Micropayments are here to save the day

A micropayment refers to a type of e-commerce transaction with a small sum. Generally, this type of payment is made for buying services and products online such as memberships, music, and eBooks. The size of a micro-payment differs across businesses and payment processors.

Anonymity

You can create an online account with any micro-payment service provider, and get the opportunity to conduct anonymous financial transactions online. The latest advancements in technology have brought more inclusion and exposure into the digital world.

Scalability

Micro-payment systems may easily grow to fit services, new products or extra trades. A service provider or seller can have a proven account with some 3rd party micro-payment provider collecting, distributing and storing the payments that are made. A customer also needs to open an account for the facilitation of easier payments with the same micro-payment provider. Payments are stored via a digital wallet that is supervised by the provider until the payments accrue to a bigger amount, after which they are paid to the customer.

Speed

Micropayment accounts provide customers with quick access to services and goods. The market for online videos and music and other low-cost products is continuously expanding, hence reinforcing the purpose of micro-payment systems for the sale of these products.

Security

There are fewer transfers of actual payment online, which means there are lesser opportunities for abuse or theft. Micro-payment systems work via a prepaid system implementation. The main advantage of this method is that the payment provider can work as a secure single payment contact for buyers and sellers. Various sellers can be paid by buyers under a secure transaction jointure while sellers can offer multiple products and/or websites without a merchant account overhead.