Retailers shift their ad spending from TV, radio and print ads to digital ads.
ImpulsePay also reveals outstanding Payforit revenue figures, despite stagnation in the UK mobile payments market.
London, 21st February, 2013: ImpulsePay has today announced that Rory Maguire, the former Head of Payment Services for the mobile network Three, and one of the founders of the Payforit Scheme, has joined ImpulsePay as a part-time consultant. Rory will help ImpulsePay increase the usage of Payforit across small merchants, individuals and innovative enterprises. Much of the UK mobile payments industry is stagnating, but ImpulsePay’s figures show that Payforit offers an exciting, profitable and easy-to-use mobile billing alternative.
“Currently the wider mobile payments industry in the UK has stalled due to too much complexity and the absence of a common approach to collecting payments from mobile consumers,” said Chris Newell, CEO of ImpulsePay. “Most of the UK’s digital merchants now want to offer a mobile option for their customers, but are often confused by the complex state of the market and by the highly complicated process required to set up many of the current payment services. Yet our figures show that mobile billing can be a huge success for merchants.”
“We need to drive simplicity to both ends of the spectrum, creating new innovative services in the process and democratising internet commerce to the UK population,” said Rory Maguire, mcommerce consultant at ImpulsePay. “This revolution will also need mobile operators to take bold steps, restore the competitive edge of mobile payments, support new and innovative businesses models and change some entrenched practices.”
Payforit is a mobile billing solution that offers this democratisation due to the ease of use for consumers and the simplicity of setting up the service for merchants. ImpulsePay is also revealing the financial returns that have been achieved by some of its leading Payforit merchants.
For ImpulsePay’s Payforit clients conversion rates for consumers completing the payment process can be as high as 80% (with one client achieving a 79.1% conversion rate over more than 70,000 transactions). While many merchants achieve an average spend of over £6 per customer. In fact ImpulsePay has found that higher tariffs attract a much better return for merchants, as once a consumer is willing to spend they will spend more for a service with a greater perceived value.
These great conversion rates are testament to the payment flow that exists within Payforit, making it both quick and easy for consumers to complete the payment. Payforit also allows merchants to create a variety of different tariffs, enabling them to create the tariff that best matches their product or service.
Combining these two factors – a smooth payment process for consumers to follow and multiple price points to match the product or service on offer – means that some of ImpulsePay’s merchants achieve a return of over £3,000 for each 1,000 visitors to their payment page.
ImpulsePay is working hard to increase these great Payforit returns for more and more merchants and the growth of the management team will assist with that.
“Rory Maguire is a well-known figure in the UK’s mobile payments sector, he’s an active board member of AIME and a contributor to the PhonepayPlus Industry Liaison Panel,” said Chris Newell, CEO of ImpulsePay. “This immense wealth of expertise, coupled with Rory’s insight into the inner workings of the operators and the regulator will further boost our standing and offer a great benefit to our prospective and current clients.”
“My role is to support ImpulsePay’s growth and to further engage with the mobile operators,” said Rory Maguire. “ImpulsePay is uniquely positioned as a pure Payforit provider, they can lead and develop new areas of the mcommerce market and I’m here to help accelerate that leadership position.”
“While at Three I was always impressed by ImpulsePay and very grateful for the contribution that they made to development of Payforit version 4.0. Now, together, we can continue to develop Payforit Single Click functionality to fulfill the needs of unique clients with the mobile operators’ blessing,” continued Maguire.
Joining Rory to extend the ImpulsePay team is Adam Williams, the Chief Operating Officer. Adam has over five years experience in the sector and will be working directly with key clients to help them get the best returns possible from mobile billing. He will also be involved in ImpulsePay’s continuing developing of the Payforit service.
Rory Maguire will be a part-time consultant to ImpulsePay, working through rmCommerce Ltd., a specialist consultancy dealing with all areas of mobile payments.