Let’s face it. Amazon and Amazon credit card processing = awesome. I, for one, have spent more time than I’d like to admit aimlessly browsing their endless catalog of goods, succumbing to the “recommended for you” items, finding myself clicking on “customers who bought this item also bought these items”, and diving deeper and deeper into the world of the online retail behemoth.
Amazon credit card processing is all about efficiency and reliability
Most people would agree with me when I say the best thing about Amazon credit card processing is its efficiency and reliability. I’ve never received a bad or defective product, and with an Amazon Prime membership, you get free 2-day shipping on all purchases. However, in my opinion, what makes Amazon so successful is its ease of use.
You search for an item, compare prices and quality, add your selection to your cart, and click checkout. If you’ve used their website before, your credit or debit card will already be saved, as well as a number of different addresses you’ve previously had things shipped to. In fact, it’s even easier than that with their one-click payment system -which bypasses the need to enter your shipping and billing information, proceed to checkout, and click finalize purchase with one click of the button. The Amazon credit card processing model has arguably set the standard for success and has since been adopted by the worlds leading payment companies (think: Visa, MasterCard, and PayPal), all of which have their own version of streamlined digital payment methods. By Amazon credit card processing removing any potential complications from taking payments, they remove any complications from the sale.
Going one step further, Amazon introduced Amazon Dash in early 2014, which really took the idea of easy, convenient payments to a whole new level. Amazon Dash is a small remote clicker-about the same size as a remote for a car-that’s correspondent to a specific good. Upon original release, the Dash button could only scan barcodes of products in your house to be added to your Amazon-shopping list, along with the ability to say the product name out loud and have the Dash recognize it.
A year later, Amazon added the ability for you to actually order or replenish a certain product by simply clicking your Amazon Dash button. Imagine you buy all your laundry detergent from Tide, off of Amazon. Instead of having to go online and order more detergent every time you run out, you could simply purchase an Amazon Dash for Tide laundry detergent, then place the button next to your washing machine, and whenever you need more laundry detergent you simply click the Dash button and an order will be sent to your house, with the payment being processed online. Now, that’s easy.
In a recent discussion with Amazon spokesperson Katie McFadzean, she said, “Prime members are using the Dash button at a growing rate and, over the last three months Dash button presses have grown by 70%.”
Although Amazon Prime Day may not be thought of in the same breath of air as Black Friday or Cyber Monday, orders on the Amazon’s website on Prime day have actually surpassed orders from last years Black Friday by 18% (a record at the time) according to CNN Money. On Amazon Prime Day, the company offers hundreds of huge discounts and deals exclusive to Prime members, ranging from large-ticket items such as smart TV’s or appliances, to more everyday goods such as cooking ware or workout equipment.
Last year’s inaugural Prime Day resulted in a record breaking 34.4 million items ordered across Prime-eligible countries, breaking down to 398 items ordered per second…that’s a lot of detergent. All calculations and projections point for Amazon to again set a record this year, as Prime members will be on the hunt early for the best deals of the day.
What does this all mean in the payment processing world? Well, it shows that consumers value time and efficiency when it comes to payments, and the less ropes someone has to jump through in order to acquire a product online means the higher chance for the sale to be made. If a company is able to eliminate the number of steps it takes for a customer to select an item for purchase, and confirm the payment, the number of sales lost in steps of purchase will be minimal.
With a little over $100 billion in revenue in 2015, Amazon is the largest online retailer in the world. As you can imagine, other retailers and payment technology providers are keeping a close eye on the industry pacesetter, anxiously awaiting their next big move to see how they’ll revolutionize the digital payment scene once again.