Simplicity is one of the keys to a successful business, and that’s especially true for payments. The easier the payment process is, the more likely your customers are to return. Many e-commerce merchants have integrated in-app mobile payment options — like Google Pay, Apple Pay and PayPal — to make payments more convenient for customers.
Social media company Meta — which owns Facebook, Instagram and WhatsApp — also offers a payment service that can be a huge benefit to your business. Here’s what you need to know about Meta Pay.
Meta Pay, formerly known as Facebook Pay, is a payment method that customers can use to buy products online or via social media. Facebook, Instagram and other Meta app users who want to use Meta Pay add their payment, shipping and personal information to any Meta app. Then, when they go to purchase products on social media or your business website, they can choose Meta Pay at checkout.
Customers can automatically use Meta Pay while on their Facebook, Instagram or Messenger accounts. The process is seamless if users have their debit card, credit card or another payment option stored in one of their Meta app accounts.
To use Meta Pay, customers check out, indicate they want to use Meta Pay and enter their PIN to complete the transaction. Users can also opt for biometric identification methods, such as a fingerprint or face ID. Either way, customers using Meta Pay don’t have to enter payment card information for every transaction.
Meta Pay is just as straightforward for small business owners. It integrates seamlessly with most payment processing and e-commerce platforms. Because customers only need to be logged in to their Facebook, Instagram or Messenger profile to use Meta Pay, online payments become much more efficient. You don’t have to enter payment information and addresses; a click or two is all it takes.
Customers can use Meta Pay to buy almost all types of goods and services and cover other app-based transactions. Instagram users can donate directly to nonprofits and fundraisers, and Messenger users can send money to their loved ones within the United States via Meta Pay.
Meta Pay is free. You and your customers can implement it without paying any money if you already accept credit cards. Your current credit card payment processor will handle all of your Meta Pay needs. Meta Pay costs are baked into your credit card processing expenses.
In the realm of payment processing, credit card security risks abound. Still, most payment processing companies have trustworthy safeguards in place. On the other hand, Meta has been through several highly publicized data scandals and is a high-profile hacker target. This raises an important question: Is Meta Pay secure?
The answer is yes. Meta Pay boasts top-tier security. It encrypts all debit and credit card data added to Facebook, Messenger and Instagram. Similarly, Meta Pay will never share a user’s payment information with other parties without permission. All account data is stored separately from payment information. Meta Pay also sends you alerts if any suspicious payment activity occurs.
As with any payment processing method, Meta Pay has pros and cons. (The same could be said of using Meta for business as a whole.)
Here are some great reasons to use Meta Pay for your business:
However, Meta Pay does have a few drawbacks, including the following:
Setting up a Meta Pay business account is easy; all you need to do is sign up via a Meta app. Before you do, you should probably have a Facebook shop, an active presence on Messenger, and a credit card processor.
With these pieces in place, you can link Meta Pay to your Facebook shop and website, if applicable. Your customers will see the Meta Pay option during checkout and can complete their purchases with just a few clicks.
Although Meta’s app suite has billions of users, its business payment processing platform has yet to become as ubiquitous as PayPal. That’s because virtually any customer can use PayPal, whereas Meta Pay’s audience is limited to Facebook, Instagram, Messenger and Portal users. Unless your business interacts with customers primarily through Facebook or Instagram, you shouldn’t entirely replace PayPal with Meta Pay.
That said, Meta Pay has one significant advantage over PayPal: There are no transaction fees, whereas PayPal is notorious for its fees. So, while PayPal is accessible to all, Meta Pay is a great PayPal alternative for a tech-savvy customer base that uses social media regularly. In fact, many social media users might already be set up with Meta Pay.
In the ever-changing world of e-commerce, it’s important to have many tools in your arsenal to keep customers happy. Meta Pay is an easy way to provide social-media-savvy customers with a quick way to purchase your products and services. That said, it should supplement, rather than replace, major platforms such as PayPal. Nevertheless, incorporating Meta Pay into your online sales strategy can help boost your sales and grow your audience in a meaningful way.
Natalie Hamingson contributed to this article.