Micropayment is quickly becoming one of the most important payment processing systems in industries and businesses today. The ability for a customer to pay for only what he or she needs will usually lead to greater revenue and continued engagement down the road.
There are several ways on how micro payment can be utilized in businesses.
For Small Transactions
A third party micropayment provider can act as the mediator between two parties, usually the merchant and the customer.
To this end, whenever a customer wishes to make a purchase they will have to top up their micropayment account. Once the transfer is completed the customer automatically gets the goods, while the merchant gets the money.
A good example is Apple’s App Store, which is a platform for music, games, apps and books. Whenever you buy an e-book, the money passes through a micro payment platform and you get access to the content. In the meanwhile, the author who made the ebook will get compensated on his or her end.
As a Prepaid System
소액결제현금화 outlines the use of micro payment for telecommunications companies and how they can bill their customers for the things they want to purchase on the internet.
To make it easier for those who don’t have a credit card, a prepaid system may be used. The customer can top up in several ways and choose how to spend his or her money on the available goods and services.
Most businesses have apps nowadays, and this is where micro payment systems shine.
There are a lot of ways to monetize an app- making content available via micropayments, in-app currencies (for games), exclusive items or digital items and even donations.
Aside from the traditional advertising means developers can opt to monetize their apps many different ways and gain more revenue streams than usual.