Definition & Meaning

Last updated 9 month ago

What is Micropayment?

itMyt Explains Micropayment:

A micropayment is an e-trade Transaction-kind with a low financial quantity. Micropayments are normally used to purchase on-line services and products consisting of e-books, track and memberships.

What Does Micropayment Mean?

By defiNition, maximum micropayment transactions are small with sales averaging $20 or less.

Most payment vendors offer APIs at a supplier’s Website that redirect customers to the provider’s website, where the buyer submits monetary details for processing. These details, excluding the transaction rate, are then routed to the vendor’s account.

The key gain to this manner is the price provider’s potential to Function a single sTable payment contact for dealers and consumers. Sellers can provide a couple of websites and/or merchandise without the overhead of a Service Provider account, and buyers pays many specific dealers underneath one steady transaction umbrella. Easy and secure adaptability is at the middle of e-commerce increase on the micro stage.

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