Premium SMS and Mobile Billing are growing as a means to purchase both online and offline. While it is still in its infancy, mobile billing solutions are quickly gaining ground world wide, and is an excellent add-on to current payment types. Many Gen X and Y-ers are getting used to this new way of paying for items and the growth and market acceptance are not slowing down anytime soon.

So, what is it?
Mobile Billing solutions have opened up endless possibilities for content providers, brands, and marketers looking to generate revenue from anybody with a cell phone. Mobile subscribers can be billed for third party content and services directly on their cell phone bill by their wireless carrier, and the revenues are roughly split between the content provider and carrier. In simple terms, here is a general example: a customer wants to purchase an item. They simply send a text message (or SMS) to a special number code (most of the times a five digit code) with a keyword (usually an easy to remember descriptor of the item). They receive a confirmation SMS on their phone, and the product price shows up on their next phone bill.

It provides instant access to direct bill anybody with a cell phone. New research has shown that mobile billing is several times more effective with internet-based merchants where the use of credit cards is necessary. The addition of this payment solution just adds to the appeal to buyers.

As an online company, we have recently implemented this new mobile billing solution to complement our credit card, debit card, and e-check transactions. You won’t believe the appeal it has with the younger demographic. Are there any downsides? Not to the customer, but to the company, you have to share quite a bit of the revenue with the billing provider and mobile phone company. Sometimes as high as 50-60% of your revenue is gone. Much higher than the few percentage points a credit card solution takes.

Overall, it is an excellent add-on to your existing payment solutions. It is a quick and easy way to pay, and very secure and private.

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