Kim YazziA couple of months back, Facebook has launched FB shops- a new venture for the small mom-and-pop store that allows them to sell things directly on Facebook. The native Ecommerce experience will benefit the businesses in terms of increased customer outreach, building trust, improved conversion, and high ROI. Thereby the small store can extend the business online at speed and with much lesser resources investment.
Shortly, the integration with more apps enables users to browse products on Facebook and checkout via Instagram, and it allows business owners to leverage Messenger and WhatsApp as a CRM tool.
There is one more service followed by FB shops that the social media giant launched- a new payment service to make the payment a convenient, secure, and seamless experience across all the Facebook apps. The apps such as WhatsApp, Instagram, Messenger, and Facebook are already used to send money to friends or for donation purposes. The payment service will make the transactions easier by allowing the users to complete the transactions that are started on one app and can be completed on another app.
All in all, with Facebook pay, Facebook has launched excellent service where the payments are made simple, convenient, and secure. That’s great!
Let’s see how Facebook pay works:
- Facebook pay works with all the
apps that users use so there’s no need to download a new app. - Add the preferred payment
information to make the payment and purchase from the available apps. - Set up Facebook pay on one app
and it automatically gets set up across other apps that users actively use. - Pay effortlessly at the flick
of a switch. - View transaction history by
accessing the data from all the apps. - Nothing is charged for every
transaction made.
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Cut to the chase: Do you know still the users deter to purchase from the online store? Why is it so? The friction involved in making the payment is the topmost reason. Facebook has answers to this problem as well. See how?
In addition to the resolutions to the problems, the Ecommerce store also enjoys the benefits with Facebook pay. They are:
- One-time signup
The Ecommerce start-ups can eliminate the need to re-enter the payment information repetitively with Facebook pay as the new payment service allow the users to pay through the preferred payment method which is saved just once. With Facebook, Messenger, WhatsApp, or Instagram integration, the Ecommerce store can facilitate the easy checkout without needing to log in again and again, which positively impacts the conversion rate.
- No setup fee
Allowing the users to pay through Facebook pay requires the users to have a Facebook account where payment service can be enabled from the Facebook settings option. Once, the account is set up, the users can pay using the payment service using any of the apps without needing to pay a single penny as set up fees like PayPal.
- Security
Facebook boasts a ton about its security, but data breach of 2018 and bad news on privacy in 2019 raise questions on the security of new payment service. However, this time the company has taken the utmost care of security while engineering Facebook pay service, as stated by Facebook’s spokesperson.
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The card and bank account numbers are safely stored and encrypted to enwrap the Facebook pay in a strong security net. Besides, the anti-fraud monitoring is continuously performed on the system to detect illegal activities and notifications are sent to the users when any such activity is detected. The addition of PIN or usage of device biometrics makes the transactions more secure.
In this way, the Ecommerce store can build trust, credibility, and reliability with Facebook pay.
- Speed
Presently, Facebook pay is just a peer-to-peer platform where friends can send or receive money using the platform, but they can’t buy anything. When Facebook pay integration is enabled with Ecommerce, the doors for tremendous opportunities get opened. The users can quickly and easily pay using Facebook pay where the payment information remains stored in account only.
- The
multitude of payment options
Facebook pay allows users to pay using any of the apps without needing to leave Facebook or other apps to close the purchase. For instance, the product that users like the most on Instagram, they can make the purchase right on the same channel by completing transactions right on Instagram. No need to download new apps or leave the social website.
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- Transactions’ centralized management
With auto-syncing of all the apps on Facebook pay, the users can view, access, and manage the transactions that occurred on different apps centrally. Additionally, the users are allowed to update the settings and manage payment methods seamlessly.
- Live chat
Post-Facebook pays integration, when the users have any issues regarding payment, then they will directly access to Facebook’s real-time customer support, instead of Ecommerce customer support, which frees up the Ecommerce from the burden of handling payment related queries.
- Custom marketing
Facebook sells data to the companies that transact on the platform. When the Ecommerce store enables Facebook pay, the chances exist that the business will get user’s browsing, purchase, and payment history from Facebook, which further helps businesses in optimizing the user outreach and approaching the users with relevant offers that in turn increase the bottom line.
Conclusion
Facebook has started firing on Facebook pay cylinder to aggregate all the platforms into one and built a new system that enables digital businesses to show the catalog on Instagram as a storefront, use Messenger, and WhatsApp as a CRM tool, and leverage Facebook Pay for conducting transactions.
It’s a lucrative opportunity for the Ecommerce store to make the most out of the Facebook services with a minimum investment of the resources. The newly launched Facebook pay brings a plethora of advantages to the Ecommerce store.
Let’s wait and watch when and how Facebook makes its Facebook pay service available for the store.
Himanshu Patel
