Credit and Debit cards have been the most commonly accepted forms of payment for e-commerce transactions by organisations for many years in the midst of huge growth in internet-based shopping and online banking.
After many years of domination, established payment systems companies including Visa and Mastercard have cornered the market and have a combined market capitalization of over $220Bn.
As such many online merchants have had to comply with the stringent rules stipulated by the credit and debit card providers, requiring them to implement complex security protocol and procedures and integrate them at great cost.
With new providers such as Apple Pay, PayPal, Google Wallet moving into the market and the emergence of cryptocurrencies including Bitcoin there are a growing number of alternative payment systems open to merchants, allowing them to cut transaction fee payments significantly and almost altogether.
How do companies using Salesforce leverage this new innovation to reduce their transaction fees?
Shopify is a Canadian-based ecommerce platform provider that have already moved to accept Bitcoin payments. They have multiple payment gateways working with wallet providers such as CoinBase and BitPay. Shopify (via integration platform Zapier) gives your organisation access to a truly global audience and with SFDC you can capture and analyse this information as you would with any other ecommerce provider.
Last month Paypal announced that its subsidiary unit Braintree, a payment processor used by firms such as Uber and Airbnb, was also looking at ways to handle Bitcoin payments.
Scott Green, founder of UK Bitcoin price comparison site Bittybot, said the new partnership was significant.
“I think we will look back at this announcement from Paypal as being a major turning point in the mainstream adoption both of Bitcoin and its payment system being taken seriously by businesses,” he told the BBC.
Here at Cloud Socius, we have huge experience with integrating payment solutions, having already integrated PayPal (via Form Assembly) with Salesforce and many successful Shopify integrations.
Our clients are already seeing the benefits both in terms of the reach they now have into new markets and the flexibility that utilizing multiple currencies gives them in a business environment where sales are increasing online and digital.
See what Cloud Socius can do to improve your utilization of Salesforce and eCommerce platforms at CloudSocius.com.
Resource : CloudSocius