay to “dip-in” to read a particular report in a newspaper or an article in a magazine.

Macropayments and micropayments both have a place in eCommerce solutions. They can both be easily be integrated into an iPay Developer seamless payment platform – helping businesses to see both the big picture, and in this case, the little picture at the same time.