Examining how they work
Today, consumers can purchase practically anything online, sometimes for very small payments known as micropayments. Usually defined as a transaction less than a dollar—and occasionally even a fraction of a cent—a micropayment can be used to buy everything from digital products like eBooks, movies and songs, to services like video editing.
As the internet continues to offer more digital content and services, and financial technology continues to advance, micropayments are becoming a more relevant and secure way to do business.
What are Micropayments?
In short, a micropayment is a small transaction, usually performed online, for small items or services like freelance gigs, royalties, tips, pay-per-click advertising and other physical or digital goods. Examples of micropayments are downloading a song or eBook from Amazon, paying for a tip on a DoorDash order, or subscribing to an online newspaper, just to name a few.
Please select this link to read the complete blog post from OSAP member i3 Merchant Solutions.