BigCommerce, the eCommerce platform for fast-growing and established brands, announced Wednesday (November 14) the addition of Venmo and Masterpass as supported payment methods available to BigCommerce merchants.
In a press release, BigCommerce said that adding Venmo and Masterpass further extends its ability to offer consumers a wide range of payment options at checkout. According to the eCommerce platform company, on average 70 percent of consumers abandon their carts when shopping online. When looking at it from a mobile-devices-only perspective, BigCommerce said that the percentage of shopping cart abandonment increases to close to 86 percent. It noted that digital payment solutions like Venmo and Masterpass improve the customer checkout by providing a simple and streamlined way to pay on mobile. “When it comes to the last mile of checkout, merchants cannot afford to risk losing the sale because they don’t offer the payment method that a given customer prefers,” Jimmy Duvall, chief product officer at BigCommerce, said in a press release. “Especially during the holiday rush, there’s no margin for error or omission. We want our merchants to be able to concentrate on their products, brand and broader shopper experience, knowing that payments will be flexible, seamless and reliable.”
According to BigCommerce, more than $35 billion worth of transactions were processed via Venmo in 2017 alone. What's more, it said merchants using Braintree can now provide customers with the option to choose from multiple payment options, boosting the convenience for consumers and potentially increasing loyalty. By adding Masterpass by Mastercard as a payment option, it said, BigCommerce merchants gain access to advanced methods of payment security while making the checkout experience more convenient for consumers. Masterpass securely stores all payment information including card details, shipping information and payment preferences, shortening and simplifying the path to purchase. The company noted that both integrations allow merchants to quickly and easily set up and accept the chosen payment method on their branded websites.