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Social media site hopes to process more transactions

February 1, 2013

To best reach as many potential patrons as possible, retailers are increasingly offering a number of different payment processing gateways.

To best reach as many potential patrons as possible, retailers are increasingly offering a number of different payment processing gateways. For instance, many consumers can shop for their favorite brands’ products at a brick-and-mortar stores, via a corporate website and through a mobile application, among other places. 

Many of these companies attempt to turn social media websites into payment platforms as well. Links on networking websites can bring shoppers directly to a landing page that allows them to pay via an online credit card terminal and check out right away. 

However, Facebook is looking into building an ecommerce platform directly on the website to optimize sales. According to Business Insider, administrators have undertaken the initiative and many experts who have been privy to sneak peaks think it can go far for consumers. 

The source said that the applications used to propagate online sales on Facebook have to do with advertisements thus far – ad units on Facebook can used to download apps and influence sales. An unnamed company tried out the strategy, and within 10 days, the business was in the top five downloaded programs on Facebook and was advertised to 32.5 million users. 

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