BlueSnap Attacks Conversion Problem with Powered Buy Platform
Nov. 30, 2015
BlueSnap, the Waltham, Mass.-based mobile commerce gateway provider, has chosen Cyber Monday, the busiest online and mobile shopping day of the year, to officially launch the platform it says will increase conversion rates significantly. The company said its Powered Buy Platform addresses friction in multiple ways that will affect conversion, from offering more payment types and currencies for cross-border transactions to acquiring agreements that will increase authorizations. Some experts have predicted today’s online sales to surpass $3 billion. If that’s the case, unnecessary friction in the checkout process could be costing merchants more than $1 billion today alone, according to Ralph Dangelmaier, CEO of BlueSnap.
“The conversion problem has two elements,” Dangelmaier told CardNotPresent.com in a recent interview. “Friction during the checkout process that causes consumers to abandon purchases and unnecessary card declines after the consumer has hit ‘submit’ combine to make up the conversion problem. We’ve addressed both sides of this equation to get merchants anywhere from 15 to 40 percent pickup in their sales.”
Dangelmaier said there is a huge middle market that has outgrown solutions that offer simple online credit-card acceptance and aren’t big enough to work directly with the larger acquirers, but that want the features that can attack the conversion problem. That’s where BlueSnap will live, he said.
In keeping with the theme of reducing friction, BlueSnap also noted it is working with MasterCard and Visa, which are integrating their one-touch online checkout options (MasterPass and Visa Checkout) 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 for Market Development at MasterCard. “Key to this is driving acceptance to ensure cardholders can use their cards when, where and how they want. By integrating MasterPass into the BlueSnap platform, online merchants are able to deliver a simplified checkout experience helping convert browsers into buyers.”