A payment service company, Ribbon came out of its covert hiding last November and launched its latest tool that allows merchants to create a link to a single-page checkout that can be inserted directly into news feeds of social media sites by simply copy-pasting.
To explain it in simpler terms, a member of Twitter can simply watch the video and preview the description in the tweet. Following this, he/she can tick on the given link to make the final purchase. The rest of the payment process, that includes processing the payment for the merchant and e-mailing the customer a transaction receipt is handled by Ribbon.
Although several similar startups have been attempted in the course of 2012, Ribbon was the first company to provide a streamlined solution for payment issues on social networking sites.
Like Twitter, Ribbon has come up with a plan to enable monetary transactions on Facebook too. Sellers will only have to attach the Ribbon link onto the Facebook page or news feed that will directly guide customers to the relevant check out page where they can make the final purchase. Ribbon has released relevant videos on YouTube, and wish to engage with other social networking sites like Pinterest as well.
The biggest advantage of this service is that sellers can copy-paste the same link onto pages of different networking sites with the result that customers will be directed to the same checkout page.
The CEO and co-founder of Ribbon says that the basic idea behind this plan is to make the process of selling and purchasing frictionless, by allowing customers to pay on whatever platform they are on, rather than pushing them somewhere else and loosing them in the process altogether. He goes on to say that the basic aim of Ribbon is to cut out middle men and help merchants and customers interact directly with each other.
Ribbon proposes to earn profits by claiming a 5 percent cut on every purchase followed by a $0.30 dollar fee per exchange.