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Merchants accepting the mPayy payment method, which debits customers’ bank accounts for online purchases, rang up a 5% year-over-year increase in conversion rates in July, iOffer president and CEO Ryan Boyce says.
Merchants accepting the mPayy payment method, which debits customers’ bank accounts for online purchases, rang up a 5% year-over-year increase in conversion rates in July among U.S. buyers, iOffer president and CEO Ryan Boyce tells Internet Retailer.
IOffer.com hosts about 75,000 sellers of a wide range of merchandise ranging from apparel and consumer electronics to collectibles, and about 5% of them have so far begun to accept mPayy as a payment method, Boyce says. Many merchants on iOffer also accept other payment methods including major credit cards, the PayPal third-party payment system, Google Checkout, Amazon Payments, money orders and personal checks.
IOffer’s site activity, meanwhile, has surged over the last year, Boyce says. Its number of visitors more than doubled in July to 7 million, up from 2.8 million in the same month last year, as the number of July page views increased more than 50% to 60 million from 39 million, he adds.
Shoppers who pay with mPayy sign up for an account that enables mPayy to process payments through debits from a shopper’s bank account. When choosing mPayy as a payment method during checkout, a shopper enters her phone number and account password; shoppers can also process payments through their cell phones, though only a few mPayy merchants have started accepting the mobile payments, says mPayy founder and CEO Conrad Sheehan.
MPayy’s rates charged to merchants start at about 2% of the value of each transaction plus 20 cents per transaction, though high-volume merchants could pay lower rates, Sheehan says. It can take about 20 hours for a merchant to get set up with mPayy, depending on the level of sophistication, but there are no set-up fees. Deployment options include a payment window that lets shoppers process an mPayy payment without leaving a retailer’s web site, and an alternative that links shoppers to a third-party site for completing the payment transaction.
MPayy is also designed to handle micropayments, some of which have been under $1, and the company is moving ahead with plans to begin serving merchants in Europe in the first quarter of next year, Sheehan says.