What’s the Deal with Social Media Payment Processing?
People spend 28% of their time online on social networks, according to Global Web Index. Facebook leads the way in mobile ecommerce traffic, accounting for 50% of social referrals and 60% of social revenue. But Twitter has partnered with heavy hitters like American Express to enable loyalty offers.
There’s no doubt that the next “big trend” will be the convergence of payment methods and social media. We’ve highlighted three social media payment processes to give you a look at how they work and how secure they really are.
Amex Offers on Twitter
How it works: American Express has partnered with Twitter to give cardholders deals through offer-specific hashtags. By signing in to Twitter and connecting your Amex card, you can add special offers to your card by tweeting certain hashtags.
How you stay safe: The great part about Amex Offers on Twitter is that American Express protects your account information. Even though you connect your card to your Twitter account, your card information isn’t shared with Twitter or the retailers you tweet to. Instead, it remains completely private.
Twitter Buy Now
How it works: Twitter offers retailers the chance to sell directly to consumers via a Tweet with the Buy Now button. By partnering with various ecommerce platforms, Twitter has integrated payment processing into the social platform itself.
How it works: Think Facebook Messenger is passé? Think again. Users can now send money via the application. All the user needs to do is enter their debit card information and type the amount they want to send. The money moves from the user’s checking account to the recipient’s, as they have entered their account information as well.
How you stay safe: Facebook payments are encrypted and systems are in a secured environment that is separate from the original Facebook network. However, the trouble with Facebook Messenger payments is that the primary form of security is your username and password. Users can enable password protection of individual payments, which prompts users to enter their Facebook password again before making a transaction. However, Facebook is splattered with fake accounts, which poses a significant security threat for those who are transferring money. Make sure your password is strong and you don’t send money if you have any doubt as to whether the recipient is legitimate. Also, be sure to log out of your account after each use.
Social media payments have arrived, and they are sure to only grow in popularity. It’s the consumer’s responsibility to be diligent and protect their data.