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Making a mobile purchase in just one tap
Clover payments are designed to get consumers past the data entry hurdle.
Many consumers use their smartphones to search for product information and check prices, but fewer actually buy products through mobile commerce sites and apps. In part this is because many consumers don’t like having to enter all of the information required to complete a transaction on their device’s small screen.
Clover, a mobile payments company, is looking to get retailers past this hurdle.
“Checking out on a smartphone is not going to get better until the consumer experience improves,” says Bryan Lamkin, Clover CEO. “Problems with the checkout stage are why mobile payments haven’t taken off.”
Clover’s m-commerce service aims to change that. To use the one-tap payment service, a consumer sets up a Clover account to store her payment card details. She enters her payment information in the Clover mobile app or during checkout at a participating merchant’s m-commerce site, says John Beatty, Clover founder and vice president of engineering. Clover verifies accounts by sending the consumer a text message containing a link that she touches to register her phone. That establishes the account holder has control over the smartphone, Beatty explains.
When the account is set up, the payment information is bound to the phone number and the last four digits of the payment card. Then, when she shops at m-commerce sites that accept Clover, she taps the Buy Now with Clover button on the site or app, which recognizes the registered smartphone.
Clover can be integrated into apps for Apple Inc. iOS and Google Inc. Android smartphones, as well as mobile web sites, Beatty says. Merchants can use the Clover app to track transactions made with the service. Retailers pay a 3% per transaction fee for Clover transactions.
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